The Scheduled Securities (Hyderabad) Act,1949

This Act may be called the Scheduled Securities (Hyderabad) Act,1949.

In this Act, -- (i) "Bank" means the Reserve Bank of India; (ii) "scheduled security" means any Government security, specified in the Schedule to this Act, butdoes not include any duplicate security issued under the provisions of section 4; (iii) "transfer", in relation to a scheduled security, includes the transfer of any interest in the scheduledsecurity.

The Bank shall not, without theapproval in writing of the Central Government, recognize for any purpose any transfer of a scheduled securityotherwise than to the Government of Hyderabad made or purported to have been made before the 31st day ofDecember, 1948, and notwithstanding any transfer so made or purported to have been so made andnotwithstanding anything contained in any law for the time being in force, the scheduled security shall bedeemed to be, and always to have been, vested in the Government of Hyderabad.

(1) Notwithstanding anything contained in any law for the time beingin force, the Bank shall issue to the Government of Hyderabad duplicate securities payable to that Governmentin lieu of the scheduled securities as if such securities had been lost, and such duplicate securities shall havethe same effect as if they had been issued under section 11 of the Public Debt (Central Government) Act, 1944(XVIII of 1944). (2) On the issue of duplicate securities under sub-section (1), all rights of remedies vested in or enforceableby any person in respect of the scheduled securities, in lieu of which such duplicate securities have been issued,shall be deemed to be extinguished. (3) The Bank shall impound all scheduled securities which are or have been presented to it and cancel thesame.

No suit or other legal proceeding for the enforcement of any rights or remediesin respect of any scheduled security shall be instituted in any Court save with the previous consent of theCentral Government.