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

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Amendment to regulation 7

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9.  In regulation 7 (repayment warrants)—

(a)for the heading substitute “Means of repayment”;

(b)for paragraph (1), substitute—

“(1) A person who is entitled to make an application for repayment in respect of a certificate under these Regulations may request that a repayment be made—

(a)by crossed warrant;

(b)by electronic transfer; or

(c)by using all or part of the amount repayable to—

(i)purchase, in the name of the holder, any other description of Treasury security; or

(ii)make a deposit with the National Savings Bank.

(1A) The Director of Savings may refuse to give effect to a request made under paragraph (1) if—

(a)under the terms and conditions applying to the certificate, the applicant is not entitled to make the request; or

(b)the request is made under paragraph (1)(c).

(1B) Every application for repayment shall be treated as implying an authority to the Director of Savings to make payment in accordance with that application.

(1C) If the Director of Savings has initiated a payment, the authority to make that payment mentioned in paragraph (1B) shall not be terminated by—

(a)the death of any person who made the application for repayment; or

(b)any notice purporting to countermand that authority.”;

(c)omit paragraph (3);

(d)for paragraph (4), substitute—

“(4) For the purposes of determining the amount repayable in respect of a certificate, any payment of an amount repayable by crossed warrant shall be deemed to be effected on the date appearing on the warrant.”; and

(e)in paragraph (5), after “and where the holder has requested”, insert “in accordance with regulation 6(1A)”.

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