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Sec 347 Succession Act 1925: Time and manner of conversion & investment

Section 347 (Time and manner of conversion and investment) 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

❝Such conversion and investment as are contemplated by sections 345 and 346 shall be made at such times and in such manner as the executor or administrator thinks fit; and, until such conversion and investment are completed, the person who would be for the time being entitled to the income of the fund when so invested shall receive interest at the rate of 4 per cent. per annum upon the market-value (to be computed as at the date of the testator's death) of such part of the fund as has not been so invested:

 Provided that the rate of interest prior to completion of investment shall be six per cent. per annum when the testator 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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