THE POST OFFICE CASH CERTIFICATES ACT

[India Act XVIII, 1917.] (19th September, 1917.)

1. * * * *

2. (1) Notwithstanding any provision in any enactment or any rule of law for the time being in force to the contrary, no transfer of a Post Office 5-year Cash Certificate shall be valid without the previous consent in writing of [an officer of the Savings and Securities Department] 2 authorised by general or special order of the President of the Union. (2) In this section “transfer” means a transfer inter vivos and does not include a transfer by operation of law.

3. (1) If a person dies and is at the time of his death the holder of a Post Office 5-year Cash Certificate, payment of the sum for the time being due on such Certificate may be made in the manner provided in the Government Savings Banks Act for the payment of deposits belonging to the estates of deceased persons, and the provisions of [sections 4, 4A, 5, 6, 7 and 8 ]3 of the said Act shall apply accordingly as if the holder of such Certificate were a depositor in a Government Savings Bank and the sum for the time being due on such Certificate were a deposit in such a Bank * * * *

4 (2) Nothing in sub-section (1) shall be deemed to require any person to accept payment of the amount due on a Post Office 5-year Cash Certificate before the same has reached maturity.
1
For a set of rules relating to Post Office Cash Certificates, see Burma Gazette, 1938, Part I, p. 765.
2
Substituted by Act XIV, 1954.
3
Substituted by Act LXXI, 1953.
4
Deleted ibid, 41. If any holder of a cash certificate becomes insane or otherwise incapable of managing his affairs, payment of the sum for the time being due thereon may be made in the manner provided in the Government Savings Banks Act for the payment of deposits belonging to lunatics, and the provisions of section 12 of the said Act shall apply accordingly as if the holder of a cash certificate were a depositor in the Government Savings Bank and the sum for the time being due on the certificate were a deposit in such a Bank. ===============================
1
Inserted by Act XIV, 1954.

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