The National Savings Stock Register (Amendment) Regulations 2012
| Jurisdiction | UK Non-devolved |
| Citation | SI 2012/1877 |
| Year | 2012 |
2012 No. 1877
National Debt
The National Savings Stock Register (Amendment) Regulations 2012
Made 16th July 2012
Laid before Parliament 18th July 2012
Coming into force 20th September 2012
The Treasury make the following Regulations in exercise of the powers conferred by section 3 of the National Debt Act 19721.
Citation and commencement
1. These Regulations may be cited as the National Savings Stock Register (Amendment) Regulations 2012 and come into force on 20th September 2012.
Amendments to the National Savings Stock Register Regulations 1976
2. The National Savings Stock Register Regulations 19762are amended as follows.
Amendment to regulation 2
3. In regulation 2 (interpretation), in paragraph (1)—
(a) after the definition of “approved”, insert—
““capital value”, in relation to stock, means—
(a) the nominal value of that stock, plus
(b) any interest or other sum that has accrued in respect of that stock and has been added to its value in accordance with the terms and conditions applying to it;”;
(b) after the definition of “deputy”, insert—
““dividend” means a payment of interest that has accrued in respect of stock;
“fixed interest stock” means stock issued with a term, other than—
(a) stock issued under the name of a Capital Bond, and
(b) stock issued under the name of a Pensioners’ Guaranteed Income Bond;
“new stock” means—
(a) fixed interest stock issued after 19th September 2012, and
(b) fixed interest stock issued before 20th September 2012 for which—
(i) the term which was current on 19th September 2012 has ended, and
(ii) a subsequent term has begun;
“nominal value”, in relation to stock, means the purchase or subscription price of the stock;”; and
(c) after the definition of “stock”, insert—
““term”, in relation to stock, means a specified period of time for which a rate of interest has been fixed for that stock;”.
Omission of references to writing
4. Omit “in writing” in—
(a) regulation 5 (subscription for stock), paragraph (2);
(b) regulation 14 (redemption), paragraph (2);
(c) regulation 15 (transfers), paragraph (1); and
(d) regulation 45 (payments from and into the National Savings Bank), paragraph (1).
Amendment to regulation 8
5. In regulation 8 (limit on total holding of certain stock)—
(a) for paragraphs (1) and (2), substitute—
“1 A person may not purchase or subscribe for stock of any description if the total nominal value of the stock of that description which would be held by that person, if the purchase or subscription were made, would exceed the maximum set by the terms and conditions applying to that description of stock (“the permitted maximum”).
2 For the purposes of paragraph (1), the total nominal value of the stock held by a person is to be calculated in accordance with paragraphs (3), (4) and (4A), and any additional provision made in the terms and conditions applying to that stock.”;
(b) in paragraph (3), for “For the purposes of this Regulation a person”, substitute “A person”; and
(c) for paragraph (4), substitute—
“4 In calculating the total nominal value of stock held by a person, no account shall be taken of stock which that person has acquired under the will of a deceased holder, or by virtue of the death of a holder intestate, or as a nominee under a nomination duly made by a deceased holder.
4A Paragraph (4) does not apply to new stock.”.
Amendment to regulation 9
6. In regulation 9 (forfeiture of stock), after paragraph (2), insert—
“3 This regulation does not apply to new stock.”.
Insertion of regulation 9A
7. After regulation 9, insert—
“Forfeiture of new stock
9A.—(1) The Director of Savings may, if the Director of Savings thinks fit, direct that new stock shall be forfeited.
(2) The circumstances under which the Director of Savings may make a direction under paragraph (1) include the following—
(a)
(a) the new stock was acquired, or is held, otherwise than in accordance with with these Regulations; or
(b)
(b) the Director of Savings reasonably suspects that—
(i) the new stock is being held in connection with an illegal purpose; or
(ii) false information has been provided to the Director of Savings by the holder of the new stock, or by anyone acting on the holder’s behalf.
(3) Where the Director of Savings directs that new stock shall be forfeited under paragraph (1)—
(a)
(a) an amount equal to the nominal value of the new stock shall be payable to the holder; and
(b)
(b) any other amount which was payable under the terms and conditions applying to the new stock may be paid to the holder if the Director of Savings thinks fit.
(4) The Director of Savings may make any payment pursuant to paragraph (3) by such means as the Director of Savings thinks fit, which may include crediting the amount to an account in the name of the holder in the National Savings Bank.”.
Amendment to regulation 10
8. In regulation 10 (issue of certificate and subscription books)—
(a) for the heading, substitute “Certificates, subscription books and records”;
(b) at the beginning of paragraph (1), for “As”, substitute “Subject to paragraph (4), as”;
(c) at the beginning of paragraph (2), for “Where”, substitute “Subject to paragraph (4), where”;
(d) in paragraph (3), for “the certificate”, substitute “any certificate”; and
(e) after paragraph (3), insert—
“4 In respect of new stock, the Director of Savings—
(a) shall not issue a certificate or subscription book; and
(b) need not amend any certificate or subscription book in issue.
5 (a) Where new stock has been registered in the name of any person, the Director of Savings shall promptly make available to that person a record of—
(i) the capital value of that new stock at the time of registration;
(ii) the annual rate of interest applying to that new stock during its current term; and
(iii) the date on which the current term of that new stock will end.
(b) Where new stock, or part of new stock, has ceased to be registered in the name of a person, the Director of Savings shall promptly make available to that person a record of—
(i) the details of the transaction as a result of which that new stock ceased to be registered in the name of that person;
(ii) the capital value of any part of that new stock that continues to be registered in the name of that person immediately after the repayment;
(iii) the annual rate of interest applying during the current term of any part of that new stock that continues to be registered in the name of that person; and
(iv) the date on which the current term of any part of that new stock that continues to be registered in the name of that person will end.”.
Revocation of regulation 12
9. Omit regulation 12 (commission chargeable on purchase or sale of stock).
Amendment to regulation 13
10. In regulation 13 (conversion)—
(a) for “terms of any prospectus relating to the issue of”, substitute “terms and conditions applying to”; and
(b) for “terms of the prospectus”, substitute “terms and conditions”.
Amendment to regulation 21
11. In regulation 21 (dividends)—
(a) for the heading, substitute “Payment of dividends”;
(b) in paragraph (3)—
(i) for “accruing thereon should, as they become due”, substitute “should, as they become payable”; and
(ii) omit “in writing”; and
(c) after paragraph (4), insert—
“5 (a) Paragraph (1) does not apply to stock to which regulation 21B applies.
(b) Paragraph (3) does not apply to new stock.”.
Insertion of regulations 21A and 21B
12. After regulation 21, insert—
“Payment of interest on certain Fixed Rate Savings Bonds
21A.—(1) In this regulation—
“Fixed Rate Savings Bond” means stock issued under the name of a Fixed Rate Savings Bond; and
“relevant election” means an election, made in accordance with the terms and conditions of a Fixed Rate Savings Bond, either—
(a) to receive dividends, or
(b) to have any interest accruing on that Fixed Rate Savings Bond added to its capital value.
(2) A relevant election in force in respect of a Fixed Rate Savings Bond at the end of the term that is current on 19th September 2012, shall, in respect of any subsequent terms, be irrevocable.
(3) Where a relevant election to receive dividends in respect of a Fixed Rate Savings Bond is irrevocable, the dividends shall be paid monthly, in accordance with the procedure for payment of monthly dividends set out in the terms and conditions applying to that Fixed Rate Savings Bond.
(4) Where a relevant election to have interest added to the capital value of a Fixed Rate Savings Bond is irrevocable, the interest shall be added to the capital value annually, in accordance with the procedure for such annual additions of interest set out in the terms and conditions applying to that Fixed Rate Savings Bond.
Accrual of interest
21B.—(1) This regulation applies to—
(a)
(a) fixed interest stock issued after 19th September...
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