Article 2 Interpretation

In these Rules—

• “FIRST Option Bond” means any security issued under that name for the purposes of raising money under section 12 of the National Loans Act 1968^f1;

• “Guaranteed Growth Bond” means any security issued under that name for the purposes of raising money under section 12 of the National Loans Act 1968;

• “holder” means a person in whose name a FIRST Option Bond is registered in the National Savings Stock Register;

• “offer” means an invitation made by the Director of Savings to a holder to exchange that holder’s FIRST Option Bonds, and any interest accrued on those FIRST Option Bonds, for Guaranteed Growth Bonds with a term of one year;

• “redemption date” means for any FIRST Option Bond the date notified to the holder of that First Option Bond, in accordance with a notice which may be issued by the Treasury stating that First Option Bonds will not be extended beyond their current terms.