Pledging of certificates: transfer as security permitted to specified public and financial entities, with endorsement and re-transfer controls. Pledging allows transfer of National Savings Certificates as security to specified public and financial entities upon application by transferor and transferee; transfers involving minors require parental or guardian certification. The Postmaster must endorse certificates transferred as security. A pledgee is deemed the holder until re-transfer, which requires the pledgee's written authority and the authorised Postmaster's prior written sanction with an endorsement. Authorised officers must certify their authority when accepting or releasing pledges. If endorsement space is exhausted, a fresh certificate may be issued and treated as equivalent to the original.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Pledging of certificates: transfer as security permitted to specified public and financial entities, with endorsement and re-transfer controls.
Pledging allows transfer of National Savings Certificates as security to specified public and financial entities upon application by transferor and transferee; transfers involving minors require parental or guardian certification. The Postmaster must endorse certificates transferred as security. A pledgee is deemed the holder until re-transfer, which requires the pledgee's written authority and the authorised Postmaster's prior written sanction with an endorsement. Authorised officers must certify their authority when accepting or releasing pledges. If endorsement space is exhausted, a fresh certificate may be issued and treated as equivalent to the original.
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