Lawgist4Nomination by depositor
1[4. Nomination by depositor.--2[(1) The depositors shall designate one or more individuals, as nominee or nominees, who shall be entitled, in the event of the death of the depositor of a single account, or all the depositors of a joint account, as the case may be, to receive the sum due, as an owner or a trustee, and to the extent, as may be specified by the depositor at the time of making nomination:
Provided that if the depositor is a minor or a person of unsound mind, the nominee shall be designated by the guardian.]
(2) Any nomination referred to in sub-section (1) shall become void if the nominee predeceases, or where there are two or more nominees, all the nominees predecease; the depositor.
(3) Where the nominee is a minor it shall be lawful for the depositor to appoint in the prescribed manner any person to receive the deposit in the event of his death during the minority of the nominee.
3[(4) The transfer of deposit, if permitted under a Savings Scheme, shall automatically cancel a nomination previously made.]
Download our fully-offline, High speed android app.- Click here
1. Subs. by Act 45 of 1959, s. 3, for the former s. 4.
2. Subs. by Act 13 of 2018, s. 119, for sub-section (1) (w.e.f. 1-4-2018).
3. Ins. by Act 13 of 2018, s. 119 (w.e.f. 1-4-2018).
