(3B)Notwithstanding anything contained in clause (e) of sub-rule (3A) butsubject to the conditions specified in clauses (a),[(aa)] [Substituted by G.S.R. 1614, dated 7.11.1964], (b), (c) and (d) of that sub-rule, a Treasury Savings Deposit Certificate [or a Defence Deposit Certificate] [Inserted by G.S.R. 1509, dated 10.11.1962] may be transferred by way of pledge or security to,-(a)a Gazetted Officer of Government in his official capacity;(b)a local authority or any officer of such local authority;(c)the Reserve Bank of India, a scheduled bank or a co-operative society including a co-operative bank; or(d)[ any other corporation or a Government company as defined in section 617 of the Companies Act, 1956; [Substituted by G.S.R. 1614, dated 7.11.1964]and re-transferred when the purpose of such transfer by way of pledge or security is over.Provided that a transfer under this sub-rule of a Treasury Savings Deposit Certificate or a Defence Deposit Certificate relating to a deposit by a guardian on behalf of a minor shall not be registered unless such guardian certifies in writing that the minor is alive and the transfer is for the benefit of the minor.]Explanation.- In this sub-rule-(a)"Local authority" means a municipal corporation, municipal committee, district board, body of Port Commissioners or other authority legally entitled to or entrusted by the Government with the control or management of a municipal or local fund;(b)"corporation" means a corporation established by or under any law for the time being in force but does not include a company or a foreign company as defined in the Companies Act, 1956.]
