The National Savings Stock Register (Amendment) Regulations 2012

Amendment to regulation 10

8.  In regulation 10 (issue of certificate and subscription books)—

(a) for the heading, substitute “Certificates, subscription books and records”;

(b) at the beginning of paragraph (1), for “As”, substitute “Subject to paragraph (4), as”;

(c) at the beginning of paragraph (2), for “Where”, substitute “Subject to paragraph (4), where”;

(d) in paragraph (3), for “the certificate”, substitute “any certificate”; and

(e) after paragraph (3), insert—

“(4) In respect of new stock, the Director of Savings—

(a) shall not issue a certificate or subscription book; and

(b) need not amend any certificate or subscription book in issue.

(5) (a) Where new stock has been registered in the name of any person, the Director of Savings shall promptly make available to that person a record of—

(i) the capital value of that new stock at the time of registration;

(ii) the annual rate of interest applying to that new stock during its current term; and

(iii) the date on which the current term of that new stock will end.

(b) Where new stock, or part of new stock, has ceased to be registered in the name of a person, the Director of Savings shall promptly make available to that person a record of—

(i) the details of the transaction as a result of which that new stock ceased to be registered in the name of that person;

(ii) the capital value of any part of that new stock that continues to be registered in the name of that person immediately after the repayment;

(iii) the annual rate of interest applying during the current term of any part of that new stock that continues to be registered in the name of that person; and

(iv) the date on which the current term of any part of that new stock that continues to be registered in the name of that person will end.”.