(1) Every employed person shall make a declaration in Form-I, nominating a person conferring the right to receive the amount that may stand in his credit at the event of his death before that amount standing to his credit has become payable or where the amount has become payable, before payment has been made.
(2) If an employed person has a family at the time of making nomination, the nomination shall be in favour of the spouse or the spouse in preference followed by one more member of his family;Provided that nominated made by an employed person having a family in favour of a person other than member of his family shall be invalid:
Provided further that a fresh nomination towards his/her spouse shall be made by the employed person on his marriage and any nomination made before such marriage shall be deemed invalid.
(3) Where the nomination is wholly or partly in favour of a minor, the employed person may appointed a major of his family, to be the guardian of the minor nominee or where there is no major person in the family, he may, at his discretion, appoint any other person to be a guardian of the minor nominee.
stand to his credit.
