Section 3 — Transfer of Government securities

(1) [Subject to the provisions of section 5, a transfer of a Government security shall be made only in the manner prescribed for the making of transfers 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, ***

(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*, [and]

[(v) is made on or after the 1st day of September, 1972, in the case of a securit y issued on or after that day by the Government of the State of Jammu 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 [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.