Amendment status not verified — confirm the current text below against the official source.
164. Notwithstanding anything contained in section 45 of the Indian Contract Act, 1872 (1) Where any debenture or security issued under this Act is payable to two or more persons jointly, and either or any of them dies, the debenture or security shall be payable to the survivor or survivors of such persons : Provided that nothing in this sub-section shall affect any claim by the legal representative of a deceased person against such survivor or survivors. (2) When two or more persons are joint holders of any debenture or security issued under this Act, any one of such persons may give an effectual receipt for an interest or dividend payable in respect of such debenture or security unless notice to the contrary has been given to the 1 [Corporation] by any other of such persons.