(1) The executors or administrators of a deceased share holder in respect of a share, or the holder of a succession certificate issued under Part X of the Indian Succession Act, 1925, in respect of such share or a person in whose favour a valid instrument of transfer of such share was executed by such person and by the deceased sole holder during the tatter's lifetime shall be the only person who may be recognised by the Small Industries Bank as having any title to such share.
(2) In the case of the shares registered in the names of two or more shareholders, the survivor or survivors and on the death of the last survivor, his 70 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] executors or administrators or any person who is the holder of a succession certificate in respect of such survivor's interest in the share or a person in whose favour a valid instrument of transfer of the share was executed by such person and such last survivor during the letter's life-time, shall be the only person who may be recognised by the Small Industries Bank as having any title to such share.
(3) The Small Industries Bank shall not be bound to recognise such executors or administrators unless they shall have obtained probate or letters of administration or other legal representation, as the case may be, from a court of competent jurisdiction :
Provided, however, that in a case where the Board in its discretion thinks fit, it shall be lawful for the Board to dispense with the production of a succession certificate, letters of administration or such other legal representation upon such terms as to indemnity or otherwise as it may think fit.
(4) Any such person becoming entitled to a share in consequence of death of a shareholder and any person becoming entitled to a share in consequence of the insolvency, bankruptcy or liquidation of a shareholder shall upon production of such evidence, as the Board may require, have the right, -
(a) To be registered as a shareholder in respect of such share; or
(b) To make such transfer of such share as the person from whom he derives title could have made.