Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in section 45 of the 9 of 1872. Indian Contract Act, 1872,— (a) when any of the Board securities is payable to two or more persons jointly and either or any of them dies,- the Board security shall be payable to the survivor or survivors, and (b) when any Board security is payable to two or more persons severally and either or any of them dies, the Board security shall be payable to the survivor or survivors or to the representatives of the deceased or to any of them. (2) This section shall apply notwithstanding that such death occurs before or after the appointed day. (3) Nothing herein contained shall affect any claim which any representative of a deceased person may have against the survivor or survivors in respect of any Board security to which sub-section (1) applies. (4) For the purposes of this section, a body incorporated or deemed to be incorporated under the Companies Act, 1956, or the West Bengal Co-operative Societies Act, 1983, or any other law for the time being in force, whether within or without India, shall be deemed to die on the dissolution thereof. 1 of 1956. West Ben. Act XLV of