Regulation 32 Authority for payment to third partyI1
United Kingdom
This regulation applies to payments in relation to stock by warrants (under regulation 30).
The authority for a person other than the person named in a warrant to receive payment must be either—
a power of attorney duly executed in the presence of a witness; or
an authority in the approved form, or a letter, signed in the presence of a person authorised for that purpose by the Director of Savings (but the Director of Savings may dispense with the requirement for a signature).
An authority or letter may be signed by a minor having attained the age of sixteen years, which shall be as valid and binding as if the minor had reached the age of majority.
In relation to new stock—
paragraph (2) does not apply; and
a holder may, subject to the approval of the Director of Savings, make an application in the approved form authorising any person to apply for, or receive, a payment.
If the conditions in paragraph (6) are satisfied in relation to a holder of a National Savings Income Bond, paragraph (3) has effect as if the reference to “sixteen years” were a reference to “seven years”.
The conditions are that—
an application to subscribe for National Savings Income Bonds was received by the Director of Savings in the approved form before 6th April 2013; and
the holder attained the age of seven years before 6th April 2013.
Annotations
Commencement
- I1
Reg. 32 in force at 6.4.2015, see reg. 1(1)