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of <h1>Section 72 lets security holders nominate successors, giving nominees exclusive rights to company securities despite wills</h1> Section 72 of the Companies Act, 2013 empowers every security holder of a company to nominate a person, in the prescribed manner, to whom the securities shall vest upon the holder's death. Joint holders may similarly nominate a person to receive all rights in the securities on the death of all joint holders. Such nomination overrides any contrary law or testamentary disposition, and the nominee becomes exclusively entitled to the securities and related rights, unless the nomination is duly varied or cancelled. Where the nominee is a minor, the security holder may appoint another person to become entitled to the securities if the nominee dies during minority.
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