The Savings Certificates Regulations 1991

Operation of nomination

6.—(1) On the death of any nominator, the Director of Savings shall, as thenominee or nominees may require, either pay the amount repayable inrespect of the certificates which are the subject of the nomination tohim or them, or as he or they may direct, or transfer such certificatesto him or them:

• Provided that—

  (a)

  a nominee shall not be entitled under this paragraph to haveany certificates transferred to him unless he is entitled underparagraph (1) or (2) of regulation 4 or Part I of Schedule 1 to hold acertificate;

  (b)

  the witness to the signature of a nominator shall not be entitledto take any benefit under the nomination;

  (c)

  if, on the death of a nominator, any nominee is under the age ofsixteen years, the Director of Savings shall not make any payment ortransfer any certificate to, or at the request of, that nominee until heattains that age, but may—

  (i)

  if it is shown to the satisfaction of the Director of Savingsthat it is expedient that the said amount or any part thereof should bepaid and applied for the maintenance or otherwise for the benefit ofthat nominee, pay the said amount or that part thereof to any person whosatisfies the Director of Savings that he will apply it for suchpurposes as aforesaid; or

  (ii)

  at the request of the nominee, re-invest the said amount orany part thereof in new certificates, which shall then be treated as ifthey were the certificates which were the subject of the nomination;

  (d)

  where it appears to the Director of Savings that the estate of thenominator, apart from the certificates nominated, is insufficient tomeet the funeral expenses or satisfy any claims of creditors of thenominator of which the Director of Savings has notice (including, in acase where the nominator was domiciled in Scotland, claims under theSuccession (Scotland) Act 1964(1) and in respect of jus relicti, jus relictae or legitim),he may, if he thinks fit, apply the amount repayable in respect of thecertificates, or any part thereof, in or towards payment of such funeralexpenses or in or towards satisfaction of the claim of any person inrespect of such funeral expenses paid by that person or of the claims ofany such creditors.

(2) Where a nominee dies after the death of the nominator, but beforeany sum has been paid, or the certificate has been transferred, to himas nominee, the certificate shall, subject to the provisions of theseRegulations, be deemed to have been transferred to the nomineeimmediately before the date of his death.

(3) Notwithstanding any rule of law to the contrary, any nominee to whoma payment may be made under this paragraph may sign a receipt thereforif he has attained the age of sixteen years, and the receipt shall be avalid receipt without the signature of any other person.

(1)

1964 c. 41.