Sri Lanka Consolidated Acts

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State Mortgage And Investment Bank (Implementation) Act (No. 10 of 1994) - Sect 5

Insertion of new section 31 A in the principal enactment

5. The following new section is inserted immediately after section 31 of the principal enactment and shall have effect as section 31A of that enactment :
31A.
(1) Any person over sixteen years of age who has a term deposit in the Bank may nominate person, (hereinafter called a "nominee"), to whom the moneys lying to the credit of such first mentioned person (hereinafter called "nominator") shall be paid upon his death and, if his death should occur while the deposit exists, the moneys shall be so paid subject to the provisions of this Law.
(2) A nomination made under subsection (1) shall have effect upon the death of the nominator notwithstanding anything in this last will to the contrary,
(3) Any nomination made under subsection (1) shall be deemed to be revoked by the death of the nominee in the lifetime 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.
(4) The moneys lying to the credit of a person who has made a nomination under subsection(1) in a term deposit shall, in the event of his death, be deemed not to form part of the estate or probate or administration proceeding under the Civil Procedure Code, and the transfer of such property shall not be an offence under that Code.
(5) 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
(6) A payment made subject to the conditions set out in subsection (5) 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,
(7) Where, upon the death of any person who has a term deposit other than a nominator, there is a sum of money to the credit of such person in the Bank, any officer or per. son 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 sum of money, subject to the provisions of this Act, 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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