Regulation 57 Persons entitled to purchase and hold certificatesI1

A children’s certificate may be purchased on behalf of and in the name of a person who has not attained the age of sixteen years by a parent, guardian, grandparent or great-grandparent who has attained the age of sixteen years and who is not under any legal disability.

Each children’s certificate shall be deemed to be held by the person on whose behalf it was purchased, but no children’s certificate may be purchased on behalf of or in the name of more than one person.

A children’s certificate may not be purchased or held by a person acting as trustee on behalf of another person.

A person may not continue to hold a children’s certificate after the end of a term of that certificate which ends both—

The Director of Savings must pay the amount repayable in relation to a children’s certificate to which paragraph (4) applies to a person entitled to receive it by any means.

The Director of Savings may require a specimen signature of a person on whose behalf a children’s certificate has been purchased at any time after that person has attained the age of sixteen years.