7.—(1) Subject to paragraph (3), the maturity period for an account is the period—
(a)beginning simultaneously with the first month of the account’s operation (see section 4(5) of the Act), and
(b)ending with the last day of the twenty fourth month of the account’s operation.
(2) The approved account provider must credit the account with the amount of the maturity payment, or otherwise pay the maturity payment to the account holder, within 21 days from the end of the maturity period for the account.
(3) If the account holder of an account dies before the end of the account’s maturity period calculated under paragraph (1), paragraph (2) shall not apply and the account provider shall pay to the account holder’s personal representatives an amount ( a “death payment”) equal to the amount of the maturity payment to which the account holder would have become entitled if the maturity period for the account had ended immediately before the death.
(4) A death payment shall be made within 21 days of the end of the month in which the account provider receives sufficient evidence of the death of the account holder and of the status of the personal representatives.