Search Legislation

The Premium Savings Bonds (Amendment etc) Regulations 2004

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)
 Help about opening options

Opening Options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Payments in respect of bonds

This section has no associated Explanatory Memorandum

5.—(1) Regulation 8 is amended as follows.

(2) For paragraph (1) there shall be substituted—

(1) Every payment in respect of a bond shall be made by crossed 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 bond is held,

(b)the Director of Savings otherwise directs, or

(c)the applicant for the payment requests that all or part of the amount payable be used to—

(i)purchase another bond or bonds 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,

and the Director of Savings consents thereto.

(1A) In the absence of a direction or request within paragraph (1) above, every application for payment in respect of a bond shall be treated as conferring authority on the Director of Savings—

(a)subject to the terms and conditions subject to which the bond is held, to issue a crossed warrant for that amount and pay it in accordance with the terms of the warrant, or

(b)to 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 in respect of a bond shall not of itself determine the authority mentioned in paragraph (1A) above, but if the Director of Savings receives notice that the applicant has countermanded such authority or has died, 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..

(3) Paragraphs (3) and (5) shall be omitted.

(4) For paragraph (6) there shall be substituted—

(6) The posting of a warrant to any person at the last address furnished to the Director of Savings shall, as regards the liability of the Treasury or the Director of Savings, be equivalent to the delivery of the warrant to that person..

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources