Act Number: 53

Act Name: The National Housing Bank Act, 1987

Year: 1987

Enactment Date: 1987-12-23

Long Title: 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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 47A: Nomination in respect of deposits, bonds, etc.
    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.]
Notes:
1. Ins. by Act 15 of 2000, s. 24 (w.e.f. 12-6-2000).
Previous Section Next Section
Scroll to Top