2
The Premium Savings Bonds Regulations 1972 shall be amended as follows:—
a
in Regulation 4(3)(a) by inserting, after the words “or guardian”, the words “or grandparent”;
b
in Regulation 9 by substituting for paragraph (2) thereof the following paragraph—
2
Any payment of the sum repayable, or any other sum payable, in respect of a bond held by a person under the age of sixteen years shall be made to, and on the application of,—
a
the person who purchased the bond on behalf of the holder, unless the purchaser was his grandparent,
b
the parent or guardian of the holder designated for this purpose by the purchaser in his application to purchase the bond, if the purchaser was the grandparent of the holder, or
c
any other person who satisfies the Director of Savings that he is a proper person to receive payment,
as the Director of Savings may think fit.
.
the relevant amending instrument is S.I. 1980/767.