# The National Savings Stock Register Regulations 1976, Regulation 38: Operation of nomination


(1) Subject to the provisions of these Regulations, on the death of a nominator, the Director of Savings shall, as the nominee or nominees may require, register the nominee or nominees or such other person as he or they may direct as the holder or holders of the stock which is the subject of the nomination, or pay any amount payable in respect of such stock to the nominee or nominees or such other person as aforesaid:
Provided that—
(a) where it appears to the Director of Savings that the estate of the nominator, apart from the stock nominated, is insufficient to meet the funeral expenses or satisfy the claim of any creditor of which the Director of Savings has notice (including, in a case where the nominator was domiciled in Scotland, claims under the Succession (Scotland) Act 1964 and in respect of jus relicti, jus relictae or ligitim), he may, if he thinks fit, register any person who has paid such funeral expenses or the creditor, as the case may be, as the holder of the stock or any part thereof, or pay any amount payable in respect of the stock or any part thereof to him, in or towards satisfaction of his claims;
(b) if, on the death of a nominator, any nominee is under the age of sixteen years, the Director of Savings shall not register him, or any other person at his request, as the holder of the stock, or make any payment in respect of the stock to him or at his request, otherwise than by means of crediting the amount of any dividends accruing due thereon to an account in a savings bank, until he attains that age, but may—
(i) if it is shown to the satisfaction of the Director of Savings that it is expedient that any amount payable in respect of the stock or any part thereof should be paid and applied for the maintenance or otherwise for the benefit of that nominee, pay the said amount or any part thereof to any person who satisfies the Director of Savings that he will apply it for such purposes as aforesaid; or
(ii) at the request of the nominee, in the event of an offer of exchange being made in respect of any of the stock nominated to him, exchange the stock for new stock, which shall then be treated as if it were the stock which was the subject of the nomination;
(c) a witness to the signature of the nominator shall not be entitled to take any benefit under the nomination.
(2) Where a nominee dies after the death of the nominator, but before he has been registered as the holder of the stock, or a payment has been made to him, in accordance with the terms of the nomination, the Director of Savings shall, subject to the provisions of these Regulations, register the nominee as such holder in the same manner as if he had not died, and, where a deceased nominee is registered as the holder of the stock under this paragraph, he shall be deemed to have been so registered immediately before the date of his death.
(3) Notwithstanding any rule of law to the contrary, any nominee to whom a payment may be made under this Regulation may sign a receipt therefor if he has attained the age of sixteen years, and the receipt shall be a valid receipt without the signature of any other person.

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Source: https://www.legislation.gov.uk/uksi/1976/2012/regulation/38 (the official version)
Page: https://openlegislation.uk/national-savings-stock-register-regulations-1976/regulation-38
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.