Search Legislation

Advanced Search

The Savings Certificates (Children’s Bonus Bonds) (Amendment) Regulations 2012

Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)
Help about opening options

Opening Options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Insertion of regulation 10A

This section has no associated Explanatory Memorandum

11.  After regulation 10 (repayment in case of bankrupts), insert—

“Early repayment

10A.—(1) In this regulation, a “relevant application” means an application for repayment of the whole or any part of the amount repayable in respect of a Children’s Bond, except an application made in the event of the death of the holder.

(2) This regulation applies where a relevant application is made requesting payment before the end of the term which is current on the date that the application is received.

(3) Subject to paragraph (4), the Director of Savings shall deduct from the amount that would otherwise have been payable pursuant to the relevant application an early repayment penalty calculated using the following formula—

where—

  • P is the early repayment penalty,

  • R is the amount of the repayment requested in the relevant application, and

  • I% is the annual rate of interest fixed for the current term.

(4) The Director of Savings may refrain from deducting the early repayment penalty if satisfied that, in the particular circumstances of the relevant application, it would be unjust to make that deduction.

(5) For the purpose of regulation 24(1), where a repayment has been made subject to the deduction of an early repayment penalty in accordance with paragraph (3), the Director of Savings shall be treated as having made repayment of the full amount requested in the relevant application.”.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources