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Report No. 110

44.4. Section 343-lerocedure when no fund charged with, or appropriated to annuity.-

Section 343 reads as follows:-

"343. Where an annuity is given and no fund is charged with its payment or appropriated by the will to answer it, a government annuity of the specified amount shall be purchased, or, if no such annuity can be obtained, then a sum sufficient to produce the annuity shall be invested for that purpose in securities of the kind mentioned in section 341."

The section needs no change.

44.5. Section 344-Transfer to residuary legatee of contingent bequest.- Section 344 reads.-

"344. Where a bequest is contingent, the executor or administrator is not bound to invest the amount of the legacy, but may transfer the whole residue of the estate to the residuary legatee, if any, on his giving sufficient security for the payment of the legacy if it shall become due."

The section needs no change.

44.6. Section 345-Investment of residue bequeathed for life, without direction to invest in particular securities.-

This takes us to section 345. It reads:-

"345. (1) Where the testator has bequeathed the residue of his estate to a person for life without any direction to invest it in any particular securities, so much thereof as is not at the time of testator's decease invested in securities of, the kind mentioned in section 341 shall be converted into money and invested in such securities.

(2) This section shall not apply if the deceased was a Hindu, Muhammadan, Buddhist, Sikh or Jain or an exempted person."

The section needs no change.

The Indian Succession Act, 1925 Back

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