{
  "url": "https://openlegislation.uk/national-savings-no-2-regulations-2015/regulation-7",
  "json_url": "https://openlegislation.uk/national-savings-no-2-regulations-2015/regulation-7.json",
  "legislation": "uksi/2015/624",
  "legislation_title": "The National Savings (No. 2) Regulations 2015",
  "legislation_url": "https://openlegislation.uk/national-savings-no-2-regulations-2015",
  "path": "regulation/7",
  "kind": "regulation",
  "number": "7",
  "heading": "Making payments",
  "text": "(1) Each payment in relation to a bond must be made by crossed warrant except to the extent that—\n(a) payment is made by other means in accordance with the terms and conditions under which the bond is held;\n(b) the Director of Savings directs otherwise; or\n(c) the applicant requests that all or part of the amount be used to—\n(i) purchase another bond or another description of security issued by the Treasury for the purpose of raising money under the auspices of the Director of Savings; or\n(ii) make a deposit in the National Savings Bank,\nand the Director of Savings consents.\n(2) In the absence of a direction or request otherwise under paragraph (1), each application for payment must be treated as authority for the Director of Savings—\n(a) to issue a crossed warrant for the amount and pay it in accordance with the terms of the warrant; or\n(b) to make payment by other means as provided for in those terms and conditions.\n(3) The death of a person who has made an application for payment 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—\n(a) not issue a warrant or initiate payment by other means; or\n(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.\n(4) Where payment is made in relation to a bond the payment of the amount is deemed to happen on the date on the warrant, for the purpose of determining whether any other amount is payable in relation to that bond.\n(5) A payment by electronic transfer which is made—\n(a) in accordance with the terms and conditions applicable to a bond; and\n(b) to the bank or building society account specified in the application for payment,\nis deemed to be a payment made to a person entitled to receive payment in relation to that bond.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 7 in force at 6.4.2015, see reg. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2015/624/regulation/7",
    "retrieved_at": "2026-10-28T23:43:25.941611+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}