Registered No. 0-28
The Gazette of Andía
EXTRAORDINARY
PUBLISHED BY AUTHORITY
NEW DELHI , THURSDAY, JULY 1, 1948
GOVERNMENT OF INDIA
MINISTRY OF LAW
New Delhi , e 1st July 1948
ORDINANCE NO . XVI OF 1918
AN
ORDINANCE
to provide for the control of the transfer of certain securities .
WHEREAS an omorgonay has arisan which makes it necessary to provide for the control of the transfer of partain soourities which may be detrimental to the interests of India ;
NOW, THEREFORE , in exercise of the powers conferred by sootion 42 of the Government of India Act , 1935 (26 Gao . 5 , 0.2) , the Governor General is pleased to make and promulgate the following Ordinance :-
1. Short title and connenconent .-( 1) Tais Orlinkage may be called the Soqurities ( Hyderabad ) Ordinanoo, 1948 .
(2) It shall come into force at once .
2. Definitions -In this Ordinwine , unless there is anything repugnant in the subject or context ,-
( i) " Bank " means the Reserve Bank of India ;
( ii) " Publio Dobt Offico " means the office of the Resorve Bank of India on the books of which the Government security is registered or may be registered ;
( iii) " security " means-
(a) a Government security as defined in olause (2 ) of section 2 of the Publio Debt ( Contral Government ) Act , 1944 (XVIII of 1944 ) ;
(6) a Governmont soourity as defined in clause ( a) of section 2 of the Indian Securities Act , 1920 (X of 1920) ;
(c) a security issued by any local authority in respect of any money borrowed by it ;
( 951 )
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THE GAZETTE OF INDIA EXTRAORDINARY , JULY 1 , 1948
( iv) " security held by Hyderabad " means any security which is held by or on behalf of or was
(a) His Exalted Highness the Nizam of Hyderabad ,
(5) the Governme . 15 of Hyderabad,
(c) any officer of the Government of Hyderabad in his official capacity , Ο
( d) the Hyderabad State Bank ;
" (2) " transfer, " in relation to a security , inelales the transfer of any interest in the security .
3. Transfer of certain securities to be with the approva ' of the Central Gov- ernment.- Notwithstanding anything contained in any law for the time being in force-
(i) the Public Debt Office shall not without the approval in writing of the Central Government act on any instrument of transfer of any security held by Hyderabad in the form of stock presented to it on or after the Ist day of June, 1948 , and without such approval no such instrument shall confer any rights or remedies in respect of the security on the transfərəə ;
(ii ) no transfer of a security held by Hyderabad otherwise than in the form of stock made on or after the Ist day of April , 1948 , shall bo deemed to have been effective so as to coufer any rights or reme lies in respect of the security on the transforee unless the transfereo obtains she approval in writing of the Central Government to such transfor .
4. Decision of Central Government or certain questions to be final.- If any question arises whether a security is security held by Hyderabad , or whether the sejurity was presented on or after the 1st dayJune , 1948 , or , as the case inay be , transferred on or after the Ist day of April , J. whether the trans- fores of such a security has a good titie thereto , the question sto be referred to the Central Government , and the decision of the Central Government thereon shall be find and shall not be questioned in any Cont .
5. Decleration of holdings of securities held on behalf of Hyderabad .--( I) Every person holding any securities on behalf of-
(4) His Exalted Highness the Nizam of Hyderabad , or
( 6) he Govornment of Hyderabad , or
(c ) any officer of the Government of Hyderabad in his official capacity , or
(d) the Hyderabad State Bank
shall , within a period of fifteen days from the date of the commencement of this Ordinance or from the date on which he so holds any securities , whichever is later , make a declaration of such holding to the Bank giving full particulars as to the description , number and face value of such securities .
(2) If any person fails to comply v ith the provisions of sub - section ( 1) , he shall be punishable with imprisonment for a term which may extend to one year , or with fine or with both ; and any Court trying such person may direct that any securities in respect of which the Court is satisfied that an offence has been committed shall be forfeited to the Central Government
6. Power to impound security transferred in contravention of Ordinance.- When any security held by Hyderabad otherwise than in the form of stock purporting to have been transferred on or after the 1st day of April , 1948 , is presented the Bank , the Bank may impound the same , and shall report the matter to the Central Government for ciders thereon .
THE GAZETTE OF INDIA EXTRAORDINARY , JULY 1 , 1948 953
7. Cognizance of offences . No Court shall take cognizance of any offence punishable under section 5 except upon a complaint made in writing by a person authorised in this behalf by the Central Government , and no Court inferior to the Court of a Presidency Magistrate or a Magistrate of the first class shall try any such offence.
8. Delegation of functions .- The Contral Government may , by notification in the official Gazetto , entrust any of its functions under this Ordinance to any officer or authority specified in this bohalf.
9. Bar of legal proceeding . No suit , prosecution or other legal proceeding shall lie against the Central Government , the Bank or any person or authority for anything done or intended to be done in good faith in pursuance of any of the provi- sions of this Ordinance .
C. RAJAGOPALACHARI ,
Governor General .
K. V. K. SUNDARAM, Secretary to the Govt . of India .
DEPARTMENT OF COMMUNICATIONS
New Delhi , the 1st July 1948
NOTIFICATION
No. 24 - A/ 1-48 .--In exercise of the powers conferred by alauso ( a) of sub - sootion (1) of Sootion 6 of the Indian Airoraft Act , 1934 (XXII of 1934 ) , the Central Govern- ment, being of the opinion that it is in the interest of the public safety and tranquility so to do , is pleased to order that the following licences issued by the Air Transport Licensing Board be , and hereby aro , suspendod with effoot from the 2nd July , 1948 , until further ordors namely-- .
1. Provisional Liconco No. 4-46 for the routo Delhi- Bhopal Nagpur ----Hyderabad- Madras , issuod on the 23rd Septomber , 1946 .
2. Provisional Licenco No. 5-46 for the routo issuod on the 23rd September , 1946 . Hydorabad-Bangalore ,
3. Provisional Lisenga No. 3-47 for the routo Hydorabad -Bombay , issued on the 1st February , 1947 .
V. Κ . ΜΕΝON , Asstt . Secy .
PUBLISHED BY THE MANAGER OF PUBLICATIONS , DELHI , INDIA PRINTED BY THE MANAGER GOVERNMENT OF INDIA PRESS , NEW DELHI , INDIA