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TMI BlogSubstitution of new sections 3, 3A and 3B for section 3- Definitions-Framing of Savings Schemes-Deposit by minor.X X X X Extracts X X X X X X X X Extracts X X X X ..... this Act, unless the context otherwise requires,- (a) "account" means an account opened under any of the Savings Schemes; (b) "administrator" means an administrator as defined in clause (a) of section 2 of the Indian Succession Act, 1925 (39 of 1925); (c) "Authorised Officer" means-- (i) in the case of a Post Office Savings Bank, an officer authorised by the Director General Posts; and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y or institution, as the Central Government may, by notification in the Official Gazette, specify for the purposes of this Act; (h) "guardian" in relation to a minor or a person of unsound mind means-- (i) either of the parents; (ii) where neither parent is alive or where neither or the only living parent is incapable of acting as such, a person entitled under the law for the time being in f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notification in the Official Gazette, include or omit or amend Savings Schemes in the Schedule. (3) The notification referred to in sub-section (1) may include any or all of the following provisions, depending on the design of such Scheme, namely:-- (a) the persons who shall be eligible to make deposit in a Savings Scheme; (b) the terms and conditions subject to which deposit may be made; ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, which, inter alia, defines the terms "account", "administrator", "Authorised Officer", "banking company", "depositor", "executor", "Government Savings Bank", "guardian", "minor", "prescribed", "Savings Schemes" and "Schedule". The proposed section 3A provides for framing of Saving Sche ..... X X X X Extracts X X X X X X X X Extracts X X X X
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