Lawgist41BNomination in respect of deposits, bonds, etc
1[41B. Nomination in respect of deposits, bonds, etc.--(1) Notwithstanding anything contained in any other law for the time being in force, where a nomination in respect of any deposits, bonds or other securities is made in the prescribed manner, the amount due on such deposits, bonds or securities shall, on the death of the depositor or holder thereof, vest in, and be payable to, the nominee subject to any right, title or interest of any other person to such deposits, bonds or securities.
(2) Any payment by the Financial Corporation in accordance with the provisions of sub-section (1) shall constitute a full discharge to the Financial Corporation of its liability in respect of such deposits, bonds or securities.]
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1. Ins. by Act 39 of 2000, s. 30 (w.e.f. 5-9-2000).
- 39 Power to give instructions to Financial Corporation on questions of policy
- 40 Declaration of fidelity and secrecy
- 41 Indemnity of directors
- 41A Protection of action taken by persons appointed under section 27 or section 32A
- 41B Nomination in respect of deposits, bonds, etc
- 42 Offences
- 43 Provisions relating to income-tax and super-tax
- 43A Delegation of powers
- 43B Reports to the Board
- 44 Act 18 of 1891 to apply to the books of the Financial Corporation
- 45 Liquidation of Financial Corporation
- 46 Power to apply Act to certain financial institutions in existence at commencement of Act
- 46A Extension of jurisdiction of the Financial Corporation to other States by agreement
- 46B Effect of Act on other laws
- 47 Omitted
- 48 Power of Board to make regulations
- 48A Laying of rules and regulations before State Legislature
- 48B Power to make rules
- 49 Power to remove difficulty
