(1) The Director of Finance and the Accountant General shall endorse on the treasury bond or treasury note the name of the person entitled to the treasury bond or treasury note under the will or intestacy of the holder and make the appropriate alteration in the register where, on an application being made, the Director of Finance and the Accountant General are satisfied of —
(a) the death of the holder of a treasury bond or treasury note; and
(b) the grant of legal representation to the person making the application.
(2) From the date of the endorsement and alteration under subsection (1), the person entitled under the will or intestacy of the holder becomes the holder of the treasury bond or treasury note.
Division 3
Government Borrowing by Treasury Bills