Amendment status not verified — confirm the current text below against the official source.
Pa_yments to survivors of joint payees -When any debenture or secunty IS~ued under this Act is payable to two or more persons jomtly, and either or any of them dies, then, notwithstanding anythmg con- tained m sectiOn 45 of the Indian Contract Act, 1872 (Central Act 9 of 1872), the debenture or security shall be payable to the surv1vor or survivors of such persons: , Provided that nothing in this section shall affect any claim by the representative of the deceased person against such survivor or survivors.