The newly inserted Section 45ZG (by the Banking Laws (Amendment) Act, 2025) deals with the priority of successive nominations. Where nominations are made successively, the nomination of the second nominee becomes effective:

Section 45ZG, inserted with effect from 1 November 2025, governs the priority of successive nominations under Sections 45ZA, 45ZC and 45ZE. It provides that the first nominee’s nomination is effective if that nominee survives the person who made the nomination; the second nominee’s nomination becomes effective only after the death of the first nominee; and any lower-ranked nominee’s nomination becomes effective only after the death of all nominees higher in order. Where the order is not mentioned, persons are deemed nominated in the order in which their names appear. This successive-priority framework does not apply to simultaneous nominations made under Section 45ZA(1).