Recognition of title to Bonds
7. The executors or administrators of a deceased sole holder of a Bond and the holder of a succession certificate issued under Part X of the Succession Act, 1925
, shall be the only persons who may be recognised by the Bank as having any title to the Bond:
Provided that nothing in this section shall bar the recognition by the Bank of the manager or the sole surviving male member of a Hindu undivided family governed by the Mitakshara Law as having a title to a Bond, when the Bond appears to the Bank to stand in the name of a deceased member of the family and an application is made by such manager or sole surviving member for recognition of his title and is supported by a certificate issued by the District Magistrate after such inquiry as may in his opinion be necessary to the effect that the deceased belonged to a Hindu undivided family governed by the Mitakshara Law, that the Bond formed part of the joint property of the family, and that the applicant is the managing or sole surviving male member of the family.
Copyright © 2019, Legislative and Parliamentary Affairs Division
Ministry of Law, Justice and Parliamentary Affairs