read along with proviso of Section 45ZB and that of Sub-section (4) of Section 45ZA which have protected the right of any lawful person ... receipt, the bank is discharged. Sub-section (4) confirms such discharge.
45. But Sub-section (4) of Section 45ZA carries a proviso which
money and Section 452C deals with the rights of a nominee in respect of deposit of articles. Subsection (2) of Section 45ZA clearly provides that ... different provisions of Section 457A, dealing with deposit of money, of Section 45ZC dealig with deposit of article and of Section 45ZE dealing with safety
held inter alia, referring to Section 370 of the Indian Succession Act, 1923 and Sections 45ZA(2) , 45ZC(3) and 45ZE of the Banking Regulation ... receive the fund, but the right to the fund itself and Section 45ZA of the Banking Act purports to confer on a nominee in respect
nominee of the said account in terms of Section 45ZA of the
Banking Regulation Act, 1949 and the Master Circular on Customer
Service in banks ... signature on the form.
18. The defendant no. 1 relied upon Section 45ZA of the Banking
Regulation Act, 1945 read with Master Circular dated
