Section 18 in Orissa State Financial Corporation General Regulations, 1957
18. Transmission of shares in the event of the death, insolvency etc., of a shareholder.
(1)The executors or administrators of a deceased sole holder of a share or shares or the holder of a Succession Certificate issued under Part X of the Indian Succession Act, 1925 in respect of such share(s) or a person in whose favour a valid instrument of transfer of such share(s) was executed by such person and by the deceased sole holder during the latter's life time, shall be the only person or persons who may be recognised by the Corporation as having any title to the share(s) of the deceased shareholder. In the case of a share registered in the name 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 share (s) was executed by such person, and such last survivor during the latter's life time shall be the only person or persons who may be recognised by the Corporation as having any title to such share(s). 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 duly constituted Court in India having effect at the place where the share register of the Corporation is maintained provided, nevertheless that in any case where the Board shall in their absolute discretion think 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 upto such terms as the Indemnity or otherwise as the Board may think fit.(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 Board may require, have the right.(a)To be registered as a shareholder in respect of the share upon his satisfying the Board in the same manner as if he were the proposed transferee under Sub-regulation (2) of Regulation 17 that he is qualified to be a share holder, or(b)to make such transfer of the share as the person from whom he derives his title could have made.
