Savings Certificates (Children's Bonus Bonds) Regulations 1991
| Jurisdiction | UK Non-devolved |
| Citation | SI 1991/1407 |
1991 No. 1407
NATIONAL DEBT
The Savings Certificates (Children’s Bonus Bonds) Regulations 1991
Made 18th June 1991
Laid before Parliament 19th June 1991
Coming into force 8th July 1991
The Treasury, in exercise of the powers conferred on them by section 11 of the National Debt Act 19721and of all other powers enabling them in that behalf, hereby make the following Regulations:
PRELIMINARY
Citation and commencement
1. These Regulations may be cited as the Savings Certificates (Children’s Bonus Bonds) Regulations 1991 and shall come into force on 8th July 1991.
Interpretation
2.—(1) In these Regulations, unless the context otherwise requires–
“amount repayable”, in relation to any certificate, includes any interest or bonus or other sum which has accrued due in respect of that certificate;
“certificate” means a national savings certificate issued under the name of a children’s bonus bond by the Treasury under the auspices of the Director of Savings for the purpose of raising money authorised to be raised by any Act;
“Chief Registrar of friendly societies” means the Chief Registrar of friendly societies or a deputy appointed by him;
“mentally disordered person”, in the application of these Regulations to England and Wales, means a person who is incapable, by reason of mental disorder within the meaning of the Mental Health Act 19832, of managing and administering his property and affairs;
“multiple certificate” means a certificate representing more than one unit certificate;
“receiver”, in the application of these Regulations to England and Wales, means, in relation to any act or thing done in respect of a mentally disordered person, a receiver or other person authorised in that behalf under Part VII of the Mental Health Act 1983;
“Treasury Solicitor” means the Solicitor for the affairs of Her Majesty’s Treasury; and
“unit” means, in relation to certificates of any series, the minimum amount for which a certificate of that series is issued and “unit certificate” means a certificate issued on payment of such minimum amount.
(2) Unless the context otherwise requires references to a certificate being held by a person shall include cases where a certificate is deemed to be held by that person and references to the holder of a certificate shall include a person deemed to hold a certificate.
(3) Unless the context otherwise requires references to regulations are references to regulations of these Regulations.
ISSUE AND PURCHASE OF CERTIFICATES
Issue, purchase and recording of certificates
3.—(1) Certificates shall be issued at such places as the Director of Savings shall determine and by such persons as he shall authorise.
(2) An application to purchase a certificate shall be made in a manner approved by the Director of Savings and for the purposes of any such application, the applicant shall deliver to the Director of Savings such documents and other information in writing as he may require.
(3) The names of all persons who are for the time being holders of certificates shall be recorded by the Director of Savings.
Persons entitled to purchase and hold certificates
4.—(1) A certificate may be purchased on behalf of and in the name of any person who has not attained the age of sixteen years by any other person who has attained the age of sixteen years, and is not under any legal disability, or by any two or more such persons.
(2) Any certificate purchased under paragraph 1 shall be deemed to be held by the person on whose behalf it is purchased but no certificate shall be purchased on behalf of and in the name of more than one person.
(3) A certificate may not be purchased or held by a person acting as trustee on behalf of any other person.
(4) A certificate may be held by a person who has attained the age of sixteen years and who is not under any legal disability.
(5) The Director of Savings may require a specimen of the signature of a person on whose behalf a certificate has been purchased at any time after that person has attained the age of sixteen years.
Maximum holding of certificates
5. A person shall not purchase any certificates if the total number of units which will be held by the person on whose behalf they are purchased immediately after the purchase will exceed the number of units specified by or in accordance with the prospectus relating to such certificates as the maximum number of units of that description of certificate which may be held by any one person and a person shall not hold any certificates purchased on his behalf if the total number of units which will be held by him immediately after the purchase will exceed the number of units so specified.
REPAYMENT OF CERTIFICATES
Applications for repayment
6.—(1) Application for payment of the amount repayable in respect of a certificate shall be made in writing in a manner approved by the Director of Savings and shall (subject to the provisions of these Regulations relating to payment in the case of special classes of persons) be made by the holder of a certificate who has attained the age of sixteen years. Where repayment is requested on a specified date the application may not, unless the Director of Savings otherwise agrees, be made more than two months before that date. Unless the Director of Savings otherwise directs or agrees any application for repayment shall be made to the Children’s Bonus Bond Office, National Savings Bank, Glasgow.
(2) In the case of a multiple certificate, an application may be made for repayment in respect of any number of the unit certificates represented by the multiple certificate.
(3) The holder of a certificate, being a person who has attained the age of sixteen years, shall not, unless the Director of Savings is satisfied that it is appropriate for him to do so, authorise any person to apply for or receive on his behalf the amount repayable in respect of the certificate.
Reypayment warrants
7.—(1) Every payment of an amount repayable in respect of a certificate shall be made by a crossed warrant except where the Director of Savings otherwise directs; and accordingly in the absence of such direction every application for payment of any such amount shall be treated as implying an authority to him to issue a crossed warrant for that amount and to pay it in accordance with the terms of the warrant, and the death of the person who made the application for repayment shall not of itself determine such authority; but if the Director of Savings receives notice that the applicant has died or has countermanded such authority, the Director of Savings shall not issue the warrant or, if it has already been issued, shall take all reasonable steps to stop payment thereof.
(2) The provisions of section 76, subsections (1), (3), (4) and (5) and, so far as it relates to crossed cheques, subsection (6) of section 77 and sections 78, 79, 80 and 81 of the Bills of Exchange Act 18823(which relate to crossed cheques) and of sections 3 and 4 of the Cheques Act 19574(which relate to unindorsed cheques as evidence of payment and to the protection of collecting bankers) shall apply to any crossed warrant issued under these Regulations as if the warrant were a cheque drawn on the Director of Savings by the officer issuing the warrant, but nothing in these Regulations shall make any such warrant negotiable.
(3) Except where the Director of Savings otherwise directs, a warrant shall not be paid until the certificate in respect of which the repayment is to be made has been delivered to the Director of Savings.
(4) For the purpose of determining the amount repayable in respect of a certificate, the payment of the amount repayable thereunder shall be deemed to be effected on the date appearing on the warrant.
(5) Subject to paragraph (6) below, the date appearing on the warrant shall, unless the holder has requested a later date, be not more than 31 days from the date on which application for payment of the amount repayable in respect of a certificate is received by the Director of Savings in accordance with regulation 6(1) above; and where the holder has requested that the warrant be dated with a later date, the date appearing on the warrant shall be no later than that date save that the Director of Savings may set a different date (being not more than 10 days after the requested date) if, having regard to the terms on which the certificate was issued, he is satisfied that such different date would be in the interests of the holder.
(6) If the Director of Savings is satisfied that it is or was not practicable to dispatch the warrant in time to enable payment thereof to be made on a date within paragraph (5) above, then the date appearing on the warrant shall be no later than the earliest date by which he is satisfied it would be practicable for the payee to obtain payment thereof. In this paragraph the expression “payment” in relation to a crossed warrant shall include paying in the warrant at a bank or other institution.
(7) The posting of a warrant to any person at the last address furnished to the Director of Savings shall, as regards the liability of the Treasury or the Director of Savings, be equivalent to the delivery of the warrant to that person.
Repayment in case of persons under 16 years of age
8.—(1) Subject to paragraph (2) below and to regulation 9, no repayment shall be made in respect of a certificate held by a person under the age of sixteen years.
(2) Where it is shown to the satisfaction of the Director of Savings that any person holding a certificate is a person under the age of sixteen years, other than a mentally disordered person,...
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