{
  "url": "https://openlegislation.uk/first-option-bonds-exchange-of-securities-rules-2011/article-2",
  "json_url": "https://openlegislation.uk/first-option-bonds-exchange-of-securities-rules-2011/article-2.json",
  "legislation": "uksi/2011/1306",
  "legislation_title": "The FIRST Option Bonds (Exchange of Securities) Rules 2011",
  "legislation_url": "https://openlegislation.uk/first-option-bonds-exchange-of-securities-rules-2011",
  "path": "article/2",
  "kind": "article",
  "number": "2",
  "heading": "Interpretation",
  "text": "In these Rules—\n“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;\n“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;\n“holder” means a person in whose name a FIRST Option Bond is registered in the National Savings Stock Register;\n“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;\n“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.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 12 was amended by the Finance Act 1982 (c. 39), section 152(1), S.I. 2001/1149 and S.I. 2009/1941; there are other amendments but none is relevant; section 12 was extended by the Post Office Act 1969 (c. 48), section 109."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2011/1306/article/2",
    "retrieved_at": "2026-10-29T02:06:35.869805+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}