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Section 147Receipt by joint holders for the interest or dividend.

The JAMMU AND KASHMIR MUNICIPAL CORPORATION ACT, 2000 (Act No. XXI of 2000)

When two or more persons are joint holders of any debenture or security issued under this Act, any one of such persons may give an effectual receipt for any interest or dividend payable in respect of such debentures or security, unless notice to the contrary has been given to the Corporation by the other persons.