Nomination rights for savings certificates allow designation, cancellation or variation of beneficiaries subject to formal registration requirements. Rule 14 permits a single holder or joint holders of a National Savings Certificate to nominate a beneficiary by using prescribed forms at purchase (Form 1) or later before maturity (Form 2); nominations are limited in number with an exception for higher denomination certificates, are not permitted for certificates held for minors, and may be cancelled or varied via Form 3 with required postage and the certificate. Separate nominations are required for certificates registered on different dates, and any nomination, cancellation or variation takes effect only on registration at the post office, which is to be recorded on the certificate.
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 for savings certificates allow designation, cancellation or variation of beneficiaries subject to formal registration requirements.
Rule 14 permits a single holder or joint holders of a National Savings Certificate to nominate a beneficiary by using prescribed forms at purchase (Form 1) or later before maturity (Form 2); nominations are limited in number with an exception for higher denomination certificates, are not permitted for certificates held for minors, and may be cancelled or varied via Form 3 with required postage and the certificate. Separate nominations are required for certificates registered on different dates, and any nomination, cancellation or variation takes effect only on registration at the post office, which is to be recorded on the certificate.
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