The National Savings Stock Register (Amendment) Regulations 2012

Amendment to regulation 53

25.  In regulation 53 (indemnity of Treasury, Commissioners, Director of Savings and officers), for paragraph (2), substitute—

“(2) Subject to regulation 54, where the payment of an amount payable in respect of stock is made by relevant means to a person who is not entitled under these Regulations to receive it, the payment is deemed to have been made to a person who is so entitled if it was made—

(a) in good faith and without negligence; and

(b) in consequence of some act or omission on the part of a person who is so entitled.

(3) Subject to regulation 54, where the payment of an amount payable in respect of new stock is made by electronic transfer, neither the Treasury nor the Director of Savings is liable for—

(a) any delay in the completion of the payment, if the delay is outside the direct control of the Director of Savings; or

(b) any failure in the operation of the system through which the electronic transfer is conducted, if the failure is outside the direct control of the Director of Savings.

(4) In this regulation—

“electronic transfer” means the transfer of money by electronic or automated processes, which do not involve the delivery and collection of a payable instrument or the delivery of cash, to a bank or building society account to which payment is capable of being made by those processes; and

“relevant means” means—

(a)

in the case of new stock, payment by warrant or by electronic transfer, and

(b)

in the case of other stock, payment by warrant.”.