(1) A subscriber shall at the time of joining the fund send to the Accounts Officer a nomination conferring on one or more persons the right to receive the amount that may stand to his credit in the fund in the event of his death, before that amount has become payable, or having become payable, has not 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 of his family.
(2) If a subscriber nominates more than one person under sub-rule (1)), he 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 credit in the fund at any time.
(3) Every nomination shall be in such one of the forms set forth in the First Schedule as is appropriate in the circumstances.
(4) A subscriber may at any time cancel a nomination by sending a notice in writing to the Accounts officer:
Provided that, the subscribe shall along with such notice send a fresh nomination made in accordance with the provisions of this rule.
(5) A subscriber may provide in a nomination,—
(a) in respect of any specified nominee that in the event of his pre-deceasing 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, where the subscriber confers such a right on more than one person under this clause, he shall specify the amount or share payable to each of such persons in such a manner as to cover the whole of the amount payable to the nominee.
(b) that the nomination shall become invalid in 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 shall provide in the nomination that it shall become invalid in the event of his 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 member or members in his family.
(6) 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-rule (5) or on the occurrence of any event by reason of which the nomination becomes invalid in pursuance of clause (b) of sub-rule (5) or the proviso thereto, the subscriber shall send to the Accounts Officer a notice in writing cancelling the nomination, together with a fresh nomination made in accordance with the provisions of this rule.
(7) Every nomination made and every notice of cancellation given by the subscriber shall, to the extent that it is valid, take effect on the date on which it is received by the Accounts Officer.
#LawyerServices #Section #Act #Law #Statute #IndianLaw #Kanoon