The National Savings (No. 2) Regulations 2015

Certificates, subscription books and records

20.—(1) Subject to paragraph (4), as soon possible after stock has been registered in the name of a holder the Director of Savings must issue a certificate or subscription book in the approved form showing the amount of the stock and the name of the person registered as the holder, but—

(a) where subscriptions are recorded by means of a subscription book, the Director of Savings need not issue a certificate or send the holder any other form of acknowledgement; and

(b) the Director of Savings may before issuing a certificate or subscription book require the holder to forward an authority for the payment of dividends.

(2) Subject to paragraph (4), where part of any stock to which a certificate or subscription book relates is sold, transferred or otherwise ceases to be held in the name of the person registered as the holder, the Director of Savings may either amend the certificate or subscription book or issue a fresh certificate in relation to the balance of stock remaining registered in the name of that person.

(3) A person must, whenever required by the Director of Savings, forward to the Director of Savings any certificate or subscription book relating to stock held by that person.

(4) In relation to new stock, the Director of Savings—

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

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

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

(a) the capital value at the time of registration; and

(b) where new stock is fixed interest stock—

(i) the annual rate of interest applying during its current term; and

(ii) the date on which the current term will end.

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

(a) the details of the transaction;

(b) the capital value of new stock that continues to be registered in the name of that person immediately after payment; and

(c) where new stock is fixed interest stock—

(i) the annual rate of interest applying during its current term; and

(ii) the date on which the current term will end.