(1) A nomination made by ,a holdeior as the case may be, all the IIolders jointly, shall be recognised by the National Housing Bank in the circumstances and~ the extent specified in these regulations.
(2) A sole holder or all the holders jointly or the surviving holder or holder.s not being person(s):-
(i) holding the bond or dqJOsit as holder of an office; or •
(li) acting for a trust; or
(iii)acting in any other capacity for any other person with a beneficial interest in the bond or deposit. ' may nominate one or more pasons not excee4ing four including a minor, who shall in the event of his or their death be entitled to the amounts payable by the National Housing Bank in respect of the bond or-deposit : ' , I I .-..•.
5 ._ .M ••• ~~_. _ '" -. ,. •• ••••• ~ •••• . Provided that where the' nominee is a minor. ~e' hord~r(s) shall at the time of making the nomination also appoint any person to receive .the amounts due in respect of the bo.~d or deposit in the event of death of the holder(s) during 1he minority of the nominee.
Explanation.- Nomination may also be made in favour of Central or State Government, a local authority, a religious or charitable trust or any persop designated by virtue of his office. . ,',"