The Savings Certificates (Amendment) Regulations 2012

Amendment of the Savings Certificates Regulations 1991

5.  For regulation 4 (persons entitled to purchase and hold certificates) substitute—

“4.— (1) Subject to paragraphs (3) to (6), a certificate purchased before 20th September 2012 may be held by any of the following persons—

(a) any person who has attained the age of seven years;

(b) a friendly society;

(c) any other body of persons approved for the purpose by the Director of Savings, either generally or with respect to that particular purchase;

(d) a trustee;

(e) a person who purchased the certificate acting as a trustee on behalf of any other person.

(2) A certificate which was purchased by a person on behalf of and in the name of any person entitled under paragraph (1)(a), (b) or (c) of this regulation to hold a certificate is deemed to be held by the person on whose behalf it was purchased.

(3) A certificate which was purchased by a person acting as a trustee on behalf of any other person may be held jointly by that person and the person on whose behalf the certificate was purchased.

(4) Paragraph (5) applies to a certificate purchased before 20th September 2012 by or on behalf of a person who was, at the date of purchase, under the age of sixteen years, or by or on behalf of two or more such persons jointly.

(5) At the end of the term which is current on 19th September 2012 the Director of Savings must pay the amount repayable in respect of the certificate to a person entitled to receive it, by such means as the Director may think fit, unless—

(a) in the case of a sole holder, the holder is at that time entitled under paragraph (7) to purchase and hold a certificate; or

(b) in the case of joint holders, each of them is at that time entitled under paragraph (7) to purchase and hold a certificate.

(6) Where a certificate purchased before 20th September 2012 is held by a friendly society or other body of persons (whether solely or jointly with any person), the Director of Savings must pay the amount repayable in respect of the certificate to a person entitled to receive it, by such means as the Director may think fit, at the end of the term which is current on 19th September 2012.

(7) A certificate may be purchased and held by a person who has attained the age of sixteen years or by two such persons jointly.

(8) A certificate may be purchased on behalf of and in the name of a person who lacks capacity by that person’s deputy, and any certificate so purchased is deemed to be held by the person on whose behalf it is purchased.

(9) A certificate may be purchased and held—

(a) by a trustee; or

(b) by a person acting as a trustee on behalf of any person who has attained the age of sixteen years.

(10) No certificate may be purchased under paragraph (9)(a), without the approval of the Director of Savings, which may be either general or limited to a particular purchase, if any beneficiary of the trust is a body of persons corporate or unincorporate.

(11) A certificate purchased under paragraph (9)(b) may be held jointly by the person acting as a trustee and the person on whose behalf the certificate is purchased.

(12) Where a certificate is held under this regulation by a trustee, the trustee may be described in the records kept by the Director of Savings as trustee of a specified trust or as trustee without specifying a trust.

(13) Where a certificate has been purchased on behalf of a person who was, at the date of purchase, under the age of seven years, the Director of Savings may, at any time after that person has attained the age of seven years, require a specimen of that person’s signature.

(14) Part I of Schedule 1 has effect in relation to index-linked certificates issued before 7th September 1981.”.