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[Cites 0, Cited by 4] [Section 6] [Entire Act]

Union of India - Subsection

Section 6(1) in The Government Savings Certificates Act, 1959

(1)Notwithstanding anything contained in any law for the time being in force, or in any disposition, testamentary or otherwise in respect of any savings certificate, where a nomination made in the prescribed manner purports to confer on any person the right to receive payment of the sum for the time being due on the savings certificate on the death of the holder thereof and before the maturity of the certificate, or before the certificate having reached maturity has been discharged, the nominee shall, on the death of the holder of the savings certificate, become entitled to the savings certificate and to be paid the sum due thereon to the exclusion of all others 31 persons, unless the nomination is varied or cancelled in the prescribed manner.