Clause 117 - Amendment of section 4. - Finance Bill, 2018

117. Amendment of section 4. 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. .