Section 16A in State Bank of India General Regulations, 1955
16A. [ Manner of nomination by a shareholder. [Inserted by the State Bank of India General (Amendment) Regulations, 2013, with effect from 3rd March, 2014 (Regulation 6), published in the Gazette of India, Extraordinary, Part II. - Section 4, dated 04.03.2014.]
(1)The nomination to be made by every individual shareholder or the joint holders together where the shares are registered in the name of more than one individual, shall be in Form A set out in Schedule. - I to these regulations.(2)Where the nominee is a minor, the shareholder or as the case may be, all the joint holders together, may furnish the name and address of another person who is not a minor whose name alone shall be registered as the shareholder in the event of the death of the shareholder or all the joint holders as the case may be, during the minority of the nominee.(3)The nominee shall be an individual and nomination in favour of a body corporate, trust, society, partnership firm and Karta of Hindu Undivided Family shall not be accepted.(4)The nomination shall stand rescinded upon transfer of shares during the lifetime of the shareholder(s).(5)The shareholder or all the joint shareholders together may cancel or vary the nomination at any time and execute a fresh nomination in favour of any individual as deem fit.(6)A variation or cancellation of the nomination by an individual shareholder or by all the joint shareholders together shall be in Form B set out in Schedule. - I to these regulations.(7)A cancellation of nomination or variation of nomination may be made as aforesaid at any time during which the shares are held by the person or persons making the cancellation or variation, as the case may be.(8)Where the shares are held by more than one person jointly, the cancellation or variation of nomination shall not be valid unless it is made by all the shareholders surviving at the time of cancellation or variation of the nomination.(9)The State Bank shall acknowledge in writing to the concerned shareholder the filing of duly completed form of nomination or cancellation of nomination or variation of nomination, as the case may be.(10)A nomination or cancellation of nomination or variation of nomination shall be registered by the State Bank in the register kept for the purpose.(11)Notwithstanding anything contained in these regulations, in respect of any shares held by a person individually or jointly with any other person in a demat account, any valid nomination registered in such demat account as per the relevant provisions shall alone be deemed as a valid nomination in respect of such shares.Explanation. - Any nomination in respect of shares held by a person in physical form shall be deemed to have been cancelled on conversion of such shares into dematerialised form and similarly any nomination in a demat account shall not be valid in respect of shares converted from demat form to physical form.
