Rights of survivors of joint holders and summary procedure in certain cases
8. (1) Notwithstanding anything contained in section 45 of the Contract Act, 1872
(a) when a Bond is held by two or more persons jointly and either or any of them dies, the title to the Bond shall vest in the survivor or survivors of those persons; and
(b) when a Bond is payable to two or more persons severally and either or any of them dies, the Bond shall be payable to the survivor or survivors of those persons or to the representatives of the deceased or to any of them:
Provided that nothing contained in this section shall affect any claim which any representative of a deceased person may have against the survivor or survivors under or in respect of any Bond to which this section applies.
(2) (i) Notwithstanding anything contained in section 7, if, within six months of the death of a person who was the holder of a Bond or Bonds the face-value of which does not in the aggregate exceed five thousand rupees, probate of his Will or letters of administration of his estate or a succession certificate issued under Part X of the Succession Act, 1925
, is not produced to the Bank, or proof to the satisfaction of the Bank that proceedings have been instituted to obtain one of these is not furnished, the Bank may determine who is the person entitled to the Bond or Bonds or to administer the estate of the deceased and may make an order vesting the Bond or Bonds in the person so determined.
(ii) When a Bond or Bonds belong to a minor or a person who is insane and incapable of managing his affairs and the face-value of the Bond or Bonds does not in the aggregate exceed five thousand rupees, the Bank may make such order as it thinks fit for the vesting of such Bond or Bonds in such person as it considers represents the minor or insane person.