Section 12 in The U.P. Avas Evam Vikas Parishad (Raising of Loans) Rules 1972
12. Debentures issued to two or more persons jointly.
(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.(2)When two or more persons are joint-holders of any debenture or security issued under the Act, any one of such persons may give an effectual receipt for interest or dividend payable in respect of such debenture or security unless notice to the contrary has been given to the Board by any other of such persons.
