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Substitution of new sections 3, 3A and 3B for section 3-Definitions- Framing of Savings Schemes- Deposit by minor

the principal Act, the following sections shall be substituted, namely:- Definitions 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 Offic .....

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banking 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 t .....

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ay, 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 conditions subject to which deposit may be made; (c .....

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