National Savings Stock Register (Amendment) (No. 2) Regulations 1989
| Jurisdiction | UK Non-devolved |
| Citation | SI 1989/2046 |
| Year | 1989 |
1989No. 2046
NATIONAL DEBT
The National Savings Stock Register (Amendment) (No. 2)
Regulations 1989
6thNovember1989
7thNovember1989
1stJanuary1990
The Treasury, in exercise of the powers conferred on them by section 3 of the National Debt Act 1972 ( a) and of all other powers enabling them in that behalf, hereby make the following Regulations:
Citation and commencement
1. These Regulations may be cited as the National Savings Stock Register (Amendment) (No. 2) Regulations 1989 and shall come into force on 1st January 1990.
Amendment of principal Regulations
2. The National Savings Stock Register Regulations 1976 ( b)shall be amended as follows:
(a) by the revocation of regulation 23;(b) in regulation 30(1)-(i) in sub-paragraph (b) by the insertion of the words "acquired before 1st January 1990" after the word "stock" and the deletion of the word "and" ;(ii) by the addition after that sub-paragraph of the following sub-paragraphs:"(ba) no dividends or other payments in respect of stock acquired after 31st December 1989 (other than National Savings Income Bonds) shall be paid to a minor who has not attained the age of seven years, otherwise than by means of crediting the amount to an account in his name in a savings bank or by warrant payable as the Director of Savings may think fit to any person who satisfies the Director of Savings that he is a proper person to receive payment;
(bb) no interest on National Savings Income Bonds acquired after 31st December 1989 by a minor who on the date of payment has not attained the age of seven years shall be paid to the minor otherwise than by means of crediting the amount to an approved account in his name, or in the name of any person who satisfies the Director of Savings that he is a proper person to receive payment; and " ;
(c) by the addition after regulation 30(1) of the following paragraph:" (1A) In paragraph (1) above "approved account" means an account in the
(a) 1972 c.65; section 3 was amended by paragraph 19 of Schedule 5 and by Schedule 6 to the Trustee Savings Banks Act 1976 (c.4).
(b) S.I. 1976/2012; the relevant amending instrument is S.I. 1988/1355.
National Savings Bank comprising investment deposits within the meaning of the National Savings Bank Act 1971 ( a) or an account in an authorised institution (within the meaning of the Banking Act 1987 ( b)) or an account in a building society (within the meaning of the Building Societies Act 1986 ( c)). " ;(d) by the...To continue reading
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