Payments to survivors of joint payees
109. When any debenture or security issued under this Act is payable to two or more persons jointly, and either or any of them dies, then, notwithstanding anything in section 45 of the Contract Act, 1872
, the debenture or security shall be payable to the survivor or survivors of such persons:
Provided that nothing in this section shall affect any claim by the representative of a deceased person against such survivor or survivors.
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Ministry of Law, Justice and Parliamentary Affairs