Section 17 in The Orissa State Financial Corporation General Regulations, 2003
17. Transmission of shares/debentures/securities in the event of the death, insolvency etc. of a shareholder/ debenture/ security holder .
- (i) The executors or administrators of a deceased sole holder of the shares/ debentures/securities, or the holder of the Succession Certificate issued under part X of the Indian Succession Act, 1925, in respect of such shares/ debentures/securities or a person in whose favour a valid instrument of transfer of such shares/debentures/securities was executed by such person or by the deceased sole holder during the latter's life time, shall be the only person who may be recognised by the Corporation as having any title to such the shares/debentures/securities.(ii)In the case of the shares/debentures/securities registered in the names of two or more holders, the survivor or survivors and on the death of the last survivor, his executors or administrators, or any person who is the holder of a succession certificate in respect of such shares/debentures/ securities or a person in whose favour a valid instrument of transfer of the shares/debentures/securities was executed by such person, and such last survivor during the latter's life-time shall be the only persons or persons who may be recognised by the Corporation as having any title to such shares/ debentures/securities.(iii)The Corporation shall not be bound to recognise such executors or administrators unless they shall have obtained probate or letters of administration, or other legal representation, as the case may be, from a Court of competent jurisdiction.Provided, however, that in case where the Board in its discretion thinks fit, it shall be lawful for the Board to dispense with the production of a Succession Certificate,letters of administration or such other legal representation upon such terms as to indemnity or otherwise as it may think fit.(iv)Any such person becoming entitled to any shares/ debentures/ securities in consequence of death of a shareholder or debenture holder or securities holder and any person becoming entitled to shares/ debentures/ securities in consequence of the insolvency, bankruptcy, or liquidation of a shareholder/debenture holder/ securities holder shall upon production of such evidence as the Board may require, have the right -(a)to be registered as a shareholder/debenture holder/security holder in respect of such shares/ debentures/ securities upon his satisfying the Board in the same manner as if he were the proposed transferee under Regulation 17(ii) that he is qualified to be a share holder/ debenture holder/securities holder, or(b)to make such transfer of such shares/debentures/securities as the person from whom he derives his title could have made.
