Regulation 5 Maximum holding of certificates
A person shall not purchase any certificates, or hold anycertificates purchased on his behalf under regulation 4(2) or paragraph2 of Part I of Schedule 1, if the total number of units which will beheld by him immediately after the purchase (whether solely or jointlywith any person) will exceed—
in the case of index-linked certificates issued after 30th June1985, the number of units specified by or in accordance with theprospectus relating to such certificates as the maximum number of unitsof that description of certificate (and such prospectus may provide thatdifferent maximum numbers shall apply in different circumstances) whichmay be held by any one person, and
in the case of certificates, not being index-linked certificates,issued after 25th September 1985, the number of units specified by or inaccordance with the prospectus relating to such certificates as themaximum number of units of that description of certificate (and suchprospectus may provide that different maximum numbers shall apply indifferent circumstances) which may be held by any one person, and
in the case of any other certificates the number of units specifiedin Part II of Schedule 1 in relation to those certificates.
For the purposes of this regulation, a person who is a trustee orwho holds certificates as a beneficiary jointly with a trustee shall betreated separately in his personal capacity and in his capacity astrustee and in his capacity as such beneficiary, and in either of thelast two capacities separately in respect of each separate trust fund;and so much of the property in the hands of a trustee shall be treatedas a separate trust fund as is held on trusts which (as respects thebeneficiaries or their respective interests or the purposes of the trustor as respects the powers of the trustee) are not identical with thoseon which other property in his hands is held.
Paragraph (1) above shall not apply to the transfer of a certificateto a person in accordance with regulation 13(7) below, but in relationto any subsequent purchase by him or on his behalf certificates sotransferred shall be included for the purpose of calculating the numberof units he holds.
For the purposes of this regulation, each holding of certificates inthe name of the Accountant General of the Supreme Court shall be treatedseparately.
In calculating for the purposes of this regulation the total numberof units which a person holds, a multiple certificate shall be taken tobe such number of unit certificates as is represented by the multiplecertificate, but no account shall be taken of any certificate which thatperson holds and which—
was purchased by him or on his behalf out of moneys payable tohim on account of a gratuity in respect of service in the1914—1918 war and formed part of a special issue made inconnection with war service gratuities, or
has been acquired by him—
as a member of a savings group working under the rules of theProvident Scheme of the National Savings Committee for England and Walesor of the National Savings Committee for Scotland, or
under the Pensioners' Savings Scheme of the Department ofSocial Security.