# The FIRST Option Bonds (Exchange of Securities) Rules 2011, Note: Explanatory note


(This note is not part of the Rules)
These Rules prescribe the effect of, and the procedures relating to, the acceptance of an offer to exchange FIRST Option Bonds for Guaranteed Growth Bonds. Holders of FIRST Option Bonds will be deemed to have accepted an offer of exchange made by the Director of Savings unless, prior to the redemption date of their FIRST Option Bonds, those holders have requested either repayment or an exchange for Guaranteed Growth Bonds with a longer term than those offered by the Director of Savings.
An impact assessment has not been produced for these Rules as no impact on the costs of business or the voluntary sector is foreseen.

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