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3.—(1) Where the Director of Savings has made an offer in respect of a FIRST Option Bond, the holder is deemed to have accepted that offer on the redemption date.
(2) Paragraph (1) does not apply where, prior to the redemption date, the Director of Savings receives from the holder—
(a)a request for repayment in respect of the FIRST Option Bond, made in a manner approved by the Director of Savings; or
(b)a request that the FIRST Option Bond be exchanged for Guaranteed Growth Bonds with a term longer than one year, made in a manner approved by the Director of Savings.
(3) Where a FIRST Option Bond is held jointly, the requests mentioned in paragraph (2) must be made by both joint holders.
(4) Where a FIRST Option Bond is held by a body corporate, the requests mentioned in paragraph (2) must be—
(a)affixed with the common seal of that body corporate; or
(b)signed by two authorised signatories of that body corporate.
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