The National Savings Stock Register (Amendment) Regulations 2001

2.  In regulation 22 of the National Savings Stock Register Regulations 1976(1), (payments by the Director of Savings), for paragraph (1) substitute—

“(1) Every payment of an amount payable in respect of any stock shall be made by warrant except to the extent that—

(a) payment is made by any other means in accordance with the terms and conditions subject to which the stock is held,

(b) the Director of Savings otherwise directs, or

(c) an applicant for payment of an amount repayable in respect of any stock requests, and the Director of Savings consents thereto, that all or part of the repayment be used to—

(i) purchase stock or any other description of security issued by the Treasury for the purpose of raising money under the auspices of the Director of Savings, or

(ii) make a deposit with the National Savings Bank.

(1A) In the absence of a direction or request within paragraph (1), and subject to the terms and conditions subject to which the stock is held, every application for payment of the amount repayable in respect of stock shall be treated as implying an authority to the Director of Savings to—

(a) issue a warrant for that amount and pay it in accordance with the terms of the warrant, or

(b) make payment by such other means (if any) as may be provided for in those terms and conditions.

(1B) The death of any person who made an application for payment of the amount repayable in respect of stock shall not of itself determine the authority mentioned in paragraph (1A), but if the Director of Savings receives notice that the applicant has died or has countermanded such authority, the Director of Savings—

(a) shall not issue a warrant or, if such a warrant has already been issued, shall take all reasonable steps to stop payment thereof, and

(b) shall not initiate the making of payment by other means or, if such payment has already been initiated, shall take all reasonable steps (if any) as may, having regard to the nature of the means of payment concerned, be within his power to prevent completion of the payment”.

(1)

S.I. 1976/2012, to which amendments have been made which are not relevant to these Regulations.