The Savings Certificates Regulations 1991

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.