EXPLANATORY NOTE
These Regulations, which amend the Premium Savings Bonds Regulations 1972, permit the purchase of bonds on behalf of a person under the age of 16 by his grandparent. The Regulations provide that, until the holder reaches the age of 16, any repayment or payment in respect of a bond so purchased shall be made to either the parent or guardian designated by the grandparent in the application to purchase the bond or to a person who satisfies the Director of Savings that he is a proper person to receive payment, as the Director thinks fit.