Regulation 4 Conditions for making investment deposits pursuant to telephone instructionsI1

The 1972 Regulations are amended as follows.

After regulation 28(5) insert—

“(6)

28(6) A deposit may be made to an investment deposit account pursuant to instructions given by telephone if that deposit is made in a manner approved by the Director and it is the first deposit made to that account.”.

For regulation 42(2B)^f1 substitute:

“(2B)

For the purposes of this regulation:

(a)

a first deposit made pursuant to instructions given in accordance with regulation 28(6) above; and

(b)

a deposit made pursuant to instructions given by the authorised telephone procedure, in accordance with regulation 29N(d) above,

shall be deemed to have been made on the day when the instructions are accepted by the Director of Savings.”.