law: 3. Transfer of Government securities.-
  (1) 2[Subject to the provisions of section 5, a transfer of a Government security shall be made only in the manner prescribed for the making oftransfers of securities of the class to which it belongs, and no transfer of a Government security which-
  (i) is made after the 30th April, 1946, in the case of a security issued by the Central Government,
  (ii) is made after the 31st March, 1949, in the case of a security issued by the Government of a Part A State,
  (iii)  is made after the 14th October, 1956, in the case of a security issued by the Government of a Part B State other than Jammu and Kashmir, 3***
  (iv) is made on or after the 1st day of November, 1956, in the case of a security issued on or after that day by the Government of any State other than Jammu and Kashmir,
  4[and]
  5[(v) is made on or after the 1st day of September, 1972, in the case of a security  issued on or after that day by the Government of the State ofJammu and Kashmir*,]
  shall be valid if-]
  (a) it does not purport to convey the full title to the security, or
  (b) it is of such a nature as to affect the manner in which the security was expressed by 6[the Government] to be held.
  (2) Nothing in this section shall affect any order made by the Bank under this Act, or any order made by a Court upon the Bank.