Section 12(1) in The U.P. Avas Evam Vikas Parishad (Raising of Loans) Rules 1972
(1)Notwithstanding anything contained in section 45 of the India Contract Act, 1872, where any debenture or security issued under the Act is payable to two or more persons jointly and either or any of them dies, the debenture or security shall be payable to the surviver or survivors of such persons:Provided that nothing in this sub-rule shall affect any claim by the legal representative of a deceased person against such survivor or survivors.
