72. Power to nominate
(1) Every holder of securities of a company may, at any time, nominate, in
the prescribed manner, 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 the prescribed manner, 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 the prescribed manner 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 in the prescribed manner.
(4) Where the nominee is a minor, it shall be lawful for the holder of the securities,
making the nomination to appoint, in the prescribed manner, any person to become entitled
to the securities of the company, in the event of the death of the nominee during his
minority.