Payments to minors under sixteen years of ageU.K.
8.—(1) Where a bond is held by a minor under the age of sixteen years, no payment may be made to the minor in relation to the bond.
(2) A payment of the amount repayable, or any other amount payable, in relation to a bond held by a minor under the age of sixteen years must be made to, and on the application of—
(a)the person who purchased the bond on behalf of the minor, unless the purchaser was a grandparent;
(b)the parent or guardian of the minor designated for this purpose by the purchaser in the application to purchase the bond, if the purchaser was a grandparent; or
(c)any other person who the Director of Savings is satisfied is a proper person to receive payment,
as the Director of Savings considers appropriate.
Commencement Information
I1Reg. 8 in force at 6.4.2015, see reg. 1(1)