Lawgist347Time and manner of conversion and investment
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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- 341 Investment of sum bequeathed, where legacy, not specific, given for life
- 342 Investment of general legacy, to be paid at future time: disposal of intermediate, interest
- 343 Procedure when no fund charged with, or appropriated to, annuity
- 344 Transfer to residuary legatee of contingent bequest
- 345 Investment of residue bequeathed for life, without direction to invest in particular securities
- 346 Investment of residue bequeathed for life, with direction to invest in specified securities
- 347 Time and manner of conversion and investment
- 348 Procedure where minor entitled to immediate payment or possession of bequest, and no direction to pay to person on his behalf
