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Rule 13 - Pledging of certificate - Social Security Certificates Rules, 1982Extract Pledging of certificate. 13. (1) The Postmaster of the office where a certificate stands registered may permit transfer of the certificate for being pledged as security to: (a) the President of India or the Governor of a State in his official capacity: (b) the Reserve Bank of India or a scheduled bank or a co-operative society including a co-operative bank; (c) a corporation or a Government company; and (d) a local authority: Provided that an application for such transfer is made by the holder of the certificate and the pledge in the form laid down by the Director General, Posts and Telegraphs. (2) When any certificate is transferred under sub-rule (l), the postmaster of the office where the certificate stands registered shall make the following endorsement on the certificate, namely:- "Transferred as security to .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . " (3) Except as otherwise provided in these rules, the pledgee of a certificate under this rule shall, until it is re-transferred under sub-rule (4), be deemed to be the holder of the certificate. (4) A certificate transferred under sub-rule (2), may, on the written authority of the pledgee, be re-transferred with the previous sanction in writing of the authorised Postmaster and when any such retransfer is made, the Postmaster of the office where the certificate stands registered shall make the following endorsement on the certificate: "Re-transferred to . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ." Note 1 : A gazetted officer of the Government accepting the certificate as security under sub-rule (1) or releasing the pledge under sub-rule (4) on behalf of the President or the Governor of a State, shall certify that he is duly authorised under article 299 of the Constitution to execute such instruments or deeds on behalf of the President or the Governor of the State, giving the particulars of the number and date of the notification of the Government authorising him in this behalf. Note 2 : An officer of the Reserve Bank of India or a scheduled bank or a co-operative society including a co-operative bank, a corporation or a Government company or a local authority, as the case may be, accepting the certificate as security under sub-rule (1) or releasing the pledge under sub-rule (4) on behalf of the respective institution, shall certify under his dated signature and seal of office that he is duly authorised under the articles of the said institution, to execute such instruments or deeds on its behalf. (5) Where as a result of several endorsements made under sub-rules (2) and (4) or a certificate, no space is left for making further endorsements of a like character on that certificate, a fresh certificate may be issued by the Postmaster of the office of registration in lieu of such certificate. (6) A fresh certificate issued under sub-rule (5) shall be treated as equivalent to the certificate in lieu of which it has been issued for all the purposes of these rules.
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