| 14.
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| (1) Any person over sixteen years of age who has a deposit or savings account may nominate a person, (hereinafter called a " nominee "), to whom the moneys lying to the credit of such first-mentioned person (hereinafter called a " nominator ") shall be paid upon his death and, if his death should occur while the account exists, the moneys shall be so paid subject to the provisions of this Ordinance. | | |
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| (2) A nomination made under sub section (1) shall have effect upon the death of the nominator notwithstanding anything in his last will to the Contrary. | | |
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| (3) Any nomination made under sub section (1) shall be deemed to be revoked by the death of the nominee in the life time of the nominator or by written notice of revocation signed by the nominator in the presence of a witness (who shall attest the signature of the nominator) or by any subsequent nomination made by the nominator. | | |
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| (4) The moneys lying in his deposit or savings account to the credit of the person who has made a nomination under subsection (1) shall, in the event of his death, be deemed not to form part of the estate or property of that person for the purpose of probate or administration proceedings under the Administration of Justice Law, No. 44 of 1973, and the transfer of such property shall not be an offence under section 279 of that Law. | | |
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| (5) Upon the death of any person who has a savings account, and who has made a nomination under subsection (1), the bank shall communicate in writing by registered post with the Commissioner of Inland Revenue informing him of the name and address of such person, the fact of his death, the name and address of the nominee and the amount of the moneys lying to the credit of the nominator at the time of his death, and inquiring whether any, and if so what, sum of money should be withheld against payment of estate duty in respect of such moneys. | | |
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| (6) If the Commissioner of Inland Revenue informs the bank, in reply to the communication made under subsection (5), what sum of money should be withheld, the bank may withhold that sum and pay it to the Commissioner of Inland Revenue. | | |
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| (7) If no reply, specifying what sum of money should be withheld, is received by the bank from the Commissioner of Inland Revenue to the communication made under subsection (5) within one month of the date of posting or handing over that communication, the bank may take action as if no sum of money need be withheld. | | |
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| (8) No payment shall be made by the bank to any nominee unless the nominee-
| | | (a) submits an affidavit stating that he is the nominee; and |
| (b) produces a certificate as to his identity from a person acceptable to the bank. |
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| (9) A payment made subject to the deduction, if any, made under subsection (6) and the conditions set out in subsection (8), to any nominee of a nominator who has died shall be a complete discharge of the obligations of the bank in respect of the moneys lying to the credit of such nominator. | | |
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| (10) Where, upon the death of any person who has a deposit or savings account, other than a nominator, there is a sum of money to the credit of such person in the bank, any officer or person who is duly authorized to make payments in respect of accounts may, if satisfied that such first-mentioned person died intestate and that letters of administration to the estate of such person are not required by any written law, pay such sums of money, subject to the provisions of this Ordinance, to the person or persons to whom such sum is required, in accordance with any rule in that behalf, to be paid: | | |
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Sri Lanka Consolidated Acts