(1) Every holder of securities of a company may, at any time, nominate, in Form No. SH.13, any person to whom his securities shall vest in the event of his death.
(2) Where the securities of a company are held by more than one person jointly, the joint holders may together nominate, in Form No. SH.13, any person to whom all the rights in the securities shall vest in the event of death of all the joint holders.
(3) Notwithstanding anything contained in any other law for the time being in force or in any disposition, whether testamentary or otherwise, in respect of the securities of a company, where a nomination made in Form No. SH.13 purports to confer on any person the right to vest the securities of the company, the nominee shall, on the death of the holder of securities or, as the case may be, on the death of the joint holders, become entitled to all the rights in the securities, of the holder or, as the case may be, of all the joint holders, in relation to such securities, to the exclusion of all other persons, unless the nomination is varied or cancelled Form No. SH.14.
(4) Where the nominee is a minor, it shall be lawful for the holder of the securities, making the nomination to appoint, in Form No. SH.13, any person to become entitled to the securities of the company, in the event of the death of the nominee during his minority.
(5) In the event of death of the holder of securities or where the securities are held by more than one person jointly, in the event of death of all the joint holders, the person nominated as the nominee may upon the production of such evidence as may be required by the Board, elect, either-
(a) to register himself as holder of the securities ; or
(b) to transfer the securities, as the deceased holder could have done.
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