The National Savings Stock Register Regulations 1976

UNCLAIMED DIVIDENDS AND REDEMPTION MONEYS

Unclaimed dividends and redemption moneys

43.—(1) The Director of Savings shall from time to time pay to the Commissioners sums equal to the aggregate amount of all moneys due on stock which having been entrusted to the Postmaster General or the Director of Savings for payment are unclaimed, other than moneys in respect of which a payment has already been made to the Commissioners under these Regulations or under the Regulations revoked by these Regulations or under any earlier enactment or regulation relating to unclaimed dividends or redemption moneys on stock.

(2) For the purposes of the last foregoing paragraph any moneys due on stock and not claimed by the persons entitled shall be deemed to be unclaimed if a period of five years, or in the case of redemption moneys two years, has elapsed since the due date, but the Director of Savings may treat any such moneys as unclaimed before the expiration of that period.

(3) Where the Director of Savings makes a payment under paragraph (1) of this Regulation in respect of any moneys due on stock, and afterwards pays those moneys to the person entitled, the amount paid to the Commissioners in respect of those moneys shall be repaid by them to the Director of Savings.

(4) Any sums paid to the Commissioners under this Regulation otherwise than in respect of unclaimed redemption moneys shall be placed to their account of unclaimed dividends, and any repayment by them to the Director of Savings under paragraph (3) of this Regulation otherwise than in respect of redemption moneys shall be made out of that account.

(5) Any sums paid to the Commissioners under this Regulation in respect of unclaimed redemption moneys shall be invested by them in the purchase of such government stock as the Treasury may from time to time direct, and the investments shall be placed to the Commissioners' account of unclaimed redemption moneys with the investments made by virtue of paragraph 6 of Schedule 3 to the Finance Act 1921.

(6) For the purposes of the last foregoing paragraph the expression “government stock” has the meaning assigned to it by section 15(1) of the National Debt Act 1972.

Stock or dividends transferred under earlier Regulations to the Unclaimed Stock Account

44.—(1) If any person proves to the satisfaction of the Director of Savings that he is entitled to any stock which has been transferred under any earlier regulation relating to unclaimed stock to the account kept in the register in the name of the Commissioners and called the Unclaimed Stock Account, or to any dividends which, under any earlier regulation relating to dividends on unclaimed stock and unclaimed dividends, have been paid to the Commissioners, the Director of Savings shall cause the stock to be re-transferred or the dividends to be paid, as the case may be, to the person by whom the claim is made, and the Commissioners shall comply with any directions given by the Treasury for the purpose of giving effect to this Regulation.

(2) The Director of Savings may in any case, if he thinks proper so to do, direct that stock of a nominal value exceeding the sum of £20 shall not be re-transferred, or that dividends exceeding £20 in all shall not be paid, under this Regulation, until the expiration of three months from the date on which the application in that behalf was made, or until public notice of the application has been given by advertisement in such manner and containing such particulars as the Director of Savings may direct.