Section 19 in State Bank of India General Regulations, 1955
19. Transmission of shares in the event of death, insolvency etc, of a shareholder.
(1)The executors or administrators of a decreased sole holder of a share, or the holder of a succession certificate issued under Part X of the Indian Succession Act, 1925 in respect of such share, or a person in whose favour a valid instrument of transfer of such share was executed by such person and by the deceased sole holder during the latter's life-time shall be the only persons who may be recognised by the State Bank as having any title to the share of the deceased shareholder. In the case of a share 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 survivor's interest in the share, or a person in whose favour a valid instrument of transfer of the share was executed by such person and such last survivor during the latter's life-time, shall be the only person who may be recognised by the State Bank as having any title to such share. The State Bank 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 in India] [Substituted by Resn. C.B.S.B.I., dated 29-11-1994 (w.e.f. 15.10.1993)]Provided nevertheless that in any case where [the Central Board or its Executive Committee] [Substituted 'the Local Board concerned' by Resn. C.B.S.B.I., dated 29-11-1994 (w.e.f. 15.10.1993).] shall in its [........] [Deleted by Resn. C.B.S.B.I., dated 26-2-1987.] discretion think fit, it shall be lawful for [the Central Board or its Executive Committee] [Substituted 'such Local Board' by Resn. C.B.S.B.I., dated 29-11-1994 (w.e.f. 15.10.1993).] 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.[Provided further that nothing contained in this sub-regulation shall affect the right of any person who is entitled to the shares on account of a valid nomination.] [Inserted by the State Bank of India General (Amendment) Regulations, 2013 (Regulation 7), with effect from 3rd March, 2014, published in the Gazette of India, Extraordinary, Part II. - Section 4, dated 04.03.2014.](2)Any such person becoming entitled to a share in consequence of the death of a shareholder and any person becoming entitled to a share in consequence of the insolvency, bankruptcy or liquidation of a shareholder shall upon production of such evidence, as the [the Central Board or its Executive Committee] [Substituted 'Local Board concerned' by Resn. C.B.S.B.I., dated 29-11-1994 (w.e.f. 15.10.1993).] may require, have the right -(a)to be registered as a share holder in respect of the share upon his satisfying the [the Central Board or its Executive Committee] [Substituted 'Local Board' by Resn. C.B.S.B.I., dated 29-11-1994 (w.e.f. 15.10.1993).] in the same manner as if he were the proposed transferee under regulation 16 that he is qualified to be registered as a shareholder [(***)] [Omitted 'and that, on registration, he will not be registered, on more than one register' by Resn. C.B.S.B.I. , dated 29-11-1994 (w.e.f. 15-10-1993).], or(b)to make such transfer of the share as the person from whom he derives his title could have made.
