# The FIRST Option Bonds (Exchange of Securities) Rules 2011, 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;
“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.

---
Source: https://www.legislation.gov.uk/uksi/2011/1306/article/2 (the official version)
Page: https://openlegislation.uk/first-option-bonds-exchange-of-securities-rules-2011/article-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.