Regulation 47 Making paymentsI1

United Kingdom

(1)

Each payment in relation to a certificate must be made by crossed warrant except to the extent that—

(a)

payment is made by other means in accordance with the terms and conditions under which the certificate is held;

(b)

the Director of Savings directs otherwise; or

(c)

the applicant for the payment requests that all or part of the amount be used to—

(i)

purchase another certificate or another description of security issued by the Treasury for the purpose of raising money under the auspices of the Director of Savings; or

(ii)

make a deposit in the National Savings Bank,

and the Director of Savings consents.

(2)

In the absence of a direction or request otherwise under paragraph (1), and subject to the terms and conditions under which the certificate is held, each application for payment in relation to a certificate must be treated as authority for the Director of Savings—

(a)

to issue a crossed warrant for the amount and pay it in accordance with the terms of the warrant; or

(b)

to make payment by other means as provided for in those terms and conditions.

(3)

The death of a person who has made an application for payment in relation to a certificate shall not of itself terminate the authority (in paragraph (2)), but if the Director of Savings receives notice that the applicant has terminated the authority or has died, the Director of Savings must—

(a)

not issue a warrant or initiate payment by other means; or

(b)

if a warrant has already been issued, or if payment by other means has already been initiated, take reasonable steps to prevent payment being made.

(4)

Except where the Director of Savings directs otherwise, a warrant shall not be paid until the certificate in relation to which the payment is to be made has been delivered to the Director of Savings.

(5)

For the purpose of determining the amount repayable in relation to a certificate, the payment of that amount shall be deemed to happen—

(a)

on the date on the warrant; or

(b)

where the Director of Savings consents to a request under paragraph (1)(c), on the date recorded as the date of purchase of the other certificate or security, or of the deposit.

(6)

Subject to paragraph (7), the date on a warrant shall—

(a)

unless the holder has requested a later date, be not more than 21 days from the date on which the application for payment was received by the Director of Savings; or

(b)

where the holder has requested a later date (under regulation 45(2)), the date on the warrant must be no later than that date, except that the Director of Savings may set a different date (being not more than 10 days after the requested date) if satisfied, having regard to the terms on which the certificate was issued, that setting the different date would be in the interests of the holder.

(7)

If the Director of Savings is satisfied that it is, or was, not practicable to dispatch the warrant in time to enable payment to be made on a date within paragraph (6), then the date on the warrant must be no later than the earliest date by which the Director of Savings is satisfied it would be practicable for the payee to obtain payment (and “payment” shall include paying in the warrant at a bank or other institution).

Annotations

Commencement

I1: Reg. 47 in force at 6.4.2015, see reg. 1(1)