The Savings Certificates Regulations 1991

ISSUE AND PURCHASE OF CERTIFICATES

Issue, purchase and recording of certificates

3.—(1) Certificates shall be issued at such places as the Director ofSavings shall determine and by such persons as he shall authorise.

(2) An application to purchase a certificate shall be made in a mannerapproved by the Director of Savings and for the purposes of any suchapplication, the applicant shall deliver to the Director of Savings suchdocuments and other information in writing as he may require.

(3) The names of all persons who are for the time being holders ofcertificates shall be recorded by the Director of Savings.

Persons entitled to purchase and hold certificates

4.—(1) A certificate may be purchased and held by any of the followingpersons or by any two or more such persons jointly, that is tosay—

(a) any person who has attained the age of seven years and who isnot under any legal disability otherwise than by reason of his age;

(b) a friendly society;

(c) any other body of persons which the Director of Savings may in hisdiscretion approve for the purpose, either generally or with respect toany particular purchase.

(2) Subject to the provisions of these Regulations, a certificate may bepurchased—

(a) on behalf of and in the name of any person or persons entitledunder paragraph (1) of this regulation to purchase and hold acertificate, by any other person or persons;

(b) on behalf of and in the name of a person or persons under the ageof seven years, by any other person or persons; and

(c) on behalf of and in the name of a mentally disordered person, byhis receiver;

and any certificate so purchased shall be deemed to be held by theperson or persons on whose behalf it is purchased:

• Provided that no certificate shall be purchased under sub-paragraph(a) of this paragraph by any person or persons on behalf of any body ofpersons (other than a friendly society), whether corporate orunincorporate, without the approval of the Director of Savings, whichapproval may be either general or limited to a particular purchase.

(3) Subject to the provisions of these Regulations, a certificate may beeither—

(a) purchased and held by a trustee or by two or more trusteesjointly; or

(b) purchased by a person or persons acting as trustee on behalfof—

(i) any person or persons entitled under sub-paragraph (a) of paragraph(1) of this regulation to purchase and hold a certificate; or

(ii) any person or persons under the age of seven years,

and in the joint names of the trustee or trustees and the beneficiaryor beneficiaries, in which case the certificate shall be held by themjointly:

• Provided that no certificate shall be purchased under sub-paragraph(a) of this paragraph by a trustee or trustees on behalf of any body ofpersons (other than a friendly society), whether corporate orunincorporate, without the approval of the Director of Savings, whichapproval may be either general or limited to a particular purchase.

(4) Where a certificate is purchased and held by a trustee or trusteesunder sub-paragraph (a) of paragraph (3) of this regulation, he or theymay be described in the records kept by the Director of Savings astrustee or trustees of a specified trust or as a trustee or trusteeswithout specifying a trust.

(5) Where a certificate has been purchased on behalf of a person whowas, at the date of the purchase, under the age of seven years, theDirector of Savings may, at any time after that person has attained theage of seven years, require a specimen of his signature.

(6) Part I of Schedule 1 shall apply in relation to index-linkedcertificates issued before 7th September 1981.

Maximum holding of certificates

5.—(1) A person shall not purchase any certificates, or hold anycertificates purchased on his behalf under regulation 4(2) or paragraph2 of Part I of Schedule 1, if the total number of units which will beheld by him immediately after the purchase (whether solely or jointlywith any person) will exceed—

(a) in the case of index-linked certificates issued after 30th June1985, the number of units specified by or in accordance with theprospectus relating to such certificates as the maximum number of unitsof that description of certificate (and such prospectus may provide thatdifferent maximum numbers shall apply in different circumstances) whichmay be held by any one person, and

(b) in the case of certificates, not being index-linked certificates,issued after 25th September 1985, the number of units specified by or inaccordance with the prospectus relating to such certificates as themaximum number of units of that description of certificate (and suchprospectus may provide that different maximum numbers shall apply indifferent circumstances) which may be held by any one person, and

(c) in the case of any other certificates the number of units specifiedin Part II of Schedule 1 in relation to those certificates.

(2) For the purposes of this regulation, a person who is a trustee orwho holds certificates as a beneficiary jointly with a trustee shall betreated separately in his personal capacity and in his capacity astrustee and in his capacity as such beneficiary, and in either of thelast two capacities separately in respect of each separate trust fund;and so much of the property in the hands of a trustee shall be treatedas a separate trust fund as is held on trusts which (as respects thebeneficiaries or their respective interests or the purposes of the trustor as respects the powers of the trustee) are not identical with thoseon which other property in his hands is held.

(3) Paragraph (1) above shall not apply to the transfer of a certificateto a person in accordance with regulation 13(7) below, but in relationto any subsequent purchase by him or on his behalf certificates sotransferred shall be included for the purpose of calculating the numberof units he holds.

(4) For the purposes of this regulation, each holding of certificates inthe name of the Accountant General of the Supreme Court shall be treatedseparately.

(5) In calculating for the purposes of this regulation the total numberof units which a person holds, a multiple certificate shall be taken tobe such number of unit certificates as is represented by the multiplecertificate, but no account shall be taken of any certificate which thatperson holds and which—

(a) was purchased by him or on his behalf out of moneys payable tohim on account of a gratuity in respect of service in the1914—1918 war and formed part of a special issue made inconnection with war service gratuities, or

(b) has been acquired by him—

(i) as a member of a savings group working under the rules of theProvident Scheme of the National Savings Committee for England and Walesor of the National Savings Committee for Scotland, or

(ii) under the Pensioners' Savings Scheme of the Department ofSocial Security.