 the public debt (amendment) bill, 19s9(as introduced in lok sabha on 27111 august, 1959)  the public debt (amendment) bill, 19s9 (as intilodt1cm in lox saliba) a billfurther to cmnenti th~ publie debt, act, 190m: be it enacted by parliament in the tenth year of the republic of india al follows:-1, (1) this aet may ~ called the public debt act, 195st; (amendment) short title: and coiilmcdcemltdt s (2) it shall come into iorce on such date- u the central go\'ernmeat may, by nott1ication in the official gazette, appoibt~ 10 2 after section 9 of the public debt act, 1944 (hereinafter refer- ij1iertion at' red to as the principal act), the following sections shall be inserted, :e;, ;ti:ndj namely: -9c in n:11i of 1944 "9a notwithstaacung allything contained in sectioll la, the applic  proviliions uf sections 9b and 9c and the'power to make rules in °9f8 ~ti°tn8 , y'i:j e c rela tion to any of the matters refel'l'eci' to in sections 9b and 9c shall apply only to such classes of government securities- created and issued by the central qqvernment, whether before or after the commencement of the public debt (amendment) act, 1959, as that gov«nment may, by notification in the oftlcial gazette, specify, and in relation to such classes of securities the provision~ of sections 7 and 9 shall have effect subject to the provisiqns contained'in sections 9b and gc, 20 9b (1) notwithstanding any thine, contained in any law for nojjlinations the time being in force or in any diaposition whether testa- ~_holdc" of "",vcrnm:nl mentary or otherwise in respect of a government security, securities where 8 nomination made in the prescribed manner purports to confer on any person the right to receive payment of the amount for the time being due on the security on the death of the holder thereof, the nominee shall on the death of the holder of the security, become entitled to the security and to payment thereon , to the exclusion of all other persons, unless the nomination i \'\lried or cancelled in the prescribed manner (2) any nomination referred to in sub-section (1) shall become void if the nominee predeceases, or where there are two or more nominees all the nominees predecease, the holder of 10 the security making the nomination (3) a transfer of a government security made in the preecribed manner shall automatically cancel a nomination previously druade:   provided that where a government security is held by 01' is on behalf of any person as a pledge or by way of security for any purpose, such holding shall not have the effect of cancelling - nomination, but the right of the nominee shall be subject to the right of the person so holding it (4) where the nominee is a minor it shall be lawful for the» holder of a security to appoint in the prescribed manner any person to receive the amount for the time being due on the security in the event of his death during the minority of the nominee, and, where any such appointment has been made, the government security shall, after the death of the holder and zj during the minority of the nomine~ be deemed to be vested in that person as representing the minor r,  t 011 ~tb er aglder 9c (1) if a person dies and he is at the time of hi:: death the holder of a government security and there is in force at the time of his death a nomination in favour of any person, the amount 3' for the time being due on the security shall be paid to ·th nominee (2) where the nominee is a minor the amount for the time heine due on the government security shall be paid-(a) in any case where a person has been appointed to j5 receive it under sub-section (4) of section 9b, to that person; and (b) where therf' ·i, no such person, to the luardian of the minor for the usc! of the minor (3) where the amount due for the time being on a government security is payable to two or more nominees and either or any of them is deud, the title to the security shall vest in the survivor or survivors of those nominees and the amount for the s time being due thereon shall be paid accordingly (4) nothing contained in this section shall be deemed to require any person to accept payment of the amount due on i government security before it has reached lnaturity or otherwise than in accordance with the terms of the security 10 (5) any payment made in accordance with the provisions of this section of the amount due for the time being on a government security shall be a full discharge in respect of the security: provided that nothing contained in this section or in section 15 9b shall affect any right or claim which any person may have against the person to whom any payment is made under thi9 section" 3 in section 28 of the principal act, ia sub-section (2), after alactwsmnt clause (0) the following clauses shall be inserted, namely: _ of lectioll ~ 20  (p) the form in which and the persons in whose favour nomin3tions may be made, under section 9b, the manner in which and the conditions and restrictions subject to which such nominations may be made the registration, variation or cancellation of such nominations and the fees that may be levied for such 2s registration, variation or cancellation; (q) the manner in which any person may be appointed for the purposes of sub-section (4) of section 9b"  statement of objects and reasonsten-year treasury savings deposit certificates and 150-year annuity certificates which are sold and discharged throu,h the reserve bank of india are governed by the provisions of the public ~bt act 1944 section 7 of that act provides that if the face value of the government securities belonging to a deceased holder exceeds rs 5,000 the executors or administrators of the deceased holder and the holder of a succession certificate shall be the only persona who may be recognised by the reserve bank as having any· title to these securities 2 suggestions have been made from time to time that as the production of legal proof of succession involves cwl8ideraba way and expense the holders of ten-year treasury savings depesit certificates and 15-year annuity certificates may be allowed th right to nominate a person or pers(}ns to whom the amount due on the certificates could be paid in the event of the death of the hoicwrs without the production of sllccession certificate or other proof 01 title this bill accordingly seeks to allow the facility of nomination to holders of the aforementioned certificates l\40rarji r desai new delhi; tm 18th august, 1959  a billfurther to amend the public debt act, 1944 the president hat;, in pursuance of clause (i) of article ii 7 of the constitution of india, recommended to lok sabha, the introduction of the bill m n kaul, secretary (shr; morari, desai, mm;jter of finance) gipnd-ls i-t811 ls-u-8-59-5d6 