Regulation 2 Amendment of principal Regulations

in regulation 7(1), by replacing the words from the beginning to (and including) “and accordingly” with the following:

“Every payment of an amount repayable under an agreement or in respect of a certificate shall be made by crossed warrant unless either the Director of Savings otherwise directs or the applicant for repayment requests that the amount repayable be used to purchase a national savings certificate and the Director of Savings consents thereto; and accordingly in the absence of such direction or request and consent”; and

after regulation 7 by inserting of the following regulation:

“Amount repayable when proceeds reinvested

7A

For the purpose of determining the amount repayable under an agreement or in respect of a certificate where repayment is not made by warrant because the proceeds are used to purchase a national savings certificate, the payment of the amount repayable shall be deemed to be effected on the date entered in the records kept by the Director of Savings as the date of such purchase.”.