Holding of Bonds in name of public office
5. (1) In the case of any public office to which the Government may, by notification in the official Gazette, declare this sub-section to apply, a Bond may be held in the name of the office.
(2) When a Bond is so held, it shall be deemed to be transferred without any or further transfer deed from each holder of the office to the succeeding holder of the office on and from the date on which the latter takes charge of the office.
(3) This section applies as well to an office of which there are two or more joint holders as to an office of which there is a single holder.
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