Section 5: Nomination not affected due to issue of a new bond or deposit receipt

National Housing Bank (Nomination) Regulations, 2004Central Regulations · 1987

The nomination made under these regulations shall not be affected by the issue of a new bond or deposit receipt in lieu of the existing one.

'6. Nominee'S right to receive the amount. - (1) Where the nomination is in favour of more than one person, the nominee first named alone shall be entitled to receive the amount due in respect of the bond or deposit, in the event of the death of the bondholder

(s) or depositor (s).

(2) Wherever the nominee first named has pre-deceased the bondholder or the depositor, as the case may be, and the bondholder or depositor has not cancelled the nomination or substituted the nomination, the nominee second named shall be entitled to receive the amount in respect of the bond or deposit and in the same manner on death Qf a successive nominee the nominee next named shall be entitled to receive the amount in respect of the bond or deposit.

(3) Nomination m,adeunder these regulationS shall cease to be in force on the death of the sole nominee during the lifetime of the bond holder or the depositor.

Where this provision sits

Act	National Housing Bank (Nomination) Regulations, 2004
Section	5
Marginal note	Nomination not affected due to issue of a new bond or deposit receipt
Jurisdiction	Central
Status	In force as published by the source

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