# The Finance Act, 2018, Section 119: Amendment of section 4

- Act: The Finance Act, 2018 (Act 13 of 2018)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2018/section/119/

## Text

Amendment of section 4 119. In section 4 of the principal Act,— (a) | for sub-section (1), the following sub-section shall be substituted, namely:— "(1) The depositors shall designate one or more individuals, as nominee or nominees, who shall be entitled, in the event of the death of the depositor of a single account, or all the depositors of a joint account, as the case may be, to receive the sum due, as an owner or a trustee, and to the extent, as may be specified by the depositor at the time of making nomination: Provided that if the depositor is a minor or a person of unsound mind, the nominee shall be designated by the guardian."; (b) | after sub-section (3), the following sub-section shall be inserted, namely:— "(4) The transfer of deposit, if permitted under a Savings Scheme, shall automatically cancel a nomination previously made.".

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