Question
Under what circumstances may the Bank make an order for
the vesting of a Government security in a person representing a minor or insane individual, according to the Government Securities Ac?Solution
Section 10. Government securities belonging to minor or insane person: (2) When a Government security belongs to a minor or a person who is insane and incapable of managing his affairs and the outstanding principal value of the Government security does not in the aggregate exceed rupees one lakh or such higher amount not exceeding rupees one crore as the Central Government may, by a notification in the Official Gazette from time to time, fix, the Bank may make such order as it thinks fit for the vesting of such Government security in such person as it considers represents the minor or insane person.
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