Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 6 – Coir Board General Provident Fund Bye-Laws,1977

Coir Board General Provident Fund Bye-Laws,1977

6. Nominations.

(1) A subscriber shall, at the time of joining the Fund send to the Secretary a nomination conferring on one or more person the right to receive the amount that may stand to his credit in the Fund, in the event of his death, before that amount has become payable or having become payable, has not been paid :

Provided that a subscriber who has a family at the time of making the nomination shall make nomination only in favour of a member or members of his family :

Provided further that the nomination made by the subscriber in respect of any other provident fund to which he was subscribing before joining the Fund shall, if the amount to his credit in such other fund has been transferred to his credit in the Fund, be deemed to be a nomination duly made under this bye-law until he makes a nomination in accordance with this bye-law.

(2) If a subscriber nominated more than one person under Cl. (1), he shall specify in the nom nation the amount of share payable to each of the nominees in such manner as to cover the whole of the amount that may stand to his credit in the Fund at any time.

(3) Every nomination shall be in such one of the Forms set forth in the First Schedule as is appropriate in the circumstances.

(4) A subscriber may at any time cancel a nomination by sending a notice in writing to the Secretary. The subscriber shall, alongwith such notice or separately, send a fresh nomination made in accordance with the provisions of this bye-law.

(5) A subscriber may provide in a nomination

(a) in respect of any specified nominee, that in the event of his predeceasing the subscriber, the right conferred upon that nominee shall pass to such other person or persons as may be specified in the nomination, provided that such other person or persons, shall, if the subscriber has other members of his family, be such other member or members. Where the subscriber confers such a right on more than one person under this clause, he shall specify the amount or share payable to each of such persons in such a manner as to cover the whole of the amount payable to the nominee.

(b) that the nomination shall become invalid in the event of the happening of a contingency specified therein:

Provided that if at the time of making the nomination the subscriber has no family, he shall provide in the nomination that it shall become invalid in the event of his subsequently acquiring a family :

Provided further that if at the time of making the nomination the subscriber has only one member of the family, he shall provide in the nomination that the right conferred upon the alternate nominee under sub-clause (a) shall become invalid in the event of his subsequently acquiring other member or members in his family.

(6) Immediately on the death of a nominee in respect of whom no special provision has been made in the nomination under sub-clause (a) of Cl. (5) or on the occurrence of any event by reason of which the nomination becomes invalid in pursuance of sub-clause (b) of Cl. (5) or the proviso thereto, the subscriber shall send to the Secretary a notice in writing cancelling the nomination, together-with a fresh nomination made in accordance with the revisions of this bye-law.

(7) Every nomination made, and every notice of cancellation given by a subscriber shall, to the extent that it is valid, take effect on the date on which it is received by the Secretary.

Explanation.

In this bye-law, unless the context otherwise requires, “persons” shall include a company or association or body of individuals, whether incorporated or not.

Previous | Next

Coir Board General Provident Fund Bye-Laws,1977

Indian LawsBare Acts

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2021 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation