Amendment of section 4 :
Section – 119. In section 4 of the principal Act,—
| (a) | for sub-section (1), the following sub-section shall be substituted, namely:— | |
| “(1) The depositors shall designate one or more individuals, as nominee or nominees, who shall be entitled, in the event of the death of the depositor of a single account, or all the depositors of a joint account, as the case may be, to receive the sum due, as an owner or a trustee, and to the extent, as may be specified by the depositor at the time of making nomination: | ||
| Provided that if the depositor is a minor or a person of unsound mind, the nominee shall be designated by the guardian.”; | ||
| (b) | after sub-section (3), the following sub-section shall be inserted, namely:— | |
| “(4) The transfer of deposit, if permitted under a Savings Scheme, shall automatically cancel a nomination previously made.”. |