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The National Savings (No. 2) Regulations 2015

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This is the original version (as it was originally made).

Forfeiture of Children’s Bonds

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60.—(1) The Director of Savings may direct that a Children’s Bond be forfeited.

(2) The circumstances in which the Director of Savings may make a direction under paragraph (1) include the following—

(a)the Children’s Bond was purchased, or is held, otherwise than in accordance with these Regulations; or

(b)the Director of Savings reasonably suspects that—

(i)the purchaser or the holder (or anyone acting on their behalf) has provided false information; or

(ii)the Children’s Bond is being held in connection with an illegal purpose.

(3) Where the Director of Savings makes a direction under paragraph (1)—

(a)an amount equal to the purchase price must be paid to the holder; and

(b)any other amount which was payable under the terms and conditions applying to the Children’s Bond may be paid to the holder as the Director of Savings considers appropriate.

(4) The Director of Savings may make a payment under paragraph (3) by any means, which may include crediting the amount to an account in the name of the holder in the National Savings Bank.

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