(1)No notice of any trust in respect of any Government security shall be receivable by [the Government] [Subtitued for the words the Central Government by the Public Debt (Central Governemnt) Amendment Act, 1949 (6 of 1949) Section 6 (1-4-1949)], nor shall the Government be bound by any such notice even though expressly given, nor shall [the Government] [Subtitued for the words the Central Government by the Public Debt (Central Governemnt) Amendment Act, 1949 (6 of 1949) Section 6 (1-4-1949)] be regarded as a trustee in respect of any Government security.(2)Without prejudice to the provisions of sub-section (1), the Bank may, as an act of grace and without any liability to the Bank or to [the Government] [Subtitued for the words the Central Government by the Public Debt (Central Governemnt) Amendment Act, 1949 (6 of 1949) Section 6 (1-4-1949)], record in its books such directions by the holder of stock for the payment of interest on, or of the maturity value of, or the transfer of, or such other matters relating to, the stock as the Bank thinks fit.
