Section 47 in The Maharashtra Electricity (Supply) Rules, 1963
47. Transfer on death.
(1)In the case of death of any holder of a bond his interest therein both as regards the principal and interest or otherwise shall vest in and shall be transferable by his lawful executor or administrator.(2)Where two or more persons are registered as holders of a security, they shall be deemed to be the joint holders thereof with the right of survivorship between them.(3)In the case of death of a holder of any security, the Registrar may require his executors or administrators to produce the probate of the will or letters of administration to the estate of the deceased or the succession certificate as required under the Indian Succession Act, 1925 (XXXIX of 1925) or other satisfactory evidence admissible in a Court of law, whereby a person claims title to the security: and unless and until this is done, the Board or the Registrar may refuse to take cognizance of the transfer. The Registrar may require all the executors or administrators to join in the transfer.
