JOINT HOLDERS, TRUSTEES AND PERSONS UNDER DISABILITY

30 Minors
1 Subject to the provisions of these Regulations, stock may be subscribed for, purchased, held and sold, and an application for its repayment may be made, by a person notwithstanding that he may be a minor:
Provided that—
(a) no stock shall be sold, and no application for its repayment shall be made, by a minor who has not attained the age of seven years;
(b) no dividends or other payments in respect of stock shall be paid to a minor who has not attained the age of seven years, otherwise than by means of crediting the amount to an account in his name in a savings bank or by warrant payable as the Director of Savings may think fit to the parent or guardian of the minor or to any other person who satisfies the Director of Savings that he is a proper person to receive payment; and
(c) where stock has been acquired by a minor under the age of seven years, the Director of Savings may, at any time after the minor has attained that age, require a specimen of his signature and obtain his authority for the payment of further dividends.
2 A receipt given by a minor for any payment duly made to him in accordance with the provisions of these Regulations shall, notwithstanding the minority, be a full discharge for the payment.