10[4. Nomination by depositor.-
(1) Notwithstanding anything contined in any law for the time being in force, or in any disposition, whether testamentary or otherwise, by a depositor in respect of his deposit, where any nomination made in the prescribed manner purports to confer on any person the right to receive the deposit on the death of the depositor, the nominee shall, on the death of the depositor become entitled, to the exclusion of all other persons, to be paid the deposit, unless the nomination is varied or cancelled in the prescribed manner.
(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.
1. The Act has been extended to the Union territory of Goa, Daman and Diu vide Notification No. S.O. 2734 dated 1st September, 1962, see Gazette of India, Extraordinary, Pt. II, Sec. 300, p. 1991, extended to and brought into force in Dadra and Nagar Haveli by Reg. 6 of 1963, s. 2 and Sch. I (w.e.f. 1-7-1965) and to the whole of the Union territory of Lakshadweep by Reg. 8 of 1965, s. 3 and Sch.. (w.e.f. 1-10-1967).
The Act came into force in Pondicherry on 1-10-1963 vide Reg. 7 of 1963, S. 3 and Sch. I.
2. Subs. by the A.O.1950, for "all the Provinces of India" which had been subs, by the A. O. 1948, for "the whole of British India".
3. The words "except the State of Jammu anti Kashmir" which were subs. by Act 3 of 1951, for "except Part B States" omitted by Act 62 of 1956, s. 2 and Sch.
4. The commencement clause rep. by Act 16 of 1874, s. 1 and Sch., Pt. I.
5. Ins. by Act 3 of 1951, s. 3 and Sch. The original s. 2 was rep. by Act 12 of 1873, s. 1and Sch., Pt. II.
6. Subs. by Act 16 of 1923, s. 2, for the original definition.
7. Ins. by the A.O. 1948.
8. Subs. by Act 13 of 1916, s. 2 and Sch., for the original definition.
9. Ins. by Act 45 of 1959, s. 2.
10. Subs. by Act 45 of 1959, s. 3, for the former s. 4.