40.—(1) Subject to paragraph (2), an index-linked certificate issued before 7th September 1981 may be held by a person who—
(a)is not under a legal disability; and
(b)had at the date of purchase attained the minimum eligible age, that being—
(i)in relation to an index-linked certificate issued not later than 16th November 1980, the age of 65 years in the case of a man, or 60 years in the case of a woman;
(ii)in relation to an index-linked certificate issued after 16th November 1980 but not later than 5th April 1981, the age of 60 years; or
(iii)in relation to an index-linked certificate issued after 5th April 1981, the age of 50 years,
or by two or more of them jointly.
(2) Nothing in paragraph (1)(b) prevents an index-linked certificate, whenever issued, from being transferred to a person who is at the date of transfer eligible to hold an index-linked certificate.
(3) An index-linked certificate issued before 7th September 1981 that was purchased in accordance with Regulations revoked by these Regulations by a deputy on behalf of and in the name of a person who lacks capacity, who at the date of purchase had attained the minimum eligible age, shall be deemed to be held by the person on whose behalf it was purchased.