Section 120 in The Maharashtra Municipal Corporations Act, 1949
120. Debentures issued to two or more persons jointly. - Notwithstanding anything contained in section 45 of the Indian Contract Act, 1872, -
(1)when any debenture or security issued under this Act is payable to two or more persons jointly, and either or any of them dies, the debentures or security shall be payable to the survivor or survivors of such person:Provided that nothing in this sub-section shall affect any claim by the legal representative of a deceased person against such survivor or survivors;(2)When two or more persons are joint holders of any debentures or security issued under this Act, any one of such persons may give an effectual receipt for any interest or dividend payable in respect of such debenture or security unless notice to the contrary has been given to the Corporation by any other of such person.
