{ "schema_version": "qanun-law-text/1", "id": "pk-code-d291ea4e4c721607", "title": "Public Debt, Act, 1944", "source_collection": "Federal", "content_kind": "stored_law_text", "content_extent": null, "source_url": "https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-cJeb-sg-jjjjjjjjjjjjj", "version": null, "source_snapshot": null, "legal_status": "not independently verified", "text_quality": "Complete stored UTF-8 TXT file recovered byte-for-byte from owned Drive. Source transcription retained verbatim; legal completeness, OCR accuracy and current consolidation unverified.", "text_sha256": "6cd95ae9fa18bd96432d59a11eeeaf51dad4c85963b038cba3c10c7393edc348", "source_sha256": "6cd95ae9fa18bd96432d59a11eeeaf51dad4c85963b038cba3c10c7393edc348", "text_version_id": "law:pk-code-d291ea4e4c721607:sha256:6cd95ae9fa18bd96432d59a11eeeaf51dad4c85963b038cba3c10c7393edc348", "quality_flags": [], "encoding": "UTF-8", "text": "Page 1 of 11 \r\n \r\n \r\n \r\nTHE PUBLIC DEBT ACT, 1944 \r\n \r\n \r\n \r\nCONTENTS \r\n___________ \r\n \r\n1. Short title, extent and commencement. \r\n2. Definitions. \r\n3. Transfer of Government securities. \r\n4. Transferor of Government securities not liable for amount thereof. \r\n5. Holding of Government securities by holders of public offices. \r\n6. Notice of trust not receivable. \r\n7. Persons whose title to a Government security of a deceased sole holder may b e recognised by \r\nthe Bank. \r\n8. Right of survivors of joint holders of several payees. \r\n9. Summary procedure on death of holder of Government securities. \r\n10. Government securities not exceeding five thousand rupees face value belonging to minor or \r\ninsane person. \r\n11. Issue of duplicate securities and of new securities on conversion, consolidation, sub-division \r\nor renewal. \r\n12. Summary determination by the Bank of title to Government security in case of dispute. \r\n13. Law applicable in regard to Government securities. \r\n14. Recording of evidence. \r\n15. Postponement of payments and registration of transfers pending t he making of a vesting \r\norder. \r\nUpdate on 06.05.2023\r\n \r\nPage 2 of 11 \r\n \r\n16. Power of Bank to require bonds. \r\n17. Publication of notices in official Gazette. \r\n18. Scope of vesting order. \r\n19. Legal effect of orders made by the Bank. \r\n20. Stay of proceedings on order of Court. \r\n21. Cancellation by the Bank of vesting proceedings. \r\n22. Discharge in respect of interest on Government securities. \r\n23. Discharge in respect of bearer bonds. \r\n24. Period of limitation of Government’s liability in respect of interest. \r\n25. Inspection of documents. \r\n26. The Bank and its officers to be deemed public officers. \r\n27. Penalty. \r\n28. Power to make rules. \r\n29. Act X of 1920 not to apply to Government securities. \r\n \r\nPage 3 of 11 \r\n \r\nTHE PUBLIC DEBT ACT, 1944 \r\n1ACT NO. XVIII OF 1944 \r\n[22nd November, 1944] \r\nAn Act to consolidate and amend the law relating to Government securities 2* * * and to the \r\nmanagement 3* * * of the public debt 4* * * \r\nWHEREAS it is expedient to consolidate and amend the law relating to Government \r\nsecurities 2* * * and to the management 3* * * of the public debt 4* * *; \r\nIt is hereby enacted as follows:— \r\n1. Short title, extent and commencement.— (1) This Act may be called the Public Debt 5* \r\n* * Act, 1944. \r\n6[(2) It extends to the whole of Pakistan.] \r\n (3) It shall come into force on such date7 as the 8[Federal Government] may, by notification \r\nin the official Gazette, appoint in this behalf. \r\n2. Definitions. In this Act, unless there is anything repugnant in the subject or context, — \r\n \r\n(1) “the Bank” means 9[the State Bank of Pakistan]. \r\n \r\n10[(1A) “Government”, in relation to Government security, means the 8[Federal or \r\nProvincial Government by whom the security is created and issued;] \r\n \r\n(2) “Government security” means___ \r\n \r\n(a) a security, created and issued, whether before or after the \r\ncommencement of this Act, by 11[Government] for the purpose of \r\nraising a public loan, and having one of the following forms, \r\nnamely:— \r\n1For Statement of Objects and Reasons, see Gazette of India, Pt. V, dated the 31st July, 1943; and for Report of Select Committee, see ibid., 1944, Pt. \r\nV, p. 85. \r\nThe Act shall apply to Balochistan, see Notification No. 154-F, dated the 29th May, 1946, Gazette of India, 1946, Pt. I, p. 773. \r\nThe Act has been extended to the Leased Areas of Balochistan by the Leased Areas (Laws) Order, 1950 (G. G. O. 3 of 1950). \r\nThe Act and all rules, notifications, declarations and orders made under it and in force, immediately before the 28th November, 1952, have subject to \r\ncertain modifications been extended to the State of Bahawalpur, see the Bahawalpur (Federal Laws) (Extension) Order, 1952 (G. G. O. 11 of 1952). \r\nIt has also been extended to- \r\n(a) the Balochistan States Union, see the Balochistan States Union (Federal Laws) (Extension) Order, 1953 (G. G. O. 4 of 1953), as amended, and \r\n(b) the Khairpur State, see the Khairpur (Federal Laws) (Extension) Order, 1953 (G: G. O. 5 of 1953), as amended. \r\nThe Act has been and shall be deemed to have been brought into force in Gwadur with effect from the 8th September 1958, by the Gwadur (Application \r\nof Central Laws) Ordinance, 1960 (37 of 1960), s. 2. \r\nThe Act, rules, notifns. and orders made under it, have been applied to the Tribal Areas or to the parts of those areas to which they have not been \r\nalready applied, see the Tribal Areas (Application of Acts) Regulation, 1965 of P., 1965, Ext., pp. 1016-1018. \r\n2The original words “issued by the Central Govt.” omitted by the Public Debt (Central Government) (Amdt.) Ordinance, 1961 (7 of 1961), s. 2. \r\n3The original words “by the Reserve Bank of India” omitted ibid. \r\n4The original words “of the Central Govt” omitted ibid. \r\n5The original words and brackets “(Central Government)” omitted, ibid., s. 3. \r\n6Subs by the Central Laws (Statute Reform) Ordinance, 1960 (21 of 1960), s. 3 and 2nd Sch. (with effect from the 14th October, 1955), for the original \r\nsub-section (2), as amended by A. O., 1949. \r\n7The Act shall come into force from the 1st day of May, 1946, see Notification No. F-9(1) B/46, dated the 20th April 1946, Gazette of India, 1946, Pt. I, \r\np. 575. \r\n8Subs. by F. A.O., 1975, Art. 2 and Table. \r\n9Subs. by the Pakistan (Adaption of Existing Pakistan Laws) (State Bank of Pakistan) Order, 1948 (G. G. O. 18 of 1948), for “the Reserve Bank of \r\nIndia ”. \r\n10Clause (1A) ins. by Ordinance 7 of 1961, s. 4. \r\n11Subs. ibid., for “The Central Government”. \r\n \r\nPage 4 of 11 \r\n \r\n(i) stock transferable by registration in the books of the Bank; or \r\n(ii) a promissory note payable to order; or \r\n(iii) a bearer bond payable to bearer; or \r\n(iv) a form prescribed in this behalf 1[,] 2[or notified by Government \r\nfrom time to time;] \r\n(b) any other security created and issued by 3[Government] in such form \r\nand for such of the purposes of this Act as may be prescribed; \r\n(3) “prescribed” means prescribed by rules made under this Act; \r\n(4) “promissory note” includes a treasury bill. \r\n3. Transfer of Government securities.— (1) Subject to the provisions of section 5, a \r\ntransfer of a Government security shall be made only in the manner prescribed for the making of \r\ntransfers of securities of the class to which it belongs, and no transfer of a Government security \r\n4[which, in the case of a security issued by the 5[Federal Government] is made after the thirtieth day \r\nof April, 1946, and in the case of a security issued by a Provincial Government, is made after the \r\ncommencement of the Public Debt 5[Federal Government] (Amendment) Ordinance, 1961] shall be \r\nvalid if— \r\n(a) it does not purport to convey the full title to the security, or \r\n(b) it is of such a nature as to affect the manner in which the security was \r\nexpressed by the 3[Government] to be held. \r\n(2) Nothing in this section shall affect any order made by the Bank under this Act, or any \r\norder made by a Court upon the Bank. \r\n4. Transferor of Government securities not liable for amount thereof.— Notwithstanding \r\nanything contained in the Negotiable Instruments Act, 1881 (XXVI of 1881), a person shall not, by \r\nreason only of his having transferred a Government security, be liable to pay any money due either \r\nas Principal or as interest there under. \r\n5. Holding of Government securities by holders of public offices.—(1) In the case of any \r\npublic office to which 7[Government] may, by notification8 in the official Gazette, declare this \r\nsub-section to apply, a Government security in the form of stock or of a promissory note may be held \r\nin the name of the office. \r\n \r\n \r\n1Sub. by the Public Debt (Amdt.) Act, 1963 (13 of 1963), s. 3, for the semi-colon (with effect from the 2nd August, 1960). \r\n2Added ibid. (with effect from the 2nd August, 1960). \r\n3Subs. by the Public Debt (Central Government) (Amdt.) Ordinance, 1961 (7 of 1961), s. 4, for the “Central Government”. \r\n4Subs. ibid., s. 5, for “made after the commencement of this Act”. \r\n5Subs. by F. A. O., 1975, Art. 2 and Table for “Central Government”. \r\n6Subs. by Ord. 7 of 1961, s. 5, “Central Government”. \r\n7Subs. by the Public Debt (Central Government) (Amdt.) Ordinance, 1961 (7 of 1961), s. 6, for the “Central Government”. \r\n8For notifin., see Ministry of Finance Notifin. No. D1383-B I/53, dated the Ist June, 1957, see Gaz., of P., 1957, Pt.I, pp. 242-245. \r\n \r\n \r\nPage 5 of 11 \r\n \r\n(2) When a Government security is so held, it shall be deemed to be transferred without any \r\nor further endorsement or transfer deed from each holder of the office to the succeeding holder of the \r\noffice on and from the date on which the latter takes charge of the office. \r\n \r\n(3) When the holder of the office transfers to a party not being his successor in office a \r\nGovernment security so held, the transfer shall be made by the signature of the holder of the office \r\nand the name of the office in the manner and subject to the conditions laid down in section 3. \r\n(4) This section applies as well to an office of which there are two or more joint holders as to \r\nan office of which there is a single holder. \r\n6. Notice of trust not receivable.—(1) No notice of any trust in respect of any Government \r\nsecurity shall be receivable by 1[Government] nor shall 1[Government] be bound by any such notice \r\neven though expressly given, nor shall 1[Government] be regarded as a trustee in respect of any \r\nGovernment security. \r\n(2) Without prejudice to the provisions of sub-section (1), the Bank may, as an act of grace \r\nand without any liability to the Bank or to 1[Government] record in its books such directions by the \r\nholder of stock for the payment of interest on, or of the maturity value of, or the transfer of, or such \r\nother matters relating to, the stock as the Bank thinks fit. \r\n7. Persons whose title to a Government security of a deceased sole holder may be \r\nrecognised by the Bank.—Subject to the provisions of section 9 the executors or administrators of a \r\ndeceased sole holder of a Government security and the holder of a succession certificate issued under \r\nPart X of the Succession Act, 1925 (XXXIX of 1925), shall be the only persons who may be \r\nrecognised by the Bank as having any title to the Government security: \r\nProvided that nothing in this section shall bar the recognition by the Bank of the manager or \r\nthe sole surviving male member of a Hindu undivided family governed by the Mitakshara Law as \r\nhaving a title to a Government security, when the security, appears to the Bank to stand in the name \r\nof a deceased member of the family and an application is made by such manager or sole surviving \r\nmember for recognition of his title and is supported by a certificate signed by such authority and \r\nafter such inquiry as may be prescribed to the effect that the deceased belonged to a Hindu undivided \r\nfamily governed by the Mitakshara Law, that the Government security formed part of the joint \r\nproperty of the family, and that the applicant is the managing or sole surviving male member of the \r\nfamily. \r\n2[* * * * * * *] \r\n8. Right of survivors of joint holders of several payees.—Notwithstanding anything \r\ncontained in section 45 of the Contract Act, 1872 (IX of 1872),— \r\n \r\n(a) when a Government security is held by two or more persons jointly and either \r\nor any of them dies, the title to the security shall vest in the survivor or \r\nsurvivors of those persons, and \r\n \r\n(b) when a Government security is payable to two or more persons severally and \r\neither or any of them dies, the security shall be payable to the survivor or \r\nsurvivors of those persons or to the representative of the deceased or to any of \r\nthem: \r\n \r\n1Subs. by the Public Debt (Central Government) (Amdt.) Ordinance, 1961 (7 of 1961), s. 6, for the “Central Government”. \r\n2Explanation rep. by the Federal Laws (Revision and Declaration) Act, 1951 (26 of 1951), s. 3 and 2nd Sch. \r\n \r\nPage 6 of 11 \r\n \r\nProvided that nothing contained in this section shall affect any claim which any \r\nrepresentative of a deceased person may have against the survivor or survivors under or in respect of \r\nany security to which this section applies. \r\nExplanation.— For the purposes of this section a body in-corporate under the Companies \r\nAct, 1913 (VII of 1913), or the Co-operative Societies Act, 1912 (II of 1912), or any other enactment \r\nfor the time being in of force whether within or without 1[Pakistan], relating to the incorporation of \r\nassociations of individuals, shall be deemed to die when it is dissolved. \r\n9. Summary procedure on death of holder of Government securities 2[* * * ].— \r\nNotwithstanding anything contained in section 7, if within six months of the death of a person who \r\nwas the holder of a Government security or securities the face value of which does not in the \r\naggregate exceed five thousand rupees 3[or, in the case of Post Office Savings Certificates, twenty-\r\nfive thousand rupees], probate of his will or letters of administration of his estate or a succession \r\ncertificate issued under Part X of the Succession Act, X 1925 (XXXIX of 1925), is not produced to \r\nthe Bank, or proof to the satisfaction of the Bank that proceedings have been instituted to obtain one \r\nof these is not furnished, the Bank may determine who is the person entitled to the security or \r\nsecurities, or to administer the estate of the deceased and may make an order vesting the security or \r\nsecurities in the person so determined. \r\n10. Government securities not exceeding five thousand rupees face value belonging to \r\nminor or insane person.— When a Government security or securities belong to a minor or a person \r\nwho is insane and incapable of managing his affairs and the face value of the security or securities \r\ndoes not in the aggregate exceed five thousand rupees, the Bank may make such order as it thinks fit \r\nfor the vesting of such security or securities in such person as it considers represents the minor or \r\ninsane person. \r\n11. Issue of duplicate securities and of new securities on conversion, consolidation, sub-\r\ndivision or renewal.—(1) If the person entitled to a Government security 4[not being security in a \r\nform notified in pursuance of paragraph (iv) of sub-clause (a) of clause (2) of section 2,] applies to \r\nthe Bank alleging that the security has been lost, stolen or destroyed, or has been defaced or \r\nmutilated, the Bank may, on proof to its satisfaction of the loss, theft, destruction, defacement or \r\nmutilation of the security, subject to such conditions and on payment of such fees as may be \r\nprescribed, order the issue of a duplicate security payable to the applicant. \r\n \r\n5[(lA) If a Government security in any of the forms notified in pursuance of paragraph (iv) of \r\nsub clause (a) of clause (2) of section 2 has been defaced or mutilated, the holder thereof may, in \r\nsuch manner, and subject to such conditions and on payment of such fees, if any, as may be 6 notified \r\nby Government, apply for the issue of a duplicate security, or for the refund of its value 7[:] \r\n8[Provided that where such Government security is in the form of a Prize Bond, the holder \r\nthereof may apply only for the refund of its value.] \r\n \r\n1Subs. by the Central Laws (Statute Reform) Ordinance, 1960 (21 of 1960), s. 3 and 2nd Sch. (with effect from the 14th October, 1955), for “the \r\nProvinces and the Capital of the Federation” which had been subs. by A. O., 1949, for “British India”. \r\n2The original words “not exceeding five thousand rupees face value” omitted by the Government Savings Bank and Securities Laws (Amdt.) Act, \r\n1958(42 of 1958), s. 2 and Sch. (with effect from the 1st March, 1960). \r\n3 Ins. ibid. \r\n4Ins. by the Public Debt (Amdt.) Act, 1963 (13 of 1963), s. 4 (with effect from the 2nd August, 1960). \r\n5New sub-section (1A) ins. by the Public Debt. (Amdt.) Act, 1963 (13 of 1963), s. 4 (with effect from the 2nd August, 1960). \r\n6For the Prize Bonds Refund Rules, 1963, see Gaz. of P., 1963, Ext. pp. 807-809. \r\n7Subs. by the Public Debt (Amendment) Ordinance, 1979 (48 of 1979), s.2 for full-stop. \r\n8Added ibid. \r\n \r\nPage 7 of 11 \r\n \r\n (2) If the person entitled to a Government security applies to the Bank to have the security \r\nconverted into a security of another form, or into a security issued in connection with another loan or \r\nto have it consolidated with other like securities, or to have it subdivided, or to have it renewed, the \r\nBank may, subject to such conditions and on payment of such fees as may be prescribed, cancel the \r\nsecurity and order the issue of a new security or securities. \r\n(3) The person to whom a duplicate security or a new security is issued under this section \r\nshall be deemed for the purposes of section 19 to have been recognised by the Bank as the holder of \r\nthe security; and a duplicate security or new security so issued to any person shall be deemed to \r\nconstitute a new contract between 1[Government] and such person and all persons deriving title \r\nthereafter through him. \r\n12. Summary determination by the Bank of title to Government security in case of \r\ndispute.—(1) If the Bank is of opinion that a doubt exists as to the title to a Government security, it \r\nmay proceed to determine the person who shall for the purposes of the Bank be deemed to be the \r\nperson entitled thereto. \r\n(2) The Bank shall give notice in writing to each claimant of whom it has knowledge, stating \r\nthe names of all other claimants and the time when and the officer of the Bank by whom the \r\ndetermination of the Bank will be made. \r\n(3) The Bank shall give notice in writing to each claimant of the result of the determination \r\nso made. \r\n(4) On the expiry of six months from the issue of the notices referred to in sub-section (3), \r\nthe Bank may make an order vesting in the person, found by the Bank to be entitled to the security, \r\nthe security and any unpaid interest thereon. \r\n13. Law applicable in regard to Government securities.— Notwithstanding that as a \r\nmatter of convenience 1[Government] may have arranged for payments on a Government security to \r\nbe made elsewhere than in 2[Pakistan], the rights of all person in relation to Government securities \r\nshall be determined in connection with all such questions as are dealt with by this Act by the law and \r\nin the Courts of 2[Pakistan]. \r\n14. Recording of evidence.— (1) For the purpose of making any order which it is em-\r\npowered to make under this Act, the Bank may request a 3[Sessions Judge] 4* * * to record or to \r\nhave recorded the whole or any part of such evidence as any person whose evidence the Bank \r\nrequires may produce. A 3[Sessions Judge] so requested may himself record, or may direct any \r\nMagistrate of the first class subordinate to him or any Magistrate of the second class subordinate to \r\nhim and empowered in this behalf by general or special order of the 3[High Court] to record the \r\nevidence, and shall forward a copy thereof to the Bank. \r\n(2) For the purpose of making a vesting order under this Act the Bank may direct one of its \r\nofficers to record the evidence of any person whose evidence the Bank requires or may receive \r\nevidence upon affidavit. \r\n \r\n1Sub. by the Public Debt (Central Government) (Amdt.) Ordinance, 1961 (7 of 1961), s. 6, for “the Central Government”. \r\n2Subs. by the Central Laws (Statue Reform) Ordinance, 1960 (21 of 1960), s. 3 and 2nd Sch. (with effect from the 14th October, 1955), for “the Provinces \r\nand the Capital of the Federation” which had been subs. by A. O., 1949, for “British India”. \r\n3Subs. by Ord. 23 of 02, s. 2. [this shall come into force in ICT with effect from 15.07.2004 wide SRO 601 (I)/2004]. \r\n4Certain words omitted by the Federal Laws (Revision and Declaration) Ordinance, 1981 (27 of 1981), s. 3 and 2nd \"Sch., which was previously \r\namended by Act 26 of 1951, s. 4 and 3rd Sch. \r\n \r\n \r\nPage 8 of 11 \r\n \r\n(3) A Magistrate or an officer of the Bank acting in pursuance of this section may administer \r\nan oath to any witness examined by him. \r\n \r\n15. Postponement of payments and registration of transfers pending the making of a \r\nvesting Order.— Where the Bank contemplates making an order under this Act to vest a \r\nGovernment security in any person, the Bank may suspend payment of interest on or the maturity \r\nvalue of the security or postpone the making of any order section 11 or the registration of any \r\ntransfer of the security until the vesting order has been made. \r\n16. Power of Bank to require bonds.—(1) Before making any order which is empowered to \r\nmake under this Act, the Bank may require the person in whose favour the order is to be made to \r\nexecute a bond with one or more sureties in such form as may be prescribed or to furnish security not \r\nexceeding twice the value of the subject-matter of the order, to be held at the disposal of the Bank, to \r\npay to the Bank or any person to whom the Bank may assign the bond or security in furtherance of \r\nsub-section (2) the amount thereof. \r\n(2) A Court before which a claim in respect of the subject-matter of any such order is \r\nestablished may order the bond or security to be assigned to the successful claimant who shall there-\r\nupon be entitled to enforce the bond or realise the security to the extent of such claim. \r\n17. Publication of notices in official gazette.—Any notice required to be given by the Bank \r\nunder this Act may be served by post, but every such notice shall also be published by the Bank in \r\n1[the Gazette of Pakistan or the official Gazette of a Province, according as the notice relates to a \r\nsecurity issued by the 2[Federal Government] or a Provincial Government], and on such publication \r\nshall be deemed to have been delivered to all persons for whom it is intended. \r\n \r\n18. Scope of vesting order. An order made by the Bank under this Act may confer the full \r\ntitle to a Government security or may confer a title only to the accrued and accruing interest on the \r\nsecurity pending a further order vesting the full title. \r\n19. Legal effect of orders made by the Bank. No recognition by the Bank of a person as the \r\nholder of a Government security, and no order made by the Bank under this Act shall be called in \r\nquestion by any Court so far as such recognition or order affects the relations of 3[Government] or \r\nthe Bank with the person recognised by the Bank as the holder of a Government security or with any \r\nperson claiming an interest in such security; and any such recognition by the Bank of any person or \r\nany order by the Bank vesting a Government security in any person shall operate to confer on that \r\nperson a title to the security subject only to a personal liability to the rightful owner of the security \r\nfor money had and received on his account. \r\n \r\n20. Stay of proceedings on order of Court. Where the Bank contemplates making with \r\nreference to any Government security any order which it is empowered to make under this Act, and \r\nbefore the order is made the Bank receives from a Court in 4[Pakistan] an order to stay the making of \r\nsuch order, the Bank shall either— \r\n \r\n(a) hold the security together with any interest unpaid or accruing thereon until \r\nthe further orders of the Court are received, or \r\n \r\n1Subs. by the Public Debt (Central Government) (Amdt.) Ordinance, 1961 (7 of 1961), s. 7, for \"the official Gazette\". \r\n2Subs. by F. A. O., 1975, Art. 2 and Table, for \"Central Government\". \r\n3Subs. ibid, ss. 8, 9 and 10, for Central Government”. \r\n4Subs. by the Central Laws (Statue Reforms) Ordinance, 1960 (21 of 1960), s. 3 and 2nd Sch. (with effect from the 14th October, 1955), for “the \r\nProvinces and the Capital of the Federation” which had been subs. by A. O., 1949, for “British India”. \r\n \r\nPage 9 of 11 \r\n \r\n(b) apply to the Court to have the security transferred to the Official Trustees \r\nappointed for the Province in which such Court is situated, pending the \r\ndisposal of the proceedings before the Court. \r\n \r\n21. Cancellation by the Bank of vesting proceedings. Where the Bank contemplates \r\nmaking an order under this Act vesting a Government security in any person the Bank may, at any \r\ntime before the order is made, cancel any proceedings already taken for that purpose and may, on \r\nsuch cancellation, proceed anew to the making of such order. \r\n \r\n \r\n22. Discharge in respect of interest on Government securities. Save as otherwise expressly \r\nprovided in the terms of a Government security, no person shall be entitled to claim interest on such \r\nsecurity in respect of any period which has elapsed after the earliest date on which demand could \r\nhave been made for the payment of the amount due on such security. \r\n \r\n \r\n23. Discharge in respect of bearer bonds. 1[Government] shall be discharged from all \r\nliability on a bearer bond or on any interest coupon of such a bond on payment to the holder of such \r\nbond or coupon on presentation on or after the date when it becomes due of the amount expressed \r\ntherein, unless before such payment an order of a Court in 2[Pakistan] has been served on \r\n1[Government] restraining it from making payment. \r\n \r\n \r\n24. Period of limitation of Government’s liability in respect of interest. Where no shorter \r\nperiod of limitation is fixed by any law for the time being in force, the liability of 1[Government] in \r\nrespect of any interest payment due on a Government security shall terminate on the expiry of six \r\nyears from the date on which the amount due by way of interest became payable. \r\n \r\n \r\n25. Inspection of documents. No person shall be entitled to inspect, or to receive infor-\r\nmation derived from any Government security in the possession or custody of 1[Government] or \r\nfrom any book, register, or other document kept or maintained by or on behalf of 1[Government] in \r\nrelation to Government securities or any Government security, save in such circumstances and \r\nmanner and subject to such conditions as may be prescribed. \r\n \r\n \r\n26. The Bank and its officers to be deemed public officers. For the purposes of section 124 \r\nof the Evidence Act, 1872 (I of 1872), the provisions of Part IV of the Code of Civil Procedure, 1908 \r\n(V of 1908), relating to suits by or against public officers in their official capacity, and the provisions \r\nof rule 27 of Order V, and rule 52 of Order XXI of the said Code, the Bank and any officer of the \r\nBank acting in his capacity as such shall be deemed to be a public officer. \r\n \r\n27. Penalty.—(1) If any person, for the purpose of obtaining for himself or for any other \r\nperson any title to a Government security, makes to any authority under this Act in any application \r\nmade under this Act or in the course of any inquiry undertaken in pursuance of this Act any \r\nstatement which is false and which he either knows to be false or does not believe to be true he shall \r\nbe punishable with imprisonment for a term which may extend to six months, or with fine or with \r\nboth. \r\n \r\n \r\n \r\n1Subs. by the public debit (Amdt.) Ordinance, 1961 (VII of 1961), ss. 8, 9 and 10, for “Central Government”. \r\n2Subs. by the Central Laws (Statue Reforms) Ordinance, 1960 (21 of 1960), s. 3 and 2nd Sch. (with effect from the 14th October, 1955), for “the \r\nProvinces and the Capital of the Federation” which had been subs. by A. O., 1949, for “British India”. \r\n \r\nPage 10 of 11 \r\n \r\n \r\n(2) No Court shall take cognizance of any offence under sub-section (1) except on the \r\ncomplaint of the Bank. \r\n28. Power to make rules.—(1) The 1[Government] may, subject to the condition of previous \r\npublication, by notification in the official Gazette, make rules2 to carry out the purposes of this Act. \r\n (2) In particular and without prejudice to the generality of the foregoing power such \r\nrules may provide for all or any of the following matters, namely:— \r\n \r\n(a) the forms in which Government securities may be issued; \r\n \r\n(b) the form of the obligations referred to in clause (iv) of sub -clause (a) of clause \r\n(2) of section 2; \r\n \r\n(c) 3[* * * * * * *] \r\n \r\n(d) the manner in which different forms of Government securities may be \r\ntransferred; \r\n(e) the holding of Government securities in the form of stock by the holders of \r\noffices other than public offices, and the manner in which and the conditions \r\nsubject to which Government securities so held may be transferred; \r\n(f) the manner in which payment of interest in respect of Government securities is \r\nto be made and acknowledged; \r\n(g) the conditions governing the grant of dupl icate, renewed, converted, \r\nconsolidated and sub-divided Government securities; \r\n(h) the fees to be paid in respect of the issue of duplicate Government securities \r\nand of the renewal, conversion, consolidation and sub -division of Government \r\nsecurities ; \r\n(i) the form in which receipt of a Government security delivered for discharge, \r\nrenewal, conversion, consolidation or sub-division is to be acknowledged; \r\n(j) the manner of attestation of documents relating to Gov ernment securities in \r\nthe form of stock; \r\n(k) the manner in which any document relating to a Govern ment security or any \r\nendorsement on a promissory note issued by 4[Government] may, on the \r\ndemand of a person who from any cause is unable to write, be exe cuted on his \r\nbehalf; \r\n(n) the procedure to be followed in making vesting orders; \r\n \r\n \r\n1Subs. by A.O. 1964, Art.2 & schedule for “Central Government” \r\n2For the Prize Bonds Refund Rules, 1963, see Gaz. of P., 1963, Ext., pp. 807-809. \r\n3Omitted by the Federal Laws (Revision and Declaration) Ordinance, 1981 (27 of 1981), s. 3 and Sch. II, which was previously subs. by Act 26 of \r\n1951, s. 4 and 3rd Sch. \r\n4Subs. by the Public Debt (Central Government) (Amdt.) Ordinance, 1961 (7of 1961), ss. 8,9 and 10, for “the Central Government”. \r\n \r\nPage 11 of 11 \r\n \r\n (o) the authority by whom the certificate referred to in the proviso to section 7 is \r\nto be granted and the manner of making the inquiry therein mentioned. \r\n(3) A copy of all rules under this section shall be laid on the table of 1[the Central \r\nLegislature] 2[or, as the case may be, of the Provincial Legislature] as soon as \r\nmay be after they are made. \r\n29. Act X of 1920 not to apply to Government securities. The Securities Act, 1920 (X of \r\n1920), shall cease to apply to Government securities to which this Act applies, and to all matters for \r\nwhich provision is made by this Act. \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n1Subs. by the Federal Laws (Revision and Declaration) Act, 1951 (26 of 1951), s. 4 and 3rd Sch., for \"both the Chambers of the Indian Legislature\". \r\n2Ins. by A. 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