The Savings Certificates (Children’s Bonus Bonds) (Amendment) Regulations 2012

Amendment to regulation 2

3.  In regulation 2 (interpretation), in paragraph (1)—

(a) omit the definition of “the adjudicator”;

(b) after the definition of “amount repayable”, insert—

““bonus” means any return on a certificate that is conditional on it being held for an entire term;

“capital value”, in relation to a certificate, means—

(a)

the purchase price of that certificate, plus

(b)

any interest, bonus or other sum that has accrued in respect of that certificate and has been added to its value in accordance with the terms and conditions applying to it;”;

(c) for the definition of “certificate”, substitute—

““certificate” means a Children’s Bond or a Children’s Bonus Bond;”;

(d) after the definition of “certificate”, insert—

““Children’s Bond” means a Treasury security—

(a)

issued under the name of a children’s bond pursuant to an application to purchase received by the Director of Savings after 19th September 2012, or

(b)

issued under the name of a children’s bonus bond pursuant to an application to purchase received by the Director of Savings before 20th September 2012 for which—

(i)

a term was current on 19th September 2012, and

(ii)

that term has ended and a subsequent term has begun;

“Children’s Bonus Bond” means a Treasury security—

(a)

which was issued under the name of a children’s bonus bond pursuant to an application to purchase received by the Director of Savings before 20th September 2012, and

(b)

for which any term which was current on 19th September 2012 is still the current term;”;

(e) for the definition of “multiple certificate”, substitute—

““multiple certificate” means a Children’s Bonus Bond representing more than one unit certificate”;

(f) after the definition of “person who lacks capacity”, insert—

““term”, in relation to a certificate, means a specified period of time for which a rate of interest has been fixed for that certificate;

“Treasury security” means a security issued by the Treasury under the auspices of the Director of Savings for the purpose of raising money under the National Loans Act 1968;”;

(g) omit the definition of “unit”; and

(h) for the definition of “unit certificate”, substitute—

““unit certificate” means a Children’s Bonus Bond issued on payment of the minimum amount for which a Children’s Bonus Bond of that description could be purchased.”.