Section 345: Investment of residue bequeathed for life without direction to invest in particular securities
The Succession Act · Federal Acts · Part IX · in_force
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Investment of residue bequeathed for life without direction to invest in particular securities. (1) Where the testator has bequeathed the residue of his estate to a person for life without any direction to invest it in any particular securities, so much thereof as is not at the time of the testator’s decease invested in securities of the kind mentioned in section 341 shall be converted into money and invested in such securities. (2) This section shall not apply if the deceased was a Hindu, [Muslim], Buddhist, Sikh or Jaina or an exempted person.
Related sections
Section 344: Transfer to residuary legatee of contingent bequestSection 346: Investment of residue bequeathed for life, with direction to invest in specified securitiesSection 343: Procedure when no fund charged with, or appropriated to, annuitySection 347: Time and manner of conversion and investmentSection 342: Investment of general legacy, to be paid at future time: disposal of intermediate interestSection 348: Procedure where minor entitled to immediate payment or possession of bequest, and no direction to pay to person on his behalf CHAPTER XI Produce and int erest of legacies
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