TMI BlogSubstitution of new sections 3, 3A and 3B for section 3- Definitions-Framing of Savings Schemes-Deposit by minor.X X X X Extracts X X X X X X X X Extracts X X X X ..... ions. 3. In this Act, unless the context otherwise requires,- (a) account means an account opened under any of the Savings Schemes; (b) administrator means an administrator as defined in clause (a) of section 2 of the Indian Succession Act, 1925 (39 of 1925); (c) Authorised Officer means (i) in the case of a Post Office Savings Bank, an officer authorised by the Director ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company, or any other company or institution, as the Central Government may, by notification in the Official Gazette, specify for the purposes of this Act; (h) guardian in relation to a minor or a person of unsound mind means (i) either of the parents; (ii) where neither parent is alive or where neither or the only living parent is incapable of acting as such, a person entitled under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... untry. (2) The Central Government may, by notification in the Official Gazette, include or omit or amend Savings Schemes in the Schedule. (3) The notification referred to in sub-section (1) may include any or all of the following provisions, depending on the design of such Scheme, namely: (a) the persons who shall be eligible to make deposit in a Savings Scheme; (b) the terms and con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A and 3B for the existing section 3. Section 3 relates to definitions, which, inter alia , defines the terms account , administrator , Authorised Officer , banking company , depositor , executor , Government Savings Bank , guardian , minor , prescribed , Savings Schemes and Schedule . The proposed section 3A provides for framing of Saving Schemes by the Central Government or to am ..... X X X X Extracts X X X X X X X X Extracts X X X X
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