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The purpose of this form is served under Section 45 ZE of the Banking Regulation Act, 1949 which states the release of contents of safety lockers which means that if an individual has a locker in a banking company which has safe deposits then in the event of his death, he may nominate a person to get access to his locker whereas Section 52 of this Act states the power of Central Government to make rules after consultation from the Reserve Bank in order to provide for all matters for which provision is necessary. and Section 56 of this Act states the act to apply to co-operative societies subject to certain modifications. Rule 4(6) of Co-operative Banks (Nomination) Rules, 1985 gives the nomination in respect of a safety locker stating that a variation of the said nomination to be made by the sole hirer of a locker shall be in Form SL-3. In short, this form deals with the variation in the nomination by an individual.
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