(1) This Act may be called 1[the Chhatrapati Shivaji Maharaj Vastu Sangrahalaya] Act, 1909 and.
All the estate, right, title and interest of 1[Government] together with all other estates, rights, titles and interests in and to the land. specified in the Schedule to this Act and all moneys now in the custody of the three Trustees provisionally appointed to take the custody of the moneys subscribed for the purposes of erecting or maintaining at Bombay a Museum as a memorial of the visit in the year 1905 of His Royal Highness the Prince of Wales to Bombay and all the other property whether immovable or moveable, which has been or may hereafter be given, devised, bequeathed, transferred or otherwise acquired for the said purposes shall vest in the permanent Board of Trustees constituted by this Act on trust for the erection on the land specified in the said Schedule of a Museum to be called 2[The Chhatrapati Shivaji Maharaj Vastu Sangrahalaya (Museum)] and for the maintenance and management of the said land and Museum.
(1) There shall be constituted for the purposes of this Act a permanent Board of Trustees to be called "The Trustees of 1[the Chhatrapati Shivaji Maharaj Vastu Sangrahalaya]" and such Board (hereinafter called "the Board") shall be a body corporate with perpetual succession and a common seal and in the name of "The Trustees of 2[the Chhatrapati Shivaji Maharaj Vastu Sangrahalaya]" shall sue and be sued and shall have power to 3[acquire and hold immovable or moveable property, to let on hire, lease or mortgage any immovable property vesting in them] to enter into contracts and to do all acts necessary for and consistent with the purposes of this Act:
1[3-A. Term of office: election and appointment of new members if a vacancy.- (1) Members of the Board other than ex-officio members shall, save as herein otherwise provided, hold office for a period of election and three years.
Subject to the provisions of any rules made by the 1[2[State] Government] in this behalf the Board may, from time to time,-
Notwithstanding anything hereinbefore contained, the Board may, if they think fit, assume the custody and administration of collections which are not the property of the Board for the purposes of their trust under this Act and keep and preserve such collections either in the Museum or elsewhere.]
All officers and servants employed by the Board shall be deemed to be public servants within the meaning of the Indian Penal Code (XLV of 1860):
(1) The 1[2[State] Government] may make rules to carry out the purposes of this Act.
1[6. Powers to borrow from Central or 2[State] Government or person.-The Board may from time to time borrow or reborrow and take up at interest from 3[the Central or the 4[State] Government] or with the previous sanction of the 5[6[State] Government] from any person any sum necessary for the purpose of defraying any costs, charges or expenses incurred or to be incurred by them to carry out the purposes of this Act or for the purpose of repaying either in whole or part any sums hereafter borrowed or woing by the Board.
(1) The Board may borrow or reborrow any such sum as aforesaid from any person on the security of any immoveable property vesting in them other than the property mentioned in the proviso to Section 3 or of their revenues or of both of these securities.
(1) In respect of every loan raised by the Board for a term exceeding one year, the Board shall either pay off the money borrowed by equal yearly or half yearly instalments of principal or of principal and interest, or they shall in every year set apart as a sinking fund and accumulate in the way of compound interest by investing the same in the purchase of public securities or in such other securities as the 1[2[State] Government] may approve in this behalf such sum or sums as will, with accumulations in the way of compound interest, be sufficient after payment of all expenses to pay off the moneys so borrowed 3[within such period not exceeding sixty years] from the date of the raising of the loan as the 4[5[State] Government] may in each case direct.
The sinking fund established for the liquidation of any loan shall be subject to annual examination by the 1[Accountant General, Maharashtra] who shall ascertain whether the cash and the value of the securities at the credit of the fund are actually equal to the amount which would have been accumulated, had investment been regularly made and had the rate of interest as originally estimated been obtained thereon. The Board shall pay forthwith into the sinking fund any amount which the Accountant General may certify to be deficient, unless the 2[3[State]Government] specially sanction a gradual readjustment.
(1) In respect of any sinking fund which by this Act the Board are directed or empowered to invest in public securities or in such other securities as the 1[2[State] Government] may approve in this behalf, it shall be lawful for the Board to reserve and set apart for, the purposes of any such investment any debentures to be issued on account of any loan for which the sanction of the 3[4[State] Government] shall have been duly obtained, provided that the intention so to reserve and set apart such debentures shall have notified as a condition of the issue of the loan.
(1) When money is raised by the Board on debentures the debentures shall be in such form as the Board, with the previous sanction of the 1[2[State] Government], shall from time to time determine.
Notwithstanding anything contained in Section 15 of the Negotiable Instruments Act, 1881 (XXVI of 1881), the holder of any debenture issued under the provisions of this Act and transferable by endorsement shall not be said to endorse the debenture or be called the endorser thereof, if when he signs the same for the purpose of negotiation he subscribes his signature for that purpose elsewhere than on the back of the debenture itself.
(1) The Board may at their discretion at the time of issue or at any time during the currency of any debentures issued under the provisions of this Act, upon the application of the subscriber for or holder of, any such debentures, issue to him, in lieu of the debentures deliverable to or held by him, a certificate in the nature of a stock certificate in respect of each loan to which such debentures relate, which shall be in such form as the Board, with the previous consent of the 1[2[State] Government], shall from time to time determine.
(1) Notwithstanding anything contained in Section 45 of the Indian Contract Act, 1872 (IX of 1872), when money in respect of any debenture or stock certificate issued under the provisions of this Act is payable to two or more persons jointly and either or any of them dies, the money shall be payable to the survivor or survivors of those persons.
Notwithstanding anything contained in Section 45 of the Indian Contract Act, 1872 (IX of 1872), where two or more persons are joint holders of any debenture or stock certificate issued under the provisions of this Act, any one of those persons may give an effectual receipt for any interest or dividend payable in respect of such debenture or stock certificate, unless notice to the contrary has been given to the Board by any other of those persons.
No Notice of any trust in respect of any debenture or stock certificate issued by the Board shall be receivable by the Board.
(1) The Board may from time to time make rules prescribing-
1[18. Construction of reference in any instrument, etc.- On the commencement of the Prince of Wales Museum (Amendment) Act, 2001 any reference to "the Prince of Wales Museum of Western India" in any other enactment or rules regulations, enactment or by-laws, notifications or orders issued under any enactment or in any instrument, document or proceedings under its original name shall, unless the context otherwise requires, be deemed and construed to be the reference to "the Chhatrapati Shivaji Maharaj Vastu Sangrahalaya (Museum)."]