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Report No. 110

Chapter 44

Investment of Funds to Provide for Legacies (Sections 341 to 348)

44.1. Scope.-

Investment of funds to provide for legacies is regulated by sections 341 to 348. The sections deal with investment of various classes of legacies, management of annuities and contingent bequests and bequests of residue for life, time and manner of conversion and investment, and certain special situations such as that of a minor entitled to immediate payment or possession of bequest with no direction to pay any person on his behalf.

44.2. Section 341.- Section 341 reads.-

"341. Where a legacy, not being a specific legacy, is given for life, the sum bequeathed shall at the end of the year be invested in such securities as the High Court may by any general rule authorise or direct, and the proceeds thereof shall be paid to the legatee as the same shall accrue due".

The section needs no change.

44.3. Section 342-Investment of general legacy to be paid at future time.-

Section 342 reads:-

"342. (1) Where a general legacy is given to be paid at a future time, the executor or administrator shall invest a sum sufficient to meet it in securities of the kind mentioned in section 341.

(2) The intermediate interest shall form part of the residue of the testator's estate".

The section needs no change.

The Indian Succession Act, 1925 Back

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