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The National Savings Bank (Amendment)Regulations 1991

S.I. 1991/72 · Made 16 January 1991

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

SAVINGS BANKS

Made 16th January 1991

Laid before Parliament 21st January 1991

Coming into force 11th February 1991

The Treasury, in exercise of the powers conferred on them by section 2(1) of the National Savings Bank Act 1971f1, as extended by section 8(1) of that Act, and of all other powers enabling them in that behalf, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1971 c. 29.

Contents

  1. 1Citation and commencement
  2. 2Amendment of principal Regulations
  3. Signature
  4. Explanatory note

1Citation and commencement

These Regulations may be cited as the National Savings Bank (Amendment) Regulations 1991 and shall come into force on 11th February 1991.

2Amendment of principal Regulations

The National Savings Bank Regulations 1972f1 shall be amended by substituting the following for regulation 43 –

“43

For the purpose of section 5 of the National Savings Bank Act 1971f2 (which relates to the calculation of interest on ordinary deposits), and without prejudice to section 7 of that Actf3 (which relates to the withdrawal of deposits), money deposited by way of ordinary deposit and withdrawn under and in accordance with these Regulations shall, where payment is made by warrant, be deemed to have been withdrawn on the date appearing on the warrant, such date to be no earlier than the date on which the warrant is posted.”.

Signature

Irvine Patnick

Sydney Chapman

Two of the Lords Commissioners of Her Majesty’s Treasury

16th January 1991

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the National Savings Bank Regulations 1972. They provide that for the purpose of section 5 of the National Savings Bank Act 1971 (which relates to the calculation of interest on ordinary deposits) money deposited by way of ordinary deposit is deemed to have been withdrawn, where payment is made by warrant, on the date appearing on the warrant; such date to be no earlier than the date the warrant is posted. Previously the Regulations provided that money was deemed to have been withdrawn on the date of issue of the warrant.