Section 4A(1) in Public Debt (Annuity Certificates) Rules, 1954
(1)A sole holder or a sole surviving holder of a Government security issued in the form of annuity certificate whether before or after the commencement of the Public Debt (Annuity Certificates) Amendment Rules, 1960 who is not a minor, may nomiate a person or persons who shall be entitled to the certificate and to payment thereon in the event of the death of the holder:Provided that-(a)the person or each of the persons nominated is himself competent to hold an annuity certificate; and(b)some part at least of the amount payable under the certificate has not become payable.
