Nomination rights clarified: depositors may specify nominees' entitlement as owner or trustee and transfer cancels nomination. Section 4 is amended so a depositor may designate nominee(s) entitled on death to receive the sum due either as owner or as trustee as specified by the ... Summary
Nomination rights clarified: depositors may specify nominees' entitlement as owner or trustee and transfer cancels nomination.
Section 4 is amended so a depositor may designate nominee(s) entitled on death to receive the sum due either as owner or as trustee as specified by the depositor, with guardians designating nominees for minors or persons of unsound mind; and a new provision provides that a permitted transfer of a deposit under a Savings Scheme automatically cancels any prior nomination.
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