Section 60 in Kerala Land Reforms (Tenancy) Rules, 1970
60. Deposit of purchase price or value of encumbrance due to private trusts, persons suffering from legal disability, etc.
(1)The purchase price or the value of encumbrance due to a private trust or endowment or a minor or a person suffering from any legal disability, or a limited owner, shall be deposited either in Savings Security Schemes or in the State Bank of India or the State Bank of Travancore [or in the Treasury Savings Bank] [Added by SRO No. 760/73 dated 29/11/1973. published In K.G, Extraordinary No 1342 dated 17/12/1973.], or in any "co-operative bank" as defined in clause (b)-(ii) of Section 2 of the Reserve Bank of India Act, 1934 and which is entitled to carry on the business of "banking" as defined in clause (b) of Section 5 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies.(2)In making the deposit, under sub-rule (1), the wishes of the person entitled to the amount or of his legal guardian shall be ascertained and respected as far as possible,(3)The benefit of the person entitled to the amount shall be the paramount consideration in making the deposit.(4)Where the amount is due to a minor, the period of the deposit shall, as far as possible,1 be such as will end on his attaining majority.(5)Where a limited owner has an interest in the amount to be deposited, the deposit may be tor the probable duration of such interest.Procedure for vesting of rights of religious, charitable or educational institutions in Government and determination of annuity(Section 66)
