The Savings Certificates Regulations 1991

Transfers and addition of names

13.—(1) Every transfer of a certificate shall be effected by the Director ofSavings causing the name of the person to whom the certificate is to betransferred to be recorded as the holder thereof.

(2) The Director of Savings may in his discretion refuse to transfer acertificate, but shall, if he so refuses, forthwith send an intimationof his refusal to the person desiring the transfer.

(3) A certificate shall not be transferred except on a writtenapplication in that behalf made, in a manner approved by the Director ofSavings, by the holder of the certificate and every such applicationmust, except where the Director of Savings otherwise directs, beaccompanied by the certificate to which it relates.

(4) On the receipt of an application duly made for the transfer of acertificate, the Director of Savings, if he is satisfied that thetransfer can lawfully be made under these Regulations and ought to bemade, shall forthwith cause the certificate to be transferred inaccordance with the application, and the death of the applicant shallnot of itself determine the authority given by the applicant for thetransfer to be made; but, if the Director of Savings receives noticebefore the certificate is transferred that the applicant has died, thetransfer shall not be made.

(5) On the application of the holder of a certificate, the Director ofSavings may, if he thinks fit and subject to the provisions of theseRegulations, cause the names of any persons to be recorded as jointholders of the certificate with the applicant.

(6) Notwithstanding anything in paragraph (3) of this regulation, wherea certificate is held by any person as a trustee jointly with thebeneficiary, the Director of Savings may, if he thinks fit, on theapplication of any person being a holder of the certificate cause thecertificate to be transferred either to the beneficiary alone or to thebeneficiary and another trustee.

(7) This regulation shall, so far as applicable, apply in the event ofthe death of the holder of a certificate, to the transfer of thecertificate and, in particular, any person to whom the amount repayablein respect of the certificate may be paid in accordance with theprovisions of these Regulations may, subject to the provisions of theseRegulations, instead of obtaining payment of the amount repayable applyfor the transfer of the certificate into his name or the name of anotherperson.