The State Financial Corporations (Amendment) Act,2000
Section 30. Insertion of new section 41B
After section 41A of the principal Act, the following section shall be inserted, namely:-
“41B. Nomination in respect of deposits, bonds, etc.
(1) Notwithstanding anything contained in any other law for the time being in force, where a nomination in respect of any deposits, bonds or other securities is made 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 by the Financial Corporation in accordance with the provisions of sub-section (1) shall constitute a full discharge to the Financial Corporation of its liability in respect of such deposits, bonds or securities.”