the nominee is a minor, it shall be lawful for the depositor making the nomination (3) to appoint, in the manner prescribed by rules made by the Central Government under 45ZAof the Banking Regulation Act, 1949, any person to receive the amount of deposit in the event of his death during the minority of the nominee. Payment by a housing finance institution in accordance with the provision of this section (4) shall constitute a full discharge to the housing finance institution of its liability in respect of the deposit: Provided that nothing contained in this sub-section shall affect the right or claim which any person may have against the person to whom any payment is made under this section. No notice of the of any person, other than the person or persons in whose name a (5) deposit is held by the housing finance institution, shall be receivable by the housing finance institution, nor shall the housing finance institution 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 deposit is produced before a housing finance institution, the housing finance institution shall take due note of such decree, order, certificate or other authority.] 30 [CHAPTER VA OTHER PROVISIONS RELATING TO HOUSING FINANCE INSTITUTIONS In this Chapter, unless the context otherwise requires,- 36C. Definitions.- "Appellate Tribunal" means the Appellate Tribunal established under section 36-I; (a) "approved institution" means- (b) a housing finance institution which has been granted a certificate of registration (i) under sub-section (5) of section 29A; a scheduled bank; (ii) National Housing Bank acting as trustee or otherwise in a transaction of (iii) securitisation of housing mortgages undertaken by the National Housing Bank; such other institutions as the Central Government may, on the recommendation (iv) of the National Housing Bank, by notification, specify; "assistance" means any direct or indirect financial assistance granted, by an approved (c) institution during the course of any housing finance activity undertaken by it;
(3) the nominee is a minor, it shall be lawful for the depositor making the nomination to appoint, in the manner prescribed by rules made by the Central Government under 45ZAof the Banking Regulation Act, 1949, any person to receive the amount of deposit in the event of his death during the minority of the nominee. (4) Payment by a housing finance institution in accordance with the provision of this section shall constitute a full discharge to the housing finance institution of its liability in respect of the deposit: Provided that nothing contained in this sub-section shall affect the right or claim which any person may have against the person to whom any payment is made under this section. (5) No notice of the of any person, other than the person or persons in whose name a deposit is held by the housing finance institution, shall be receivable by the housing finance institution, nor shall the housing finance institution 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 deposit is produced before a housing finance institution, the housing finance institution shall take due note of such decree, order, certificate or other authority.] 30 [CHAPTER VA OTHER PROVISIONS RELATING TO HOUSING FINANCE INSTITUTIONS 36C. Definitions.- In this Chapter, unless the context otherwise requires,- (a) "Appellate Tribunal" means the Appellate Tribunal established under section 36-I; (b) "approved institution" means- (i) a housing finance institution which has been granted a certificate of registration under sub-section (5) of section 29A; (ii) a scheduled bank; (iii) National Housing Bank acting as trustee or otherwise in a transaction of securitisation of housing mortgages undertaken by the National Housing Bank; (iv) such other institutions as the Central Government may, on the recommendation of the National Housing Bank, by notification, specify; (c) "assistance" means any direct or indirect financial assistance granted, by an approved institution during the course of any housing finance activity undertaken by it;
NHB-Act.docx