Amendment status not verified — confirm the current text below against the official source.
Where 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 contained in section 45 of the Indian Contract Act 1872 (Central Act 9 of 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.