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The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:
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(1)A person who receives a notice of eligibility may apply to open a Saving Gateway account with an approved account provider.
(2)The application must—
(a)be made, and accepted by the account provider, no later than the expiry date specified in the notice of eligibility,
(b)include a true declaration of such matters as may be prescribed by regulations, and
(c)be made in accordance with regulations.
(3)When an application is made in accordance with this section, the account provider must open a Saving Gateway account for the person, unless the circumstances are as specified by regulations under subsection (4).
(4)Regulations may specify circumstances in which an account provider may or must refuse to open a Saving Gateway account for a person.
(5)Regulations may make provision—
(a)preventing a person from holding more than one Saving Gateway account at the same time;
(b)specifying a period, after the end of the maturity period of a Saving Gateway account held by a person, during which the person may not open another Saving Gateway account;
(c)preventing a person from holding more than a specified number of Saving Gateway accounts, or Saving Gateway accounts which are held until the end of the maturity period, during the person's lifetime.
Regulations may make provision about—
(a)the circumstances in which a Saving Gateway account held with one account provider may be transferred to another, and
(b)the procedure to be followed on a transfer.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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