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Provident Funds Act, 1925 Preamble 1

Title: Provident Funds Act, 1925

State: Central

Year: 1925

THE PROVIDENT FUNDS ACT, 1925 [Act, No. 19 of 1925]1 [27th August, 1925] PREAMBLE An Act to amend and consolidate the law relating to Government and other Provident Funds Whereas it is expedient to amend and consolidate the law relating to Government and other Provident Funds; It is hereby enacted as follows: __________________________ 1. For Statement of Objects and Reasons, see Gazette of India, 1942, Pt. V, p. 122. This Act has been declared to be in force in the district of Khondmals by Regulation 4 of 1936, Section 3 and Schedule, and the district of Angul by Regulation 5 of 1936, Section 3 and Schedule, also partially extended to Berar by C.P. and Berar Act 4 of 1941; amended partially in U.P. by U.P. Act 19 of 1953.

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Indian Succession Act, 1925 Section 140

Title: Bequest of Fund for Certain Purposes, Some of Which Cannot Be Fulfilled

State: Central

Year: 1925

Where a testator does not absolutely bequeath a fund, so as to sever it from his own estate, but gives it for certain purposes, and part of those purposes cannot be fulfilled, the fund, or so much of it as has not been exhausted upon the objects contemplated by the will, remains a part of the estate of the testator. Illustrations (i) A directs that his trustees shall invest a sum of money in a particular way, and shall pay the interest to his son for life, and at his death shall divide the principal among his children. The son dies without having ever had a child. The fund, after the son's death, belongs to the estate of the testator. (ii) A bequeaths the residue of his estate, to be divided equally among his daughters, with a direction that they are to have the interest only during their lives, and that at their decease the fund shall go to their children. The daughters have no children. The fund belongs to the estate of the testator.

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Indian Succession Act, 1925 Section 172

Title: Bequest of Interest or Produce of Fund

State: Central

Year: 1925

Where the interest or produce of a fund is bequeathed to any person, and the Will affords no indication of an intention that the enjoyment of the bequest should be of limited duration, the principal, as well as the interest, shall belong to the legatee. Illustrations (i) A bequeaths to B the interest of his 5 per cent. promissory notes of the Central Government. There is no other clause in the Will affecting those securities. B is entitled to A's 5 per cent. promissory notes of the Central Government. (ii) A bequeaths the interest of his 5 1/2 per cent. promissory notes of the Central Government to B for his life, and after his death to C. B is entitled to the interest of the notes during his life and C is entitled to the notes upon B's death. (iii) A bequeaths to B the rents of his lands at X. B is entitled to the lands.

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Indian Succession Act, 1925 Chapter 19

Title: Of Bequest of the Interest or Produce of a Fund

State: Central

Year: 1925

Where the interest or produce of a fund is bequeathed to any person, and the Will affords no indication of an intention that the enjoyment of the bequest should be of limited duration, the principal, as well as the interest, shall belong to the legatee. Illustrations (i) A bequeaths to B the interest of his 5 per cent. promissory notes of the Central Government. There is no other clause in the Will affecting those securities. B is entitled to A's 5 per cent. promissory notes of the Central Government. (ii) A bequeaths the interest of his 5 1/2 per cent. promissory notes of the Central Government to B for his life, and after his death to C. B is entitled to the interest of the notes during his life and C is entitled to the notes upon B's death. (iii) A bequeaths to B the rents of his lands at X. B is entitled to the lands.

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Indian Succession Act, 1925 Section 167

Title: Non-liability of Executor to Exonerate Specific Legatees

State: Central

Year: 1925

.....to make good the amount of such pledge or incumbrance. (2) A contrary intention shall not be inferred from any direction which the Will may contain for the payment of the testator's debts generally. Explanation.A periodical payment in the nature of land-revenue or in the nature of rent is not such an incumbrance as is contemplated by this section. Illustrations (i) A bequeaths to B the diamond ring given him by C. At A's death the ring is held in pawn by D to whom it has been pledged by A. It is the duty of A's executor, if the state of the testator's assets Will allow them, to allow B to redeem the ring. (ii) A bequeaths to B a zamindari which at A's death is subject to a mortgage for 10,000 rupees; and the whole of the principal sum, together with interest to the amount of 1,000 rupees, is due at A's death. B, if he accepts the bequest, accepts it subject to this charge, and is liable, as between himself and A's estate, to pay the sum of 11,000 rupees thus due.

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Indian Succession Act, 1925 Chapter 17

Title: Of the Payment of Liabilities in Respect of the Subject of a Bequest

State: Central

Year: 1925

.....B, if he accepts the bequest, accepts it subject to this charge, and is liable, as between himself and A's estate, to pay the sum of 11,000 rupees thus due. Section 168 - Completion of testator's title to things bequeathed to be at cost of his estate Where anything is to be done to complete the testator's title to the thing bequeathed, it is to be done at the cost of the testator's estate. Illustrations (i) A, having contracted in general terms for the purchase of a piece of land at a certain price, bequeaths to B, and dies before he has paid the purchase-money. The purchase-money must be made good out of A's assets. (ii) A, having contracted for the purchase of a piece of land for a certain sum of money, one-half of which is to be paid down and the other half secured by mortgage of the land, bequeaths it to B, and dies before he has paid or secured any part of the purchase-money. One-half of the purchase-money must be paid out of A's assets. Section 169 - Exoneration of legatee's immovable property for which land-revenue or rent payable periodically Where there is a bequest of any interest in immoveable property in respect of which payment in the nature of.....

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Indian Succession Act, 1925 Section 141

Title: Legatee Named as Executor Cannot Take Unless He Shows Intention to Act as Executor

State: Central

Year: 1925

If a legacy is bequeathed to a person who is named an executor of the will, he shall not take the legacy, unless he proves the will or otherwise manifests an intention to act as executor. Illustration A legacy is given to A, who is named an executor. A orders the funeral according to the directions contained in the will, and dies a few days after the testator, without having proved the will. A has manifested an intention to act as executor.

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Indian Succession Act, 1925 Chapter 13

Title: Of Bequests to an Executor

State: Central

Year: 1925

If a legacy is bequeathed to a person who is named an executor of the will, he shall not take the legacy, unless he proves the will or otherwise manifests an intention to act as executor. Illustration A legacy is given to A, who is named an executor. A orders the funeral according to the directions contained in the will, and dies a few days after the testator, without having proved the will. A has manifested an intention to act as executor.

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Indian Succession Act, 1925 Chapter 12

Title: Of Bequests with Directions as to Application or Enjoyment

State: Central

Year: 1925

.....residence for A, or to purchase an annuity for A or to place A in any business. A choses to receive the legacy in money. He is entitled to do so. Section 139 - Direction that mode of enjoyment of absolute bequest is to be restricted, to secure specified benefit for legatee Where a testator absolutely bequeaths a fund, so as to sever it from his own estate, but directs that the mode of enjoyment of it by the legatee shall be restricted so as to secure a specified benefit for the legatee; if that benefit cannot be obtained for the legatee, the fund belongs to him as if the will had contained no such direction. Illustrations (i) A bequeaths the residue of his property to be divided equally among his daughters, and directs that the shares of the daughters shall be settled upon themselves respectively for life and be paid to their children after their death. All the daughters die unmarried. The representatives of each daughter are entitled to her share of the residue. (ii) A directs his trustees to raise a sum of money for his daughter, and he then directs that they shall invest the fund and pay the income arising from it to her during her life, and divide the principal.....

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Indian Succession Act, 1925 Section 173

Title: Annuity Created by Will Payable for Life Only Unless Contrary Intention Appears Will

State: Central

Year: 1925

Where an annuity is created by Will, the legatee is entitled to receive it for his life only, unless a contrary intention appears by the Will, notwithstanding that the annuity is directed to be paid out of the property generally, or that a sum of money is bequeathed to be invested in the purchase of it. Illustrations (i) A bequeaths to B 500 rupees a year. B is entitled during his life to receive the annual sum of 500 rupees. (ii) A bequeaths to B the sum of 500 rupees monthly. B is entitled during his life to receive the sum of 500 rupees every month. (iii) A bequeaths an annuity of 500 rupees to B for life, and on B's death to C. B is entitled to an annuity of 500 rupees during his life. C, if he survives B, is entitled to an annuity of 500 rupees from B's death until his own death.

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