Section 9   [ View Judgements ]

Effect of nomination on renewal, etc


(1) The rights which a nominee or nominees have acquired in relation to a Government security under a nomination duly made and registered under regulation 7 shall not be affected by reason of the renewal or sub-division of the stock certificate or the issue of the duplicate stock certificate on the ground that the original has been lost, stolen, destroyed, mutilated or defaced, and the nominee or nominees shall have the same rights in relation to the renewed stock certificate or each of the stock certificates issued on sub-division or the duplicate stock certificate:



Provided that where a security is sub-divided in pursuance of a transfer of a part of such stock certificate, nothing in this sub-regulation shall apply to the new stock certificate issued to the transferee.



(2) Notwithstanding anything contained in regulation 16, a stock certificate which is subject to nomination in favour of a person or persons shall not be consolidated with any other stock certificate unless the latter is also subject to nomination in favour of the same person or persons, and where two or more such stock certificates are consolidated, the person or persons shall have the same rights in relation to the consolidated security as he or they had in relation to each of the stock certificates so consolidated.

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