Section 47A
Nomination in respect of deposits, bonds, etc.
The National Housing Bank Act, 1987
About this Act
An Act to establish a bank to be known as the National Housing Bank to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support to such institutions and for matters connected therewith or incidental thereto.
1[47A. Nomination in respect of deposits, bonds, etc.--(1) Notwithstanding anything contained
in any other law for the lime being in force, where a nomination in respect of any deposit, bonds or
other securities is made with the National Housing Bank in the prescribed manner, the amount due on
such deposits, bonds or securities shall, on the death of the depositor or holder thereof, vest in, and be
payable to, the nominee subject to any right, title or interest of any other person to such deposits,
bonds or securities.
(2) Any payment made by the National Housing Bank in accordance with the provisions of sub-section (1) shall be a full discharge of its liability in respect of such deposits, bonds or securities.]
(2) Any payment made by the National Housing Bank in accordance with the provisions of sub-section (1) shall be a full discharge of its liability in respect of such deposits, bonds or securities.]
Notes
1. Ins. by Act 15 of 2000, s. 24 (w.e.f. 12-6-2000).