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Sec 345 Succession Act 1925: Investment of residue bequeathed for life..

Section 345 (Investment of residue bequeathed for life, without direction to invest in particular securities) under Chapter X (Of the Investment of Funds to Provide for Legacies) of Part IX (Probate, Letters of Administration and Administration of Assets of Deceased) of the Indian Succession Act, 1925

❝(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, Muhammadan, Buddhist, Sikh or Jaina or an exempted person.❞




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Notes:

The Indian Succession Act, 1925 was amended by from time to time by:
- the Indian Succession (Amendment) Act, 1926 (37 of 1926);
- the Indian Succession (Second Amendment) Act, 1926 (40 of 1926);
- the Repealing and Amending Act, 1927 (10 of 1927);
- the Repealing Act, 1927 (12 of 1927);
- the Indian Succession (Amendment) Act, 1927 (18 of 1927);
- the Indian Succession (Amendment) Act, 1928 (14 of 1928);
- the Indian Succession (Amendment) Act, 1929 (18 of 1929);
- the Transfer of Property (Amendment) Supplementary Act, 1929 (21 of 1929);
- the Indian Succession (Amendment) Act, 1931 (17 of 1931);
- the Amending Act, 1934 (35 of 1934);
- the Government of India (Adaptation of Indian Laws) Order, 1937;
- the Repealing Act, 1938 (1 of 1938);
- the Indian Succession (Amendment) Act, 1939 (17 of 1939);
- the Berar Laws Act, 1941 (4 of 1941);
- the Indian Independence (Adaptation of Central Acts and Ordinances) Order, 1948;
- the Indian Succession (Amendment) Act, 1949 (35 of 1949);
- the Adaptation of Laws Order, 1950;
- the Part B States (Laws) Act, 1951 (3 of 1951);
- the Repealing and Amending Act, 1952 (48 of 1952);
- the Repealing and Amending Act, 1953 (42 of 1953);
- the Union Territories (Laws) Amendment Act, 1956 (68 of 1956);
- the Indian Succession (Amendment) Act, 1957 (34 of 1957);
- the Indian Succession (Amendment) Act, 1962 (16 of 1962);
- the Repealing and Amending Act, 1964 (52 of 1964);
- the Delegated Legislation Provisions (Amendment) Act, 1983 (20 of 1983);
- the Indian Succession (Amendment) Act, 1991 (51 of 1991);
- the Repealing and Amending Act, 2001 (30 of 2001);
- the Indian Succession (Amendment) Act, 2002 (26 of 2002).

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