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Among the given conditions, the most important condition for the validity of a college student`s nomination to the Municipal Council would be that his name figures in the Voters` List. The Voters` List is a record of eligible voters in a particular constituency, and it serves as the basis for determining an individual`s eligibility to contest elections. If the student`s name is not included in the Voters` List, his nomination would likely be invalid as he would not be recognized as a qualified voter in the constituency. Obtaining permission from the college Principal, being a member of a political party, and filing a declaration of allegiance to the Constitution of India may have their own requirements or significance, but they may not be the primary conditions for the validity of the nomination.