Section 15 in The Small Industries Development Bank Of India (General Regulations), 2000*
15. Payment on the death of the holder of a security .-(1) The executors or administrators of a deceased sole holder of a security (whether a Hindu, Mohammedan, Parsi or otherwise) or the holder of a succession certificate issued under Part X of the Indian Succession Act, 1925 (39 of 1925) in respect of the security shall be the only person or persons who may be recognised by the Small Industries Bank as having any title to the security.
(2)Notwithstanding anything contained in section 45 of the Indian Contract Act, 1872 (9 of 1872), in the case of a security held payable to two or more holders, the survivor or survivors and, on the death of the last survivor, his executors, administrators, or any person who is the holder of a succession certificate in respect of such security shall be the only person who may be recognised by the Small Industries Bank as having any title to the security.(3)The Small Industries Bank shall not be bound to recognise such executors or administrators unless they shall have obtained probate or letters of administration, as the case may be, from the competent Court or office in India.(4)Notwithstanding anything contained in sub-regulations (1), (2) and (3), where the Small Industries Bank in its absolute discretion deems fit, it shall be lawful for the Small Industries Bank to dispense with the production of probate or letters of administration or other legal representation in any case, upon such terms including obtention of indemnity or otherwise, as it may deem fit.
