Section 12(2) in The U.P. Avas Evam Vikas Parishad (Raising of Loans) Rules 1972
(2)When two or more persons are joint-holders of any debenture or security issued under the Act, any one of such persons may give an effectual receipt for interest or dividend payable in respect of such debenture or security unless notice to the contrary has been given to the Board by any other of such persons.
