Government security: statutory definition covering government-issued instruments for public borrowing and specified transferable forms. Definition and scope of Government security: a government-issued instrument used to raise public loans, including stock transferable by registration in bank books, promissory notes payable to order, bearer bonds payable to bearer, and other prescribed forms; it also covers other government-created securities in forms and for purposes as may be prescribed, aligning the Securities Contracts (Regulation) Act definition with the Public Debt Act.