Clause 128 - Nomination - Finance Bill, 2015

Nomination 128. (1) Every holder of Government securities may, at any time, nominate in the prescribed manner, any person in whom his securities shall vest, in the event of his death. (2) Where any Government security is held by more than one person jointly, the joint holders may together nominate in the prescribed manner, any person in whom all the rights in such Government security shall vest, in the event of the death of all the joint holders. (3) Notwithstanding anything contained in any other law for the time being in force or in any disposition, whether testamentary or otherwise, in respect of Government securities, where a nomination made in the prescribed manner purports to confer on any person the right to vest Government securities, the nominee shall, on the death of the holder of such Government securities or, as the case may be, on the death of the joint holders, become entitled to all the rights in the Government securities, of the holder or, as the case may be, of all the joint holders, in relation to such securities, to the exclusion of all other persons, unless the nomination is varied or cancelled, in such manner, as may be prescribed. (4) Where the nominee is a minor, it shall be lawful for the holder of the Government securities making the nomination, to appoint in the prescribed manner, any person to become entitled to the Government securities, in the event of the death of the nominee during his minority.