Guardians

Guardians: There can be three types of guardians.–
Natural guardians like father, mother.–
Testamentary Guardian: A Guardian appointed by Will (Vasiyat). Natural guardian may appoint somebody to act as guardian after his or her death through will. But such guardian will come into picture only on the death of natural guardian (in case of Hindus on the death of father as well as mother).–
Legal guardians: A Guardian appointed by Court. If neither natural or testamentary guardian then appointed by court.–
When guardian of a Hindu minor ceases to be a Hindu or he becomes a hermit or sanyasi he ceases to be natural guardian.–
As per section 11 of the Indian Contract Act, 1872 a minor is not competent to enter into a contract and the contract entered into by him is void ab-initio.

Accounting & Finance for Banking

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