Regulation 3 Amendment of the 1972 Regulations

After regulation 2, insert—

“Disapplication of particular regulations to certain accounts

2A.

The following provisions of these Regulations shall not apply to an investment account of any description for which terms and conditions have been set pursuant to section 9A(1) of the National Savings Bank Act 1971—

(a)

regulations 4(3) to 4(5) (inclusive);

(b)

regulations 5 and 6;

(c)

regulations 8 to 19 (inclusive);

(d)

regulations 21 and 25;

(e)

regulations 27 to 29 (inclusive);

(f)

regulations 30 to 33 (inclusive);

(g)

regulations 35 to 38A (inclusive); and

(h)

regulations 42 and 46(2).

Closure of ordinary deposit accounts

2B.

Notwithstanding regulations 16(2), 20, 22(1), 28(2) and 43 below—

(a)

an ordinary account may not be opened after 28th January 2004,

(b)

an ordinary deposit may not be made after 31st July 2004, and

(c)

any withdrawal from an ordinary account after 31st July 2004

must be for the whole amount standing to the credit of the account at the date of withdrawal and any accrued interest that has not been credited to the account.”.