law: Government Securities Act 2006
  9.
  
  Nomination by holders of Government securities. -
  1.   Notwithstanding
  
  anything contained in sections 7 and 8 or any other law for the time being in
  
  force, except the provisions of sub-section (2),-
  a.   where a Government
  
  security other than in the form of promissory note or bearer bond is held by a
  
  person in his name or jointly with any other name or names, as the case may be,
  
  the sole holder or all the joint holders of the Government security together may
  
  nominate one or more persons in such form and in such manner as may be
  
  prescribed, who in the event of the death of the sole holder or the death of
  
  all the joint holders, as the case may be, would become entitled to the
  
  Government security and to payment thereon to the exclusion of all other
  
  persons, unless the nomination is varied or cancelled in the prescribed manner;
  
  
  b.   where a nomination in
  
  respect of a Government security has been made in favour of two or more
  
  nominees and either or any of them is dead, the surviving nominee or nominees,
  
  as the case may be, shall be entitled to the Government security and payment
  
  thereon;
  a.  
  b.  
  c.   where the nominee is
  
  a minor, it shall be lawful for the sole holder or all the joint holders of a
  
  Government security, as the case may be, to appoint in the prescribed manner
  
  any person in whom the Government security would be deemed to have vested in
  
  the event of death of such holder or joint holders of the Government security
  
  during the minority of the nominee;
  d.   the recognition of
  
  right and claim of the nominee or nominees to the Government security held by a
  
  sole holder or joint holders, as the case may be, and any payment made by the
  
  Government or the Bank to the nominee or nominees shall constitute a full
  
  discharge and shall absolve the Government or the Bank of its liability in
  
  respect of the said Government security.
  1.  
  2.   Any nomination or
  
  appointment made under sub-section (1) shall become void if the nominee
  
  predeceases, or where there are two or more nominees, if all the nominees
  
  predecease the holder or joint holders of the Government security making the
  
  nomination.
  3.   Where the amount due
  
  for the time being on a Government security is payable to two or more nominees
  
  and either or any of them dies, the title to the Government security shall vest
  
  in the survivor or survivors of those nominees and the amount for the time
  
  being due thereon shall be paid accordingly.
  4.   A transfer of a
  
  Government security made in accordance with sub-section (2) of section 5 shall
  
  automatically cancel the nomination previously made: Provided that where a
  
  Government security is in the possession of a person either as a pledge or by
  
  way of security for any purpose, such possession shall not have the effect of
  
  cancelling the nomination, but the right of the nominee shall be subject to the
  
  right of the person so possessing it.
  5.   The Government may,
  
  on the recommendation of the Bank, by notification in the Official Gazette,
  
  extend the facility of nomination to any Government security as may be
  
  specified therein.
  6.   (Nothing contained in
  
  sub-section (1) shall affect the right or claim which any person may have
  
  against the person whose right and title to a Government security is recognised
  
  by the Government or the Bank or to whom the payment of the amount due on the
  
  Government security is made by the Government or the Bank under sub-section
  
  (1).
  7.   No notice of any
  
  claim of any person, other than the person or persons in whose name a
  
  Government security is held or the nominees thererof, shall be receivable by
  
  the Bank or the Government, nor shall the Bank or the Government be bound by
  
  any such notice even though expressly given to it: Provided that where any
  
  decree, order, certificate or other authority from a court of competent
  
  jurisdiction relating to such Government security is produced before the Bank
  
  or the Government, the Bank or the Government shall take due note of such
  
  decree, order, certificate or other authority.