Succession Act, 1925 — Section 344: Transfer to residuary legatee of contingent bequest

344. Transfer to residuary legatee of contingent bequest. Where a bequest is contingent, the executor or administrator is not bound to invest the amount of the legacy, but may transfer the whole residue of the estate to the residuary legatee, if any, on his giving sufficient security for the payment of the legacy if it shall become due. 345. 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, 1[Muslim], Buddhist, Sikh or Jaina or an exempted person. 346. Investment of residue bequeathed for life, with direction to invest in specified securities. When the testator has bequeathed the residue of his estate to a person for life with a direction that it shall be invested in certain specified securities, so much of the estate as is not at the time of his death invested in securities of the specified kind shall be converted into money and invested in such securities.