Regulation 10 Repayment in case of certificate held by persons jointly

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

reg. 10(1) words inserted by Savings Certificates 2012 reg. 13(a)
reg. 10(1)(a) words substituted by Mental Capacity Act 2005 (Transitional and Consequential Provisions) 2007 Sch. 1 para. 17(5)(a)
reg. 10(1)(a) words substituted by Mental Capacity Act 2005 (Transitional and Consequential Provisions) 2007 Sch. 1 para. 17(5)(b)
reg. 10(1A)(1B) inserted by Savings Certificates 2012 reg. 13(b)
reg. 10(2) words inserted by Savings Certificates 2012 reg. 13(c)

(1)

Application for payment of the amount repayable in respect of acertificate held in the names of two or more persons as joint holdersshall be made by all those persons or, in the case of the death of oneor more of them, by the survivors:

Provided that—
1. (a)
  
  where one of any joint holders of a certificate, being atrustee for the other or others of them, becomes bankrupt or a mentallydisordered person, the application may be made by the other or others ofthem without the concurrence of the trustee in bankruptcy or thereceiver, if any, and the Director of Savings, if he thinks fit, may,without any such concurrence, pay the amount repayable in respect of thecertificate in the same manner as if the trustee in question were notone of the holders of the certificate; and
2. (b)
  
  where one of any joint holders of a certificate is the PublicTrustee, the application may be made by him alone and the Director ofSavings shall pay the amount repayable in respect of the certificate tothe Public Trustee alone.

(2)

The joint holders of a certificate may authorise any person,including one of themselves, to act as their agent for the purpose ofreceiving on their behalf any amount repayable in respect of thecertificate.