56. Right of joint or several payees of securities.
(1)Notwithstanding anything contained in section 45 of the Indian Contract Act, 1872 (Central Act IX of 1872) -(a)when the Board security is payable to two or more persons jointly and either or any of them dies, the Board security shall be payable to the survivors of those persons, and(b)when any such security is payable to two or more persons severally and all or any of them dies, the security shall be payable to the survivor or survivors of those persons or to the representatives of the deceased or to any of them.(2)This section shall apply whether such death occurred or occurs before or after the appointed day.(3)Nothing herein contained shall affect any claim which any representative of a deceased person may have against the survivor or survivors under or in respect of any security to which sub-section (1) applies.(4)For the purposes of this section, a body incorporated or deemed to be incorporated under the Companies Act, 1956 (Central Act I of 1956) or the Tamil Nadu Co-operative Societies Act, 1983 (Tamil Nadu Act 30 of 1983) or any other enactment for the time being in force, whether within or outside India, shall be deemed to die when it is dissolved.
