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narily used for lubricating purposes and is declared to have its flashing point at or above 2000 degrees, or is oil to which a notification of the Local Gov. ernment exempting it from the operation of the Act will be applicable in the event of the flashing point being found to be at or above 120°, the test shall be continued as follows :-The oil-cup is to be removed from the water-bath and the temperature of the water in the water-bath is to be reduced to 65° Fahrenheit by pouring cold waterinto the funnel (the hot water escaping by the overflow-pipe). The air-chamber is then to be filled to a depth of 1] inches with water at a temperature of about 95° Fahrenheit, the vil-cup is to be replaced in the water-bath and the spirit-lamp attached to the water-bath is to be lighted and placed underneath. The test-flame is then to be again applied, from 96° Fahrenheit, at every degree rise of temperature as indicated by the thermometer in the oil-cup until a flash takes place or until a temperature of 200° Fahrenheit or 120° Fahrenheit, as the case may be, has been reached. If during this operation the test-flame appears to diminish in size, the lamp is to be replenished in the manner prescribed at (2) without interrupting the test.

If a flash occurs at any temperature between 769 and 200° Fahrenheit, the temperature at which it occurs, subject to correction for atmospheric pressure, is the flashing point of the sample.

In repeating a test a fresh sample of oil must always be used, the tested sample being thrown away, and the cup must be wiped dry from any adhering oil and cooled, as already described, before receiving the fresh sample.

5. Correction for atmospheric pressure.--As the flashing point of an oil is influenced by changes in atmospheric pressure to an average extent of 1.6° Fahrenheit for every inch of the barometer, a correction of the observed flashing point may become necessary. The height of the barometer must therefore be determined at the time of making the test for the flashing point. The true height of the barometer for the purpose of the test shall be considered to be the height of the column of mercury measured at 32° Fahrenheit, which is supported by the air pressure at the time of the experiment; that is, the actual height of the barometer at the time of observation duly corrected for any error of the instrument and for its temperature if necessary. For the purpose of applying the correction to the flashing point of the oil obtained by the test, a table is appended to this schedule, giving the flashing points of oils ranging from 650 to 80° Fahrenheit, under pressure ranging from 27 to 31 inches of mercury.

The table is used in the following manner:

Example.-An oil has given a flashing point of 71°, the barometer being at 28.6 inches; take the nearest number to 71° in the vertical column headed 28.6. This number is 70-8. Substitute for this the number in the same horizontal line in the column headed 30 (the normal height of the barometer). The substitituted number, that is, the true flashing point of the oil, is 73o.

Table for correction of Flashing Points indicated by the Test for Variations in Barometric Pressure

on either side of Thirty Inches.

Barometer in Inches.

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Flasbing Point in Degrees Fahrenheit. 62.4 62.8 631, 63.4 637 64 64.4 64.7

60.2 / 60.5 60.8 61.2

61.5

61.8

62.1

65

65.3

65.6

66

66.3

66.6

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68.2 68.5 1 68.869.2 69.5 69.8 70.1 | 70.470.8 71.1

71.4717

72

72.4 72.7

73

73•3 | 73.6

74

74.3 74.8

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75.3 75.6

70.270.5 70.8 71.2 71.5 71.8 72•1 72.4 72.8 73 1 73.4 73.7

74

74.474.7

75

75.3 75.6

76

76.3 76.6

71.2 71.8 71.8 72.2 72.5 72.8 | 73.1 | 73.4 73.8 74.1

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(3) The power conferred on the Governor General in Council by X1/910200

Act No. XIII. of 1886.
RECEIVED THE ASSENT OF THE GOVERNOR GENERAL ON THE

19th MARCH, 1886. .
THE INDIAN SECURITIES ACT, 1886.

CONTENTS.
Sections.

Sections. 1. Short title and commencement.

9. Indorser of Government security not 2. Repeal.

liable for amount thereof. 3. Definitions.

10. Impression of signature on Govern4. Notice of trust not receivable,

ment securities. 5. Bight of survivors of joint payees of

11. Issue of renewed securities. Government securities.

12. Issue of duplicate securities. 6. Prohibition of indorsements on allonges to Government securities.

13. Period after which the Government

is released from liability in respect 7. Holding of Government securities by holders for the time being of public

of original security. offices.

14. Power of Governor General in Coun

cil to make rules. 8. Transfer and discharge of certificates and coupons.

15. Publication of drafts and rules. An Act to consolidate and amend the law relating to Government

Securities. WHEREAS it is expedient to consolidate and amend the law relating to Government securites; It is hereby enacted as follows:

1. (1) This Act may be called the Indian Short title and commencement.

Securities Act, 1886; and (2) It shall come into force on the first day of April, 1886.

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section 7, sub-section (1), may be exercised at any time after the passing
of this Act; but a notification issued in exercise of that power shall not
take effect until the Act comes into force.'
2. (1) On and from the day on which this Act comes into force, the

Indian Securities Act, 1881, and the Indian
Repeal.

Securities Act, 1885, shall be repealed.
(2) But any authority conferred, notification issued, list published or
rule or order made under either of those Acts shall, so far as may be, be
deemed to have been conferred, issued, published or made under this Act.
Definitions.
3. In this Act

649

(1) “Government security” includes promissory notes, debentures,

stock-certificates and all other securities issued by the Government of India or by any Local Government in respect of any loan contracted either before or after the passing of this Act, but does not include a stock-note or a currency

note : and (2) "prescribed” means prescribed by rules made by the Governor

General in Council.

4. No notice of any trust in respect of Notice of trust not receivable.

any Government security shall be receivable

by the Government. 5. (1) Notwithstanding anything in the Indian Contract Act, 1872,

section 45, when a Government security is Right of survivors of joint payable to two or more persons jointly and payees of Government securities.

either or any of them dies, the security shall be payable to the survivor or survivors of those persons.

(2) Nothing herein contained shall affect any claim which the representative of the deceased person may have against the survivor or survivors in respect of the security jointly payable to him or them and the deceased.

(3) This section shall apply whether the death of the person to whom the security was jointly payable occurred or occurs before or after this Act comes into force.

6. Notwithstanding anything in section 15 of the Negotiable Instru

ments Act, 1881, the holder of a Government Prohibition of indorsements on allonges to Government securities.

security shall not be said to indorse the

security, or be called the indorser thereof, if, when he signs the same for the purpose of negotiation, he inscribes his signature for that purpose elsewhere than on the back of the security itself. 7. (1) In the case of any public office to which the Governor General

in Council may, from time to time, by notiHolding of Government securi

fication in the Gazette of India, declare this ties by holders for the time being of public offices.

sub-section to apply, a Government security

may be made or indorsed payable to or to the order of the holder for the time being of the office by the name of the office.

(2) When a Government security is made or indorsed as aforesaid, it shall be deemed to be transferred without any or further indorsement from each holder for the time being of the office to the succeeding holder for the time being of the office on and from the date on which the latter takes charge of the office.

S, 7, cl. (1).-See G. G. 1886, pp. 309, 447, 531, 599.

(3) When the holder for the time being of the office indorses to a third party a Government security made or indorsed as aforesaid, he shall subscribe the indorsement with his name and the name of the office.

(4) A writing on a Government security now or heretofore standing in the name of the holder of a public office, whereby the security has been or was made or indorsed payable to or to the order of the holder of the office for the time being, shall not be deemed to be or to have been invalid by reason only of the payee or indorsee being the holder for the time being of a public office by the name of the office.

(5) This section applies as well to an office of which there are two or more joint holders as to an office of which there is a single holder. 8. (1) Whenever the Governor General in Council has issued, in

respect of any loan, a certificate declaring the Transfer and discharge of certificates and coupons.

bearer thereof to be entitled to the portion of

the loan therein expressed, or a coupon for any amount payable as interest on any portion of the loan, the title to the certificate or coupon may be transferred as if the certificate or coupon were a promissory note payable to bearer.

(2) On payment, by or on behalf of the Government, to the bearer of the certificate or coupon, of the amount expressed therein, at or after the date on which it becomes due, the Government shall be discharged as if the certificate or coupon were a promissory note payable to bearer.

9. A person shall not, by reason only of his having indorsed a

Government security, be liable to pay any Indorser of Government security not liable for amount ther. of.

money due, either as principal or as interest, thereunder.

10. (1) The signature of the officer of the Government of India

authorized to sign Government securities on Impression of signature on

behalf of the Government may be printed, Government securities.

engraved or lithographed, or impressed by such other mechanical process as the Governor General in Council may direct, on the securities.

(2) A signature so printed, engraved, lithographed or otherwise impressed shall be as valid as if it had been inscribed in the proper handwriting of the officer. 11. A person claiming to be entitled to a Government security as pay

able to him under an indorsement may, on Issue of renewed securities.

satisfying the prescribed officer of the justice of his claim and paying the prescribed fee and delivering the security duly receipted to the prescribed officer, obtain from the officer a renewed security issued payable to himself.

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