The Savings Certificates Regulations 1991

Payments into National Savings Bank

19.—(1) Where the Director of Savings is unable for any reason to obtain avalid discharge for any payment falling to be made to any person inrespect of a certificate, he may, unless other provision for dealingwith the payment has been made by any enactment, open an account in theNational Savings Bank in the name of the person to whom the payment isdue, and may, until payment can be made to the person entitled thereto,retain the amount due in that account:

• Provided that—

  (a)

  if the person to whom the payment is due has an account in theNational Savings Bank, the Director of Savings may, if he thinks fit,instead of opening a new account, credit the amount payable to theexisting account; and

  (b)

  in the case of an account opened by the Director ofSavings—

  (i)

  no sum shall be received by way of deposit for the credit of theaccount except in pursuance of these Regulations; and

  (ii)

  the regulations requiring a declaration to be made by adepositor in the National Savings Bank shall not apply with respect toany payment into the account by the Director of Savings.

(2) For the purpose of any Order under section 4 of the National SavingsBank Act 1971(1) (which empowers the Treasury by order to limit theamount of deposits in the National Savings Bank) or any Order havingeffect as if made under that section, regard shall not be had to any sumcredited to an account under this regulation.

(1)

1971 c. 29; section 4 was amended by paragraph 3 ofSchedule 20 to the Finance Act 1982 (c. 39).