Section 17 in The Rajasthan Financial Corporation General Regulations, 2002
17. Transmission of Shares/Debentures in the event of death, Insolvency etc. of a Shareholder/Debenture holder.
- (i) The executors or administrators of a deceased sole holder of the shares/debentures, or the holder of a succession certificate issued under Part X of the Indian Succession Act, 1925, in respect of such shares/debentures or a person in whose favour a valid instrument of transfer of such shares/debentures was executed by such person or by the deceased sole holder during the latter's lifetime shall be the only person who may be recognised by the Corporation as having any title to such share/debentures.(ii)In the case of the share/debentures registered in the names of two or more holders, the survivor 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 share/debentures of a person in whose favour a valid instruments of transfer of the share/debentures was executed by such person and such last survivor during the latter' life-time , shall be the only person who may be recognised by the Corporation as having any title to such shares/debentures.(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 in consequence of death of a share-holder/debenture holder and any person becoming entitled to shares/debentures in consequence of the insolvency, bankruptcy or liquidation of a shareholder/debenture holder shall upon production of such evidence as the Board may require, have the right-(a)to be registered as a shareholder/debenture holder in respect of such shares/debentures 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 shareholder/debenture holder; or(b)to make such transfer of such shares/debentures as the person from whom he derives title could have made.
