Nomination rights: depositors may designate nominees to receive funds on death; guardian designates for minors and unsound mind. The amendment requires depositors to designate one or more nominees entitled to receive sums due on death, specifying ownership or trust and extent of entitlement; if the depositor is a minor or of unsound mind the guardian must designate the nominee; and any permitted transfer of a deposit under a savings scheme automatically cancels a 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: depositors may designate nominees to receive funds on death; guardian designates for minors and unsound mind.
The amendment requires depositors to designate one or more nominees entitled to receive sums due on death, specifying ownership or trust and extent of entitlement; if the depositor is a minor or of unsound mind the guardian must designate the nominee; and any permitted transfer of a deposit under a savings scheme automatically cancels a prior nomination.
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