(4)Promissory notes in Form 1 issued to a [Ruler of a former Indian State] [Substituted by S.R.O. 2284, dated 3.10.1956] are transferable by an endorsement by the Ruler of the State for the time being. The transferee of any such note shall not be capable of negotiating or drawing interest on the same when so transferred, but shall be entitled on surrender to the Public Debt Office of the note so transferred duly receipted in Form XVI and on payment of the prescribed fee to obtain therefrom Government promissory note or notes for the nominal value of the note so transferred.
