section 16
Procedure on death of the person holding securities of the value of five thousand rupees.
The Government Securities Act, 1330 FCorporate133021 sections
Statutory text
- (1) When any person holding Government securities the value of which does not in the aggregate exceed five thousand rupees dies and within six months of the death of such person, probate of the will, or letter of administration of the estate of such person or succession certificate granted under Act No III of 1307 Fasli, is not produced before the prescribed authority, such authority may, after inquiry in the manner provided in sub-sections (2) and (3) of section 11, determine the person entitled to the securities or to administer the estate of the deceased, and may,-
- (a) in the case of securities which are due for repayment, order payment of the amount to such person; and
- (b) in the case of securities which are not due for repayment, order the issue of new securities in favour of such person.
- (2) Upon the payment of the amount of or issue of new securities in accordance with sub-section (1), the Government shall be discharged from liability in respect of the original securities.
- (3) Any creditor or claimant against the estate of the deceased may recover his debt or claim from the person to whom any amount is paid under sub-section (1) and not lawfully utilised by him, in the same manner and to the same extent as if he had obtained letters of administration of the estate of the deceased and nothing in this section shall affect the rights of an executor or administrator or representative of the deceased against such person. Such amounts as have been lawfully paid by him in due course of administration of the estate of the deceased shall not be claimed.
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