The National Savings (No. 2) Regulations 2015

Indemnity of the Treasury, Director of Savings and officers

73.—(1) The Treasury, the Commissioners, the Director of Savings, and any person acting under the Director of Savings’ authority shall not be liable in relation to any payment made or act done in accordance with these Regulations and any such payment shall be deemed to have been a valid payment.

(2) Subject to paragraph (3), where a payment of an amount is made—

(a) in relation to new stock, a rolled-over certificate or a certificate purchased after 19th September 2012, by warrant or electronic transfer;

(b) in relation to a deposit, a bond, or any other stock or certificate, by warrant;

(c) (i) in relation to a Children’s Bond, by crossed warrant or electronic transfer;

(ii) in relation to a Children’s Bonus Bond, by crossed warrant,

to a person who is not entitled under these Regulations to receive it, the payment is deemed to have been made to a person entitled to receive it.

(3) Paragraph (2) is subject to the payment having been made—

(a) in good faith and without negligence; and

(b) in consequence of some act or omission on the part of the holder of the bond, stock, certificate, or children’s certificate, or the person entitled to payment.

(4) The Treasury and the Director of Savings shall not be responsible for the misapplication of any amount payable on a warrant by—

(a) a friendly society, charitable society or other society (including an unincorporated body of persons), body corporate, or corporation sole, or by a trustee, director, officer or representative of any such society, body or corporation;

(b) an officer or representative of a government department or public authority; or

(c) by a person referred to in regulations 18 to 20 of the National Savings Regulations 2015(1),

or anyone authorised by those persons to receive payment.

(5) Where a payment is made under these Regulations by electronic transfer, neither the Treasury nor the Director of Savings are liable for—

(a) any delay in the completion of the payment; or

(b) any failure in the operation of the system through which the electronic transfer is made,

if it is outside the direct control of the Director of Savings.

(6) This regulation is subject to regulation 76 (saving for rights of third parties).

(1)

S.I. 2015/623.