Amendment status not verified — confirm the current text below against the official source.
Payment to survivors of joint payees. - 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 Indian Contract Act, 1872, the debenture or security shall be payable to the survivors of such per- son : Provided that nothing in this section shall affect any claim by the legal repre- sentative of a deceased person against such survivor or survivors. Section 162