The Savings Bank Annuity Regulations 1969

3.—(1) Any sum payable in respect of a savings bank annuity by the Director of Savings on behalf of the National Debt Commissioners shall be paid, at the option of the annuitant, either by placing the sum to the credit of the annuitant's account at the National Savings Bank or by a warrant issued under these Regulations.

(2) The entry as a deposit in the account of an annuitant of a sum payable in respect of a savings bank annuity shall be conclusive evidence of the payment to the annuitant of the sum so entered.

(3) A warrant issued under these Regulations, other than a crossed warrant, shall not be paid until the receipt thereon for the amount thereby payable has been signed, and such a receipt shall be a full discharge to the Treasury and the Director of Savings for the payment of the sum specified in the warrant.

(4) Section 76, section 77(1), (3), (4) and (5), section 77(6) so far as it relates to crossed cheques, and sections 78 to 81 of the Bills of Exchange Act 1882 and sections 3 and 4 of the Cheques Act 1957 shall apply to a crossed warrant issued under these Regulations as if the warrant were a cheque drawn on the Director of Savings by the officer issuing the warrant, but nothing in these Regulations shall render any such warrant a negotiable instrument.

(5) A warrant issued under these Regulations, other than a crossed warrant, shall be payable at the place named in the warrant, and a crossed warrant shall be payable at the office in London of the Director of Savings or at such other place as the Director of Savings may direct.

(6) The posting of a letter containing a warrant sent by the Director of Savings in pursuance of these Regulations addressed to any person at the last address furnished by that person to the Director of Savings shall, as regards the liability of the Director of Savings, be equivalent to the delivery of the warrant to the person to whom the letter was addressed.