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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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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