Section 16 in Orissa State Financial Corporation Employees' Provident Fund Regulations, 1959
16. Nomination.
- (i) A subscriber shall at the time of joining the Fund, send to the Administrators a nomination conferring on one or more persons the right to receive the amount that may stand to his/her credit in the Fund, in the event of his/her death before that amount has become payable or before the amount having become payable has been paid. Provided that if at the time of making the nomination, the subscriber has a family, the nomination shall not be in favour of any person or persons other than the member or members of his/her family.(ii)If the person thus nominated is at the time of his/her nomination a minor or under legal disability to give a valid receipt or discharge to the Administrators, the subscriber shall at the time of such nomination as aforesaid appoint another person of full age who is capable of giving a valid receipt or discharge and to whom the amount standing to the credit of the subscriber is to be paid for and on behalf of the person so nominated as aforesaid so long as he/she shall be minor or be under legal disability and the receipt of the said person oi full age shall during the minority or the legal disability of the person so nominated as aforesaid, be a good discharge to the Administrators.(iii)If a subscriber nominates more than one person under Sub-regulation (i), he/she shall specify in the nomination the amount or share payable to each of the nominees in such manner as to cover the whole of the amount that may stand to his/her credit in the Fund at any time.(iv)Every nomination shall be in such one of the forms set forth in the First Schedule to these Regulations as in appropriate in the circumstances.(v)A subscriber may at any time cancel a nomination by sending a notice to the Administrators. Provided that the subscriber shall along with such notice send a fresh nomination made in accordance with the provision of this Regulation.(vi)A subscriber may provide in a nomination-(a)In respect of any specified nominee that in the event of his/her predeceasing as the subscriber, the right conferred upon that nominee shall pass to such other person or persons as may be specified in the nomination, provided that such other person or persons shall, if the subscriber has other members of his family, be such other member or members.(b)that the nomination shall become invalid in the event of the happening of a contingency specified therein :Provided that if at the time of making the nomination the subscriber has no family, he/she shall provide in the nomination that it shall become invalid in the event of his/her subsequently acquiring a family.Provided further that if at the time of making the nomination the subscriber has only one member of the family he shall provide in the nomination that the right conferred upon the alternate nominee under Clause (a) shall become invalid in the event of his subsequently acquiring other members in his family.(vii)Immediately on the death of a nominee in respect of whom no special provision has been made in the nomination under Clause (a) of Sub-regulation (vi) of this Regulation or on the occurrence of any event by reason of which the nomination becomes invalid in pursuance of Clause (b) of Sub-regulation (vi) of this Regulation of the proviso thereto the subscriber shall send the Administrators a notice in writing cancelling the nomination together with a fresh nomination made in accordance with the provisions of this Regulation.(viii)Every nomination made and every notice of cancellation given by a subscriber, shall, to the extent that it is valid, take effect on the date on which it is received by the Administrators, provided that on such date the subscriber is in the employment of the Corporation.
