Multiple choice

Which of the following pairs does not match in the context of nomination provisions?

  1. Nomination in locker - Section 45 ZE to ZF

  2. Nomination in case of joint safe deposit of articles – only one nomination is allowed

  3. Nomination in deposit – insolvent or minor can be nominee

  4. Nomination in non-resident accounts – Permitted
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B Correct answer
Explanation

The nomination to be made by the depositor or, as the case may be, all the depositors together in respect of a deposit held by a co-operative bank to the credit of one or more individuals. Where the locker is hired from a co-operative bank by two or more individuals jointly, the nomination is to be made by such hirers. Thus, it is not limited to only one hirer. Therefore, option 2 is incorrect.

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