National Debt Act 1972
| Jurisdiction | UK Non-devolved |
| Citation | 1972 c. 65 |
| Year | 1972 |
(1) The Treasury may appoint a person to be Director of Savings and the functions of the Director shall include those conferred on him by this Act.(2) Any expenses of the Director of Savings shall, unless required by any Act to be borne in some other manner, be defrayed out of money provided by Parliament.which was established in pursuance of section 1 of the with which, by virtue of section 12(2) of the of which the name was changed from the Post Office register to the National Savings Stock Register by section 108(1) of the (2) The register, . . . (3) Any description of government stock which is not for the time being included in Part I of Schedule 11 to the Finance Act 1942 may be registered in the register.investments in and sales of stock so registered and the receipt and payment of interest thereon;the manner in which and the conditions subject to which stock may be transferred the redemption of stock registered in the register;the commissions and fees payable in respect of dealings in stock registered in the register;the maximum amount of stock which may be registered in the register in any one holding in any one year or at any one time and the exceptions which are to be allowed from any such limits in the case of friendly societies, trade unions or other similar bodies;. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .may apply with such modifications as appear necessary or expedient, to stock registered in the register may direct that all or any of the provisions of the regulations shall, with such modifications as appear necessary or expedient, apply and be deemed always to have applied to stock issued before the date on which the regulations come into force as they apply to stock issued after that date;may contain such consequential and supplemental provisions as appear necessary or expedient for giving full effect to the regulations.(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In the event of the redemption of any government stock, the register may be closed for transfers of stock for not more than one month immediately preceding the redemption date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . of probate or letters of administration granted by any court in the Isle of Man or in any of the Channel Islands having authority to grant the same; orof a certified copy of probate or letters of administration so granted,(2) Where any stock is transferred in pursuance of this section F13the appropriate authority and the National Debt Commissioners shall, notwithstanding the invalidity of or any defect in the probate or letters of administration, be freed, discharged and indemnified from and against all proceedings of any kind whatsoever brought against them by any person whatsoever for or in respect of the transfer of the stock.(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) Subsection (1) of this section shall have effect in its application to Northern Ireland with the substitution of references to Northern Ireland for the references to Great Britain and of a reference to the Minister of Finance for Northern Ireland for the reference to the Commissioners of Inland Revenue.
To continue reading
Request your trial