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14/06/2024
Laws of Bangladesh

The Securities Act, 1920

( ACT NO. X OF 1920 )

RULES

Power to make rules
24.(1) The Government may after previous publication make rules to carry out the purposes of this Act.
 
 
(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-
 
 
(a) the manner in which payment of interest in respect of Government securities is to be made and acknowledged;
 
 
(b) the circumstances in which Government securities must be renewed before further payment of interest thereon can be claimed;
 
 
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(d) the fees to be paid in respect of the issue of duplicate securities and of the renewal, conversion, consolidation and sub-division of Government securities;
 
 
(e) the proof which is to be produced by persons applying for duplicate securities;
 
 
(f) the form and manner of publication of the notification mentioned in sub-section (2) of section 10 and the manner of publication of the list mentioned in sub-section (3) of that section;
 
 
(g) the authority which is to exercise all or any of the powers and to perform all or any of the duties referred to in sections 10, 11, 12, 13, 15, 19 and 21;
 
 
(h) the manner of making the inquiry mentioned in the proviso to section 12;
 
 
(i) the circumstances and the manner in which securities other than securities payable to bearer or promissory notes are to be renewed;
 
 
(j) the form in which securities delivered for discharge, renewal, conversion, consolidation or sub-division are to be receipted;
 
 
(k) the conditions subject to which securities may be converted, consolidated or sub-divided;
 
 
(l) the person to whom and the manner in which payments are to be made in respect of Government securities standing in the name of, or held by, minors or persons who are insane and incapable of managing their affairs;
 
 
(m) the taking of indemnities against adverse claims of third parties from persons who receive payment of interest or of the capital sum due in respect of Government securities, or who obtain duplicate, renewed, converted, consolidate or sub-divided securities;
 
 
(n) the manner in which any document relating to Government securities or any endorsement on a Government promissory note may, on the demand of any person who from any cause is unable to write, be executed on his behalf;
 
 
(o) enabling holders of Government stock to be described in the registers of such stock as trustees, and either as trustees of any particular trust or as trustees without qualification, and for the recognition of powers of attorney granted by holders of stock so described;
 
 
(p) the holding of Government stock by the holders of offices other than public offices, and the manner in which and the conditions subject to which stock so held may be transferred;
 
 
(q) the mode of attestation of documents relating to Government stock;
 
 
(r) generally, all matters connected with the grant of duplicate, renewed, converted, consolidated and sub-divided securities; and
 
 
(s) the circumstances and the manner in which and the conditions subject to which inspection of securities, books, registers and other documents may be allowed or information therefrom may be given under section 22.
 
 
(3) Nothing in any rule made under clauses (o) and (p) shall, as between any trustees or as between any trustees and the beneficiaries under a trust, be deemed to authorize the trustees to act otherwise than in accordance with the rules of law applying to the trust and the terms of the instrument constituting the trust; and neither the Government nor any person holding or acquiring any interest in any Government stock shall by reason only of any entry in any register maintained by or on behalf of the Government in relation to any Government stock or any stockholder, or of anything in any document relating to Government stock, be affected with notice of any trust or of the fiduciary character of any stockholder or of any fiduciary obligation attaching to the holding of any Government Stock.
 
 
(4) Rules made under this section shall be published in the official Gazette, and shall thereupon have effect as if enacted in this Act.

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Ministry of Law, Justice and Parliamentary Affairs