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

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Amendment to regulation 4

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5.  In regulation 4 (persons entitled to purchase and hold certificates)—

(a)in paragraph (1), for “A certificate”, substitute “Subject to paragraph (1A), a certificate”;

(b)after paragraph (1), insert—

“(1A) After 19th September 2012, the Director of Savings may only accept an application to purchase a certificate on behalf of and in the name of a person who has not attained the age of sixteen years which is made by a parent, guardian, grandparent or great-grandparent of that person.”;

(c)in paragraph (2), for “Any certificate purchased under paragraph (1)”, substitute “Each certificate”; and

(d)for paragraph (4), substitute—

“(4) A person may not continue to hold a certificate after the end of a term of that certificate which ends both—

(a)after 19th September 2012; and

(b)at a time at which that person has attained the age of sixteen years.

(4A) The Director of Savings shall pay the amount repayable in respect of a certificate to which paragraph (4) applies to a person entitled to receive it by such means as the Director of Savings thinks fit.”.

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