The Savings Certificates (Amendment) Regulations 2000

Explanatory Note

(This Note is not part of the Regulations)

These Regulations amend the Savings Certificates Regulations 1991 to provide that an application for payment of an amount payable in respect of a National Savings certificate implies authority to the Director of Savings to make payment by such means (if any), other than by warrant, as may be provided for in the terms and conditions subject to which the certificate is held. The amendment ensures that such authority is not terminated by the death of the applicant, but requires the Director not to initiate payment (or, if already initiated, requires him to take any reasonable steps to prevent completion of the payment) if he receives notice that the applicant has died or countermanded the authority. Authority to make payment by warrant is unaffected, except that it is made subject to any such terms and conditions.

Also, the presumption in favour of payment by warrant, which is already disapplied to the extent that the amount payable is used to purchase another certificate or a National Savings Capital Bond, is further disapplied to the extent that the amount payable is used to invest in any other form of National Savings.