Section 13 in The Banking Laws (Amendment) Act, 2025
13. Insertion of new section 45ZG
In the Banking Regulation Act of 1949, after section 45ZF, the following section shall be inserted, namely:––(“45ZG. (1)Priority of successive nomination.Where the nomination is made in favour of more than one person successively under sub-section (1) of section 45ZA or sub-section (1) of section 45ZC or sub-section (1) of section 45ZE, the nomination shall be effective only in favour of one person in the following order of priority, namely:––(a)nomination of the first nominee shall be effective if that nominee survives the person or persons who made the nomination;(b)nomination of the second nominee shall become effective only after the death of the first nominee;(c)nomination of any nominee lower in the order of nomination shall become effective only after the death of all the nominees whose names are higher in the order of nomination.(2)Where the order of nomination is not mentioned, persons shall be deemed to have been nominated in the order in which their names appear in the nomination.(3)The provisions of this section shall not apply to the nominations made simultaneously in favour of more than one person under sub-section (1) of section 45ZA.”.
