Section 3(4) in National Housing Bank (Issue And Management Of Bonds) Regulations, 1989
(4)(a)Notwithstanding anything to the contract in sub-regulation (1) hereof contained the National Housing Bank may, at the request of the person entitled to the Bonds, issue Bonds in the form of entry in an account to be maintained by the National Housing Bank in the name of the person entitled to the Bonds.(b)The Bonds may be so issued in the form of entry in the books of accounts of the National Housing Bank either initially at the time of subscription to the Bonds or subsequently by conversion of the Bond issued either in the form of a promissory note to stock or certificate.(c)If a Bond has already been issued in the form of promissory note, the Bond holder desires of holding it in the form of an entry in an account with the National Housing Bank shall make requisition in Form II and surrender the Bond duly endorsed in favour of the National Housing Bank for the Bond being held in the form of an entry in an account to the books of the National Housing Bank.(d)If the Bond has been issued in the form of stock certificate, the holder shall transfer the Bond in favour of the National Housing Bank with a request that the Bond may be held in the form of an entry in an account to be maintained by the National Housing Bank in the name of the holder.(e)A person holding Bonds in the form of an entry in an account maintained by the National Housing Bank may have the Bonds transferred or converted in the form of a promissory note or a stock certificate by making an application in Form III.(f)No fee is chargeable for issuing Bonds in the form of an entry in the account of the books of the National Housing Bank or converting Bonds already issued either in the form of a promissory note or stock certificate in the form of an entry in the books of the National Housing Bank or vice versa.(g)Bonds issued or held in the form of an entry in the books of the National Housing Bank shall be transferable by execution of an instrument of transfer in Form IV. The transferor in such cases shall be deemed to be the holder of the Bonds to which the transfer relates till such time the name of the transferee is entered in the books of the National Housing Bank.
