Article 4

After article 3B, there shall be inserted the following–

“3C

Subject to the provisions of this Order, it shall not be lawful for the Director of Savings to receive a deposit for crediting to an individual savings account designated as a TESSA only account, or make a credit to such an account, in any case unless the deposit or the credit–

(a)

is an application of the proceeds of a tax-exempt special savings account, not exceeding £9,000 and also not exceeding the total amount deposited in the matured account before it matured; and

(b)

is received by the Director of Savings, in the case of a tax-exempt special savings account maturing on or after 6th April 1999 within the period of six months from the day on which it matured and in the case of such an account maturing on or after 6th January 1999 but before 6th April 1999 (where a follow up account is not opened) within so much of the period of six months from the date of maturity as falls on or after 6th April 1999.”