Section 4 in National Housing Bank (Issue And Management Of Bonds) Regulations, 1989
4. Trust not recognised.
-(i) The National Housing Bank shall not be bound or compelled to recognise in any way, even when having notice thereof, any trust or any right in respect of a bond other than an absolute right thereto in the holder.(ii)Without prejudice to the provisions of sub-regulation (i), the National Housing Bank may as an act of grace and without liability to the National Housing Bank record in its books such directions by the holder Bond issued in the form of stock certificate for the payment of interest on or of the maturity value of or the transfer of or such matters relating to the stock certificate as the National Housing Bank thinks fit.
