Section 46
Nomination by depositors or holders of bonds or other securities.
The Small Industries Development Bank of India Act, 1989
About this Act
An Act to establish the Small Industries Development Bank of India as the principal financial institution for the promotion, financing and development of industry in the small-scale sector and to co-ordinate the functions of the institutions engaged in the promotion, financing or developing industry in the small-scale sector and for matters connected therewith or incidental thereto.
(1) Notwithstanding
anything contained in any other law, where a nomination in respect of any deposits, bonds or other
securities kept with or issued by the Small Industries Bank is made in the prescribed manner, the amount
due on such deposits, bonds or other securities shall, on the death of the depositor or holder thereof, vest
in, and be payable to, the nominee subject to any right, title, interest or claim of any other person, in
relation to such deposits, bonds or other securities.
(2) Any payment by the Small Industries 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 by the Small Industries 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.