National Savings Stock Register (Amendment) Regulations 2001
| Jurisdiction | UK Non-devolved |
2001 No. 2616
NATIONAL DEBT
The National Savings Stock Register (Amendment) Regulations 2001
Made 18th July 2001
Laid before Parliament 19th July 2001
Coming into force 9th August 2001
The Treasury, in exercise of the powers conferred on them by section 3 of the National Debt Act 19721and of all other powers enabling them in that behalf, hereby make the following Regulations:
1. These Regulations may be cited as the National Savings Stock Register (Amendment) Regulations 2001 and shall come into force on 9th August 2001.
2. In regulation 22 of the National Savings Stock Register Regulations 19762, (payments by the Director of Savings), for paragraph (1) substitute—
“1 Every payment of an amount payable in respect of any stock shall be made by warrant except to the extent that—
(a) payment is made by any other means in accordance with the terms and conditions subject to which the stock is held,
(b) the Director of Savings otherwise directs, or
(c) an applicant for payment of an amount repayable in respect of any stock requests, and the Director of Savings consents thereto, that all or part of the repayment be used to—
(i) purchase stock or any other description of security issued by the Treasury for the purpose of raising money under the auspices of the Director of Savings, or
(ii) make a deposit with the National Savings Bank.
1A In the absence of a direction or request within paragraph (1), and subject to the terms and conditions subject to which the stock is held, every application for payment of the amount repayable in respect of stock shall be treated as implying an authority to the Director of Savings to—
(a) issue a warrant for that amount and pay it in accordance with the terms of the warrant, or
(b) make payment by such other means (if any) as may be provided for in those terms and conditions.
1B The death of any person who made an application for payment of the amount repayable in respect of stock shall not of itself determine the authority mentioned in paragraph (1A), but if the Director of Savings receives notice that the applicant has died or has countermanded such authority, the Director of Savings—
(a) shall not issue a warrant or, if such a warrant has already been issued, shall take all reasonable steps to stop payment thereof, and
(b) shall not...
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