The Savings Certificates (Amendment) Regulations 1994

6.  In regulation 21,—

(a) after the word “certificate” in paragraph (1)(b) there shall be inserted the words “of a unit series”; and

(b) after paragraph (2) there shall be inserted the following new paragraph—

“(2A) Subject to the provisions of this regulation, if any person purchases or holds any money value certificate in contravention of regulation 5 (which prescribes the maximum holding of certificates in terms of purchase price), the amount (hereinafter called “the excess”) by which the purchase price of that certificate exceeds the amount for which that certificate could have been purchased without contravening that regulation shall, if the Director of Savings so directs, be forfeited:

• Provided that, in any case in which the Director of Savings has directed the forfeiture of any such excess, he may, if he thinks fit, pay to the person concerned or credit to him in the National Savings Bank:

  (i)

  a sum equal to the excess;

  (ii)

  interest, at such rate as the Director of Savings thinks fit, on a sum equal to the excess, being interest computed in such manner as the Director of Savings, with the approval of the Treasury, may direct.”.