The Savings Certificates (Children’s Bonus Bonds) Regulations 1991

Explanatory Note

(This note is not part of the Regulations)

These Regulations enable the Director of Savings to issue national savings certificates under the name of children’s bonus bonds. They reproduce the provisions of other Regulations made under section 11 of the National Debt Act 1972, the most recent being the Savings Certificates Regulations 1991 (S.I. 1991/1031), with the following main differences:

1.  Regulation 4 provides that certificates may be purchased on behalf of and in the name of any person who has not attained the age of 16, that certificates may not be purchased in joint names and that they may not be purchased or held by trustees.

2.  Regulation 6(3) prohibits the holder of a certificate aged 16 or over from authorising persons to apply for or receive payment on his behalf except where the Director of Savings is satisfied that this is appropriate.

3.  Regulation 7(1) provides that payments shall be made by crossed warrants except where the Director of Savings otherwise directs.

4.  Regulation 11 prohibits the transfer of a certificate by the Director of Savings in any circumstances.

5.  Regulation 28 (obligation of secrecy) allows the Director of Savings to issue a certificate bearing the name of the purchaser unless he has requested otherwise at the time of purchase.