Cancellation Of Nomination Under Section 45ZE And 52 Read With Section 56 Of The Banking Regulation Act, 1949 SL2

Banking Regulation Act, 1949

45ZE. Release of contents of safety lockers

 Where an individual is the sole hirer of a locker from a banking company, whether such locker is located in the safe deposit vault of such banking company or elsewhere, such individual may nominate one person to whom, in the event of the death of such individual, the banking company may give access to the locker and liberty to remove the contents of the locker

Under section 52 of the same act the power is given to the central govt to make rule regarding the same.  The Central Government also may, annul, alter or add to, all or any of the provisions of the Fourth Schedule. Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions.

Section 52 shall be read with section 56 i.e., Act to apply to Co-operative Societies subject to modifications

The Co-Operative Banks (Notification) Rules, 1985

RULE 4(5)-The cancellation of the said nomination to be made by the sole hirer, or as the case may be, joint hirers of a locker shall be in Form SL 2.

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