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Regulation 7 Transfer of accounts

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

(1)

Subject to paragraph (2), where–

(a)

arrangements are made by an account-holder to transfer an account from one society or institution (“the transferor”) to another society or institution (“the transferee”), or

(b)

an account is transferred in consequence of the transferor ceasing, or ceasing to be entitled, to operate accounts,

the transfer shall have effect and the account shall not be otherwise affected for the purposes of the principal sections and these Regulations by reason of the transfer.

(2)

The transferor shall within 30 days after the date of transfer give the transferee a notice containing the information specified in paragraph (3) and the declaration specified in paragraph (4) and shall supply the transferee with the original written application made by the account-holder for the account to be opened or a certified copy of that application.

(3)

The information specified in this paragraph is–

(a)

as regards the account-holder–

(i)

his full name,

(ii)

his permanent address including postcode,

(iii)

his date of birth, and

(iv)

if he he has one, his national insurance number, and

(b)

as regards the account–

(i)

the number allocated to that account by the transferor,

(ii)

the date of transfer,

(iii)

the date on which the account was opened (whether with the transferor or with any other society or institution which previously operated the account),

(iv)

the total of all amounts deposited in, or subscribed for shares in connection with, the account since it was opened,

(v)

the total of all amounts of interest, dividend and bonus paid or credited to the account since it was opened,

(vi)

the total of all amounts deposited in, or subscribed for shares in connection with, the account in the period beginning with the last anniversary of the opening of the account before the date of transfer and ending with the date of transfer,

(vii)

the amount of interest, dividend and bonus paid or credited to the account which was not available for withdrawal at the date of transfer, and

(viii)

the amount which was available for withdrawal at that date.

(4)

The declaration specified in this paragraph is a declaration by the transferor that–

(a)

the total of all amounts withdrawn from the account in the period beginning with the date on which it was opened and ending with the date of transfer, together with any fee payable to the transferor in connection with the transfer which is to be paid out of the account, does not exceed the total of all amounts of interest, dividend and bonus paid or credited to the account in that period after deducting income tax from each such amount at the basic rate when it was paid or credited;

(b)

the account-holder has not assigned any rights to the account nor used such rights as security for a loan;

(c)

the information contained in the notice is to the best of its knowledge correct and that it has fulfilled all its obligations to the account-holder.