Section 15(2) in The Small Industries Development Bank Of India (General Regulations), 2000*
(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.
