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Report No. 110

44.7. Section 46.-

Section 346 reads:-

"346. Where the testator has bequeathed the residue of his estate to a person for life with a direction that it shall be invested in certain specified securities, so much of the estate as is not at the time of his death invested in securities of the specified kind shall be converted into money and invested in such securities".

The section needs no change.

44.8. Section 347-Time and manner of conversion and investment.-

Section 347 provides that such conversion and investment as are contemplated by sections 345 and 346 shall be made at such times and in such manner as the executor or administrator thinks fit: and until such conversion and investment are completed, "the person who would he for the time being entitled to the income of the fund when so invested shall receive at the rate of 4 per cent. Per annum upon the market-value (to be computed as at the date of the testator's death) on each part of the fund as has not been so invested."

44.9. Section 348-Procedure where minor is entitled to immediate payment or possession of bequest, and no direction to pay to person on his behalf.-

Section 348 reads:-

"348. (1) Where, by the terms of a bequest, the legatee is entitled to the immediate payment or possession of the money or thing bequeathed, but is a minor, and there is no direction in the will to pay it to any person on his behalf, the executor or administrator shall pay or deliver the same into the Court of the District Judge by whom or by whose District Delegate the probate was, or letters of administration with the will annexed were, granted, to the account of the legatee, unless the legatee is a ward of the Court of Wards.

(2) If the legatee is a ward of the Court of Wards, the legacy shall be paid to the Court of Wards to his account.

(3) Such payment into the Court of the District Judge, or to the Court of Wards, as the case may be, shall be a sufficient discharge for the money so paid.

(4) Money when paid is under this section shall be invested in the purchase of Government securities, which, with the interest thereon, shall be transferred or paid to the person entitled thereto or otherwise applied for his benefit, as the Judge or the Court of Wards, as the case may be, may direct."

The section needs no change.

The Indian Succession Act, 1925 Back

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