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Section 4A

Payment on death of depositor.—(1) If a depositor dies and there is in force at the time of the death of the depositor a nomination in favour of any person, the deposit shall be paid to the nominee.

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4A. Payment on death of depositor.—(1) If a depositor dies and there is in force at the time of the death of the depositor a nomination in favour of any person, the deposit shall be paid to the nominee. (2) Where the nominee is a minor, the deposit shall be paid— (a) in any case where a person has been appointed to receive it under sub-section (3) of section 4, to that person; and (b) where there is no such person, to the guardian of the minor for the use of the minor. (3) Where a deposit is payable to two or more nominees and either or any of them is dead, the deposit shall be paid to the surviving nominee or nominees.