When there is nomination as per section 45ZA of Banking Regulation Act 1949,
the bank has to release the amount to the nominee and allowed ... bank is bound to release the amount to the
nominee under section 45ZA of the Banking Regulation Act. The respondent
also placed reliance on judgment
expedient to reproduce the provisions of Section 45 of Indian Contract Act, 1872 and Section 45ZA of The Banking Law Regulation Act, 1949, which ... death of C, with the representatives of B and C jointly.
Section 45ZA of The Banking Law Regulation Act, 1949.
45ZA. Nomination for payment
India (RBI). The learned Standing
Counsel, apart from relying upon Section 45ZA of
the Banking Regulation Act, 1949, also placed
reliance upon the Banking Companies ... There is no legal bar in construing the
word “person” in section 45ZA(1) of the Act
bearing in mind its definition
that he is
nominee in the account in question.
13.2 Section 45ZA of The Banking Regulation Act, 1949 provides as
under :
"45ZA. Nomination ... whom any payment is made under this section."
13.2 A bare reading of Section 45ZA of The Banking Regulation Act, 1949 as
reproduced above
bank in the following terms: -
"17. Having regard to the Section 45ZA of the
Banking Regulation Act, the settled position ... following paragraphs
establishes this fact: -
"14. A bare reading of Section 45ZA of the
Banking Regulation Act would show that any
depositor, with
petitioner is that in view of the
provisions of Section 45ZA of the Banking Regulation Act,
1949 the amounts in the account are liable ... 5053/18
6
am of the opinion that the provisions of Section 45ZA of the
Banking Regulation Act cannot be pressed into service to
contend
Trust as his nominee, which was clearly against the provisions of Section 45ZA(1) of Banking Regulation Act, 1949 according to which, nomination ... other organization or any office bearer thereof in his official capacity. Section Section 45ZA (1) of Banking Regulation Act, 1949 reads thus:-
"45ZA. Nomination
