Right to receive income from mutual fund: registered holder may retain declared income unless transferee registers transfer within prescribed period.

Section 27B grants the right to receive income declared by a mutual fund to the person registered in the mutual fund's books as holder, even if that person has transferred the security, unless the transferee lodges the security and all required transfer documents for registration with the mutual fund within fifteen days of the income becoming due; specified circumstances permit extension by the actual period of delay. Sub-section (2) preserves the mutual fund's right to pay the registered holder and the transferee's right to enforce against the transferor where registration is refused.

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