law: Government Securities Act 2006
  8.
  
  Right of survivors of joint holders or several payees. -
  Notwithstanding
  
  anything contained in section 45 of the Indian Contract Act, 1872 and subject
  
  to the provisions of sections 7 and 10,-
  a.   when a Government
  
  security is held by two or more persons jointly, and either or any of them
  
  dies, the title to the Government security shall vest in the survivor or
  
  survivors of those persons; and
  b.   when a Government
  
  security is payable to two or more persons severally and either or any of them
  
  dies, the Government security shall be payable to the survivor or survivors of
  
  those persons or to the representative of the deceased or to any one of them:
  Provided 
  
  that nothing contained in this section shall affect any claim which any
  
  representative of a deceased joint holder or deceased holders of a Government
  
  security or a surviving joint holder or holders of a Government security, as
  
  the case may be, may have against the survivor or survivors or representatives
  
  under or in respect of any Government security to which this section applies.
  Explanation.-For
  
  the purposes of this section, a body incorporated or deemed to be incorporated
  
  under the Companies Act, 1956, or the Co-operative Societies Act, 1912, or any
  
  other enactment for the time being in force relating to the incorporation of
  
  associations of individuals, shall be deemed to die when it is dissolved.