Section 16B in State Bank of India General Regulations, 1955
16B. Transmission of shares in case of nomination.
(1)On the death of the shareholder or on death of all the joint holders, as the case may be, any person who is entitled to the shares by virtue of a valid nomination, upon the production of such evidence as may be required by the Central Board or its Executive Committee and subject as hereinafter provided, elect, either -(a)to be registered himself as holder of the share; or(b)to make transfer of the share as the deceased shareholder could have made.(2)Any person who is entitled to the share under sub-regulation (1) and elects to be registered as holder of the share shall deliver or send to the State Bank a notice in writing signed by him stating that he so elects and such notice shall be accompanied with the death certificate(s) of the deceased shareholder or joint shareholders, as the case may be.(3)Upon receipt by the Central Board or its Executive Committee of the notice and other document(s) under sub-regulation (2), the Central Board or its Executive Committee may upon such enquiry and subject to such terms and conditions as it deems appropriate cause the shares to be registered in favour of such person who is entitled to the shares as per the nomination made by the deceased share holder.(4)All the limitations, restrictions and provisions of these regulations or Act relating to the right to transfer and the registration of transfer of shares shall be applicable to any such notice or transfer as aforesaid as if the death of the shareholder had not occurred and the notice or transfer were signed by that shareholder.(5)A person, who is entitled to the shares under sub-regulation (1) shall be entitled to the dividend and other advantages as if he were the registered holder of the share except that he shall not, before being registered as a shareholder in respect of his share, be entitled in respect of it to exercise any voting rights in the meetings of the shareholders:Provided that the Central Board or its Executive Committee may, at any time, give notice requiring any such person to elect either to be registered himself or to transfer the share, and if the notice is not complied with within sixty days, the Central Board or its Executive Committee may thereafter withhold payment of all dividends, bonus or other monies payable in respect of the share, until the requirements of the notice have been complied with.]
