The National Savings Stock Register (Closure of Register to Gilts) Order 1998

Transitional gilts held by minors

16.—(1) This article applies to any transitional gilts held by a person who, immediately before the specified day, is a minor.

(2) In the case of transitional gilts to which this article applies, on and after the specified day—

(a)the provisions of—

(i)section 73 of the Finance (No. 2) Act 1975(1) (which makes provision in relation to gilts held in the books of the Bank by persons under the age of eighteen who are not domiciled in Scotland), and

(ii)regulation 14 of the Government Stock Regulations 1965(2) (which makes provision in relation to gilts so held by persons under the age of sixteen who are domiciled in Scotland),

shall not apply; and

(b)the provisions of the National Savings Regulations specified in paragraph (3) below shall continue to apply to those gilts, subject to paragraph (4) below.

(3) Those provisions are—

(a)regulation 30 (which makes provision relating to the purchase, holding, sale and repayment of stock in the name of minors), and

(b)regulation 31(1) (which confers certain powers on the Director of Savings in the case of minors under the age of 7 years), except insofar as it relates to mentally disordered persons.

(4) Those provisions shall apply as if—

(a)each reference in them to the Director of Savings were instead a reference to the Bank, and

(b)the words “subscribed for, purchased” were omitted from regulation 30(1).

(5) For the purposes of this article, those provisions shall not be affected by the amendment made by paragraph 2 of Schedule 1 below or by any other amendment that may be made to them after the making of this Order.