Regulation 4 Persons entitled to purchase and hold bonds

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

reg. 4(2A) inserted by Premium Savings Bonds 1991
reg. 4 amended by Premium Savings Bonds 1980
reg. 4 amended by Premium Savings Bonds 1981
reg.4 amended by Premium Savings Bonds 1999 reg.2
reg. 4(3)(b) words substituted by Mental Capacity Act 2005 (Transitional and Consequential Provisions) 2007 Sch. 1 para. 5(3)(a)
reg. 4(5)(b) words substituted by Mental Capacity Act 2005 (Transitional and Consequential Provisions) 2007 Sch. 1 para. 5(3)(b)

(1)

A bond may be purchased and held by any person who has attained the age of sixteen years, being a person who is not under any legal disability otherwise than by reason of his age.

(2)

A bond may not be purchased or held by more than one person or by a body of persons, whether corporate or unincorporate.

(3)

Subject to the provisions of these Regulations, a bond may be purchased on behalf of and in the name of a person under the age of sixteen years by his parent or guardian or by any person who satisfies the Director of Savings that he is a proper person to act on behalf of the first mentioned person; and any bond so purchased shall be deemed to be held by the person on whose behalf it is purchased.

(4)

Where a bond has been purchased on behalf of a person who was, at the date of purchase, under the age of sixteen years, the Director of Savings may, at any time after that person has attained the age of sixteen years, require a specimen of his signature.