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The National Savings Stock Register (Closure of Register to Gilts) Order 1998

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Article 30(1)

SCHEDULE 1

AMENDMENTS CONSEQUENTIAL ON ARTICLES 3 AND 4

National Debt Act 1972(1)

1.  Section 2 of the National Debt Act 1972 (which continues the Register and defines what may be registered therein) shall be amended by substituting for subsections (3) and (4) the following—

(3) Any description of government stock which is not for the time being included in Part I of Schedule 11 to the Finance Act 1942 may be registered in the register..

National Savings Stock Register Regulations 1976

2.  In regulation 30(1) of the National Savings Regulations, for the words “subscribed for, purchased, held and sold” there shall be substituted the words “subscribed for and held”.

AMENDMENTS ARISING FROM ARTICLE 18

National Savings Bank Regulations 1972(2)

3.  In regulation 38 of the National Savings Bank Regulations 1972—

(a)after “1st October 1921 shall”, there shall be inserted the words “, subject to regulation 38A(3) of these Regulations,”; and

(b)for “and 37(2)” there shall be substituted “, 37(2) and 38A”.

4.  After regulation 38 of those Regulations, there shall be inserted the following new regulation—

Nominations which also apply to stock held in the books of the Bank of England

38A.  (1)  This regulation applies to any nomination made before 1st October 1921 which, by virtue of article 18 of the National Savings Stock Register (Closure of Register to Gilts) Order 1998, continues to extend to any stock transferred from that register to the books of the Bank of England by article 4 of that Order, and any such nomination is referred to in this regulation as “a relevant nomination”.

(2) In relation to a relevant nomination, regulation 69(2) of the Post Office Savings Bank Regulations 1910(3) shall have effect in relation to it as if there were substituted the following—

(2) Any such revocation shall be sent by post or otherwise to the Director of Savings or the Bank of England during the lifetime of the depositor.

(3) Where the Director of Savings or the Bank or England receive a notice of revocation of a relevant nomination, that person shall notify the other and provide a copy of the notice of revocation.

(4) On receipt of a notice of revocation of a relevant nomination or a copy supplied under paragraph (3) above, the Director of Savings or, as the case may be, the Bank shall record the revocation in their records.

(5) Where notification of the death of the nominator of a relevant nomination is received by the Director of Savings or the Bank (otherwise than from the other), the recipient shall notify the other.

(6) Where the Director of Savings or the Bank have retained any original notice of revocation of a relevant nomination, that person shall afford the other such reasonable access to the original as that other may require..

The National Savings Stock Register Regulations 1976

5.  In regulation 36(2) of the National Savings Regulations, after the words “nominator and”, there shall be inserted the words “, subject to regulation 39A(2) of these Regulations,”.

6.  In regulation 39 of those Regulations—

(a)after “1st October 1921 shall”, there shall be inserted the words “, subject to regulation 39A(3) of these Regulations,”; and

(b)for “and 38(2)” there shall be substituted “, 38(2) and 39A”.

7.  After regulation 39 of those Regulations there shall be inserted the following new regulation—

Nominations which also apply to stock held in the books of the Bank of England

39A.  (1)  This regulation applies to any nomination which, by virtue of article 18 of the National Savings Stock Register (Closure of Register to Gilts) Order 1998, continues to extend to any stock transferred from the register to the books of the Bank of England by article 4 of that Order, and any such nomination is referred to in this regulation as “a relevant nomination”.

(2) Any notice of revocation of a relevant nomination under regulation 36(2) of these Regulations shall be of no effect unless despatched to the Director of Savings or the Bank of England during the lifetime of the nominator.

(3) Where a relevant nomination was made before 1st October 1921, regulation 69(2) of the Post Office Savings Bank Regulations 1910 shall have effect in relation to it as if there were substituted the following—

(2) Any such revocation shall be sent by post or otherwise to the Director of Savings or the Bank of England during the lifetime of the depositor.

(4) Where the Director of Savings or the Bank of England receive a notice of revocation of a relevant nomination, that person shall notify the other and provide a copy of the notice of revocation.

(5) On receipt of a notice of revocation of a relevant nomination or a copy supplied under paragraph (4) above, the Director of Savings or, as the case may be, the Bank shall record the revocation in their records.

(6) Where notification of the death of the nominator of a relevant nomination is received by the Director of Savings or the Bank (otherwise than from the other), the recipient shall notify the other.

(7) Where the Director of Savings or the Bank have retained any original notice of revocation of a relevant nomination, that person shall afford the other such reasonable access to the original as that other may require..

AMENDMENTS ARISING FROM ARTICLE 21

The Savings Banks (Ordinary Deposits) (Limits) Order 1969(4)

8.  Article 3(2)(b) of the Savings Banks (Ordinary Deposits) (Limits) Order 1969 (which exempts the crediting to a depositor’s account in the National Savings Bank of dividends on any stock or bonds held by the depositor in the Register from the provisions of that Order which prohibit the crediting of any amount to that Bank by way of ordinary deposit in excess of the limits applicable under the Order) shall be amended by inserting after paragraph (ii) the following new paragraph—

(iia)dividends paid in accordance with article 21 of the National Savings Stock Register (Closure of Register to Gilts) Order 1998 on any Government stock or bonds held by him in the books of the Bank of England..

The National Savings Bank (Investment Deposits) (Limits) Order 1977(5)

9.  For article 4(1)(c) of the National Savings Bank (Investment Deposits) (Limits) Order 1977 (which exempts the crediting of any amount by the Director of Savings under regulation 45 of the National Savings Regulations from the provisions of that Order which prohibit the crediting of any amount to the National Savings Bank by way of investment deposit in excess of the limits applicable under the Order) there shall be substituted the following—

(c)the crediting of any amount—

(i)by the Director of Savings under regulation 45 of the National Savings Stock Register Regulations 1976, or

(ii)paid under article 21 of the National Savings Stock Register (Closure of Register to Gilts) Order 1998;.

Article 30(2)

SCHEDULE 2REPEALS AND REVOCATIONS

PART IREPEALS

ChapterShort titleExtent of repeal
1921 c. 32.The Finance Act 1921(6).Sections 50 and 51. Schedule 3.
1942 c. 21.The Finance Act 1942(7).Section 47(4)(c).
In Schedule 11, in Part II, the amendments of the Finance Act 1921.
1946 c. 64.The Finance Act 1946(8).Section 66.
1969 c. 48.The Post Office Act 1969(9).Section 108(1)(c).
1972 c. 65.The National Debt Act 1972(10).In section 3(1)(b), the word “either” and the words “, or from the Register to the books of the Bank of England or the Bank of Ireland, and vice versa”.
Section 3(2)(a) and (b).
In section 3(2)(c), the words “or to bearer bonds issued under this section”.
Section 6.
1982 c. 41.The Stock Transfer Act 1982(11).Section 4.
1989 c. 26.The Finance Act 1989.In Schedule 17, Part XII.

PART IIREVOCATIONS

NumberTitleExtent of revocation
S.I. 1976/2012.The National Savings Stock Register Regulations 1976(12).Regulation 3.
In regulation 4(2), the words “purchase, sale”.
In regulation 5, in paragraph (2), the words “unless made in accordance with paragraph (3) of this regulation,”, paragraphs (3), (4) and (5).
Regulations 5A, 6, 7, 11 and 11A.
In regulation 15(4), the words “which is not of a description corresponding to stock or securities transferable in the books of the Bank of England”.
Regulations 16, 17 and 19.
Schedule 1.
(1)

1972 c. 65; section 2(4) was inserted by S.I. 1997/2646, article 6.

(2)

S.I. 1972/764, to which there are amendments not relevant to these Regulations.

(3)

S.R. & O. 1910/569 (1910, p.640); the Regulations were amended in respects not relevant to this Order before being revoked by S.R. & O. 1921/1532 (1921, p.1152) subject to a saving that is continued by regulation 39 of the National Savings Regulations.

(4)

S.I. 1969/939; the relevant amending instrument is S.I. 1969/1699.

(5)

S.I. 1977/1210; the relevant amending instrument is S.I. 1981/108.

(6)

Sections 50 and 51 and Schedule 3 were repealed prospectively by the Finance Act 1989 (c. 26), section 187(1) and Schedule 17, Part XII so far as relating to stock registered in the Register with effect on the coming into force of the first regulations made by virtue of section 3(1)(bb) of the National Debt Act 1972 (which repeal has not had effect, no such regulations having been made), and so far as relating to other stock and bonds with effect on the coming into force of the first regulations made under section 47(1)(bb) of the Finance Act 1942 (which repeal took effect on 13th November 1990 when S.I. 1990/2253 came into force). For amendments to section 51 and Schedule 3 see other footnotes in this Part.

(7)

Section 47(4)(c) was amended by the National Debt Act 1958 (7 Eliz. 2 c.6), section 17 and the Schedule, and by the Post Office Act 1969 (c. 48), section 108(1)(d); the amendments of the Finance Act 1942 (which relate to section 51 and Schedule 3) are themselves subject to the partial repeal described in footnote (a) above.

(8)

Section 66, which amended Schedule 3 to the Finance Act 1921, is itself subject to the partial repeal described in footnote (a) above.

(9)

Section 108(1)(c), which amended Schedule 3 to the Finance Act 1921, is itself subject to the partial repeal described in footnote (a) above.

(10)

1972 c. 65; section 6(1) was amended by S.I. 1984/539, article 2(h).

(11)

Section 4, which amended Schedule 3 to the Finance Act 1921, is itself subject to the partial repeal described in footnote (a) above.

(12)

S.I. 1976/2012; relevant amending instruments are 1979/1677, 1981/485, 1983/1103, 1984/600, 1987/1635, 1989/652, 1989/2046, 1993/783, 1996/156.

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