The National Savings (No. 2) Regulations 2015

CHAPTER 4 Joint holders and trustees

Joint holders of stock

33.—(1) An application in relation to stock registered in the names of two or more persons as joint holders must be made by all those persons or by the survivors.

(2) Where stock is registered in the names of two or more persons as joint holders, the Director of Savings may, unless other arrangements have been made in accordance with these Regulations, pay dividends and issue certificates, subscription books, records or correspondence relating to that stock to the holder whose name appears first in the register.

(3) A receipt given for a dividend by one of two or more joint holders of stock shall, unless notice in writing to the contrary has been received by the Director of Savings from another joint holder, be a full discharge to the Treasury and to the Director of Savings for payment of that dividend.

Power of joint holders to act without unanimity

34.—(1) Subject to paragraph (3), in relation to stock registered in the names of three or more holders, where an application is made by them in relation to that stock—

(a) all things required to be done; or

(b) any authority required for the payment of dividends,

may be done and given by a majority of the persons who are holders at the date when the application is made, or by a majority of the survivors.

(2) Subject to paragraph (4), in relation to new stock registered in the names of two or more persons who hold it otherwise than as trustees, all those persons, or the survivors, may make an application authorising one of them to—

(a) do things required to be done; or

(b) give authority for the payment of dividends.

(3) The power of joint holders of stock to act by majority under paragraph (1) does not extend to making an application under paragraph (2).

(4) The power of a holder of new stock to act on behalf of other joint holders under paragraph (2) does not extend to making an application under paragraph (1).

(5) An application under this regulation must be made in the approved form.

(6) A person registered as a holder of stock in relation to which an application has been made under this Regulation may revoke that application by giving notice to the Director of Savings in the approved form, which shall take effect on receipt of the notice.

Application by holders of stock to be described in register as trustees

35.—(1) A holder of stock, or a person into whose name stock is to be transferred, may apply to be described in the register in relation that stock as a trustee, and the Director of Savings must make the necessary entries in the register and in any other document, whether or not the trust is identified in the application.

(2) But the Director need not make any such entry where the stock in question is not stock of a kind that may be held on trust.

(3) An application must be made in the approved form, together with any related certificate or subscription book.

(4) Except as provided for in paragraph (1), no notice of any charge, trust or other equitable interest can be received by the Director of Savings in relation to stock.

(5) The Director of Savings, or a person acquiring an interest in stock, shall not be affected with notice of—

(a) a trust;

(b) the fiduciary character of a holder; or

(c) a fiduciary obligation attaching to the holding of stock,

by reason of an entry in the register in relation to any stock or any holder, or of anything in any document relating to stock.