Notwithstanding any provision in any law for the time being in force,--
         (a) a minor may apply for and hold savings certificates and any other person may apply for and hold savings certificates on behalf of a minor;
         (b) where any savings certificate is held by or on behalf of a minor, the minor shall, whether the savings certificate was applied for and issued before or after the commencement of this Act, be bound by the provisions of this Act and of any rules made thereunder applicable to such savings certificate and by the terms of any declaration made by the applicant for the savings certificate in pursuance of the said rules.