Regulation 9 Payment on withdrawals from individual savings accounts

Regulation 29P^f1 of the Principal Regulations is amended as follows.

At the end of sub-paragraph (1)(a) delete “or”.

At the end of sub-paragraph (1)(b) for “.” substitute “; or”.

After sub-paragraph (1)(b) insert—

“(c)

in cash to the depositor or to the person entitled to make such application.”.

At the end of sub-paragraph 2(a) delete “or”.

At the end of sub-paragraph (2)(b) for “.” substitute “;or”.

After sub-paragraph (2)(b) insert—

“(c)

refuse to permit more than £2,000 to be withdrawn by payment in cash from any one account on any one day.”.

After paragraph (5) insert—

“(5A)

The Director of Savings shall confirm the details of any withdrawal to be made by payment in cash by posting a cash payment advice to the person who made the application for that withdrawal.”.

After paragraph (6) insert—

“(6A)

A withdrawal by cash payment shall not be made until the relevant cash payment advice is presented at the savings bank office named in the cash payment advice by the payee, and any evidence required by the Director of Savings in relation to that withdrawal has been given to the satisfaction of the Director.

(6B) Where a cash payment is made in accordance with paragraph (6A) to a person purporting to be the payee then, notwithstanding that the cash payment advice was presented by some person not being the payee, the making of the payment shall be a full discharge to the Director of Savings for the amount thereof, if it is shown that the payment was made in good faith and without negligence, and that the making of the payment was attributable to some act or omission on the part of the depositor or on the part of the payee.”.