(1) Where any person leaves any article in safe custody with a banking company, such person may nominate, in the prescribed manner, one person to whom, in the event of the death of the person leaving the article in safe custody, such article may be returned by the banking company.
(2) Where the nominee is a minor, it shall be lawful for the person
making the nomination to appoint in the prescribed manner any person to
receive the article deposited in the event of his death during the minority
of the nominee.
(3) The banking company shall, before returning any articles under this
section to the nominee or the person appointed under Sub-section (2),
prepare, in such manner as may be directed by the Reserve Bank from time to
time, an inventory of the said articles which shall be signed by such
nominee or person and shall deliver a copy of the inventory so prepared to
such nominee or person.
(4) Notwithstanding anything contained in any other law for the time being in force or in any disposition, whether testamentary or otherwise, in respect of such article, where a nomination made in the prescribed manner purports to confer on any person the right to receive the article from the banking company, the nominee shall, on the death of the person leaving the article in safe custody, become entitled to the return of the article to the exclusion of all other persons, unless the nomination is varied or cancelled in the prescribed manner:
Provided that nothing contained in this section shall affect the right or claim which any person may have against the person to whom the article is returned in pursuance of this sub-section.
Section 45O Special period of limitation
Section 45P Reserve Bank to tender advice in winding up proceedings
Section 45R Power to call for returns and information
Section 45T Enforcement of orders and decisions of High Court
Section 45U Power of High Court to make rules
Section 45x Validation of certain proceedings
Section 45y Power of Central Government to make rules for the preservation of records
Section 45z Return of paid instruments to customers
Section 45za Nomination for payment of depositors money
Section 45zb Notice of claims of other persons regarding deposits not receivable
Section 45zc Nomination for return of articles kept in safe custody with banking company
Section 45zd Notice of claims of other persons regarding articles not receivable
Section 45ze Release contents of safety Release of lockers
Section 45zf Notice of claims of other persons regarding safety lockers not receivable