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Regulation 43 Unclaimed dividends and redemption moneys

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The Director of Savings shall from time to time pay to the Commissioners sums equal to the aggregate amount of all moneys due on stock which having been entrusted to the Postmaster General or the Director of Savings for payment are unclaimed, other than moneys in respect of which a payment has already been made to the Commissioners under these Regulations or under the Regulations revoked by these Regulations or under any earlier enactment or regulation relating to unclaimed dividends or redemption moneys on stock.

(2)

For the purposes of the last foregoing paragraph any moneys due on stock and not claimed by the persons entitled shall be deemed to be unclaimed if a period of five years, or in the case of redemption moneys two years, has elapsed since the due date, but the Director of Savings may treat any such moneys as unclaimed before the expiration of that period.

(3)

Where the Director of Savings makes a payment under paragraph (1) of this Regulation in respect of any moneys due on stock, and afterwards pays those moneys to the person entitled, the amount paid to the Commissioners in respect of those moneys shall be repaid by them to the Director of Savings.

(4)

Any sums paid to the Commissioners under this Regulation otherwise than in respect of unclaimed redemption moneys shall be placed to their account of unclaimed dividends, and any repayment by them to the Director of Savings under paragraph (3) of this Regulation otherwise than in respect of redemption moneys shall be made out of that account.

(5)

Any sums paid to the Commissioners under this Regulation in respect of unclaimed redemption moneys shall be invested by them in the purchase of such government stock as the Treasury may from time to time direct, and the investments shall be placed to the Commissioners' account of unclaimed redemption moneys with the investments made by virtue of paragraph 6 of Schedule 3 to the Finance Act 1921.

(6)

For the purposes of the last foregoing paragraph the expression “government stock” has the meaning assigned to it by section 15(1) of the National Debt Act 1972.