1996 No. 1854
The National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 1996
Made
Coming into force
Whereas a draft of this Order has been laid before Parliament and a period of 40 days beginning with the day of laying has expired and neither House of Parliament has resolved that the Order be not made;
Now, therefore, the Treasury, in exercise of the powers conferred upon them by section 4 of the National Savings Bank Act 19711, and of all other powers enabling them in that behalf, hereby make the following Order:
1
This Order may be cited as the National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 1996 and shall come into force on 4th September 1996.
2
The National Savings Bank (Investment Deposits) (Limits) Order 19772 shall be amended in accordance with the following provisions of this Order.
3
After article 2, there shall be inserted the following—
2A
In this Order, the expression “treasurer’s account” has the same meaning as in the National Savings Bank Regulations 19723, and for the purposes of article 3 of this Order, two or more treasurer’s accounts shall be treated as held in the same name if they are held in the name of the same organisation (within the meaning of the said Regulations), whether or not the titles of the respective accounts differ in other respects.
4
In article 3—
a
after the words “a deposit”, there shall be inserted the words “(except for the credit of a treasurer’s account)”;
b
after the words “an account”, there shall be inserted the words “except a treasurer’s account”; and
c
after the word “Bank” there shall be inserted the words “(other than in a treasurer’s account)”.
5
After article 3, there shall be inserted the following—
3A
Subject to the provisions of this Order, it shall not be lawful for the Director of Savings to receive a deposit for crediting to a treasurer’s account, or make a credit to such an account, in any case where the amount standing credited to that account and any other treasurer’s account held in the same name exceeds, or would as a result of the receipt of the said deposit or the making of the said credit, exceed £2,000,000.
6
In article 4(1), after “Article 3”, there shall be inserted “or 3A”.
(This note is not part of the Order)