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(1)The Commissioners, with the concurrence of the Treasury, may make regulations as to the mode in which any sum payable by the Commissioners in respect of any savings bank annuity may be paid, and the manner in which a valid discharge is to be given to the Commissioners for any such payment, and payments made and discharges given in accordance with those regulations shall be valid notwithstanding anything in this or any other Act to the contrary.
(2)The Commissioners, with the concurrence of the Treasury, may make regulations for carrying out the provisions of this Part of this Act, . . . F1; and for the execution of contracts on behalf of the Commissioners by officers appointed for the purpose by the Commissioners, . . . F2 and the regulations so made shall provide—
(a)For proofs of age, identity, state of health, and such other matters as appear necessary or proper for the grant of annuities and insurances, and, in the case of an insurance for such sum not exceeding twenty-five pounds as may be fixed by the regulations, for diminishing the amount to be paid to the insured in the event of any regulation as to medical certificates or any other matters having been dispensed with; and
(b)For regulating the time and mode of making the payments to obtain savings bank annuities and insurances, and enabling them to be made out of the deposits in a savings bank; and
(c)For crediting the accounts of depositors in a savings bank with sums due in respect of savings bank annuities or insurances; and
(d)For regulating the mode of payment of savings bank annuities and insurances and the receipts to be given for the same; and
(e)For cancelling or varying contracts for the grant of annuities and insurances and correcting errors arising on any such grant; and
(f)For enabling a person to whom an insurance is granted to nominate a person to whom the money due under the insurance, not exceeding one hundred pounds, is to be paid, and for the discharge to be given therefor; and
(g)In the case of minors under the age of twenty-one years, for the making of contracts, the making of payments to obtain savings bank annuities and insurances out of the deposits in savings banks, the giving of receipts, and the doing of other acts, on their behalf; and the contracts and payments so made, the receipts so given, and the acts so done, shall be valid and binding on the minor . . . F3;
(h). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3
(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4
(4)Regulations made under this section, other than those made under subsection (1) thereof, shall be laid before Parliament, F5. . ..
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