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Regulation 4 Withdrawals from accounts of minors

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

(1)

An application for the withdrawal of money deposited by, or in the name of, a minor may be made by the minor, if he has attained the age of seven years.

(2)

Upon such application, payment may be made to the minor, and his receipt shall be a good discharge to the trustees for the amount paid to him.

(3)

Where it is proved to the satisfaction of the trustees that any deposits in the name of a minor under the age of seven years are urgently needed for the maintenance, education, or benefit of the minor, or that from any other circumstances it is expedient to do so, the trustees may pay the deposits, or any part thereof, to any person who may satisfy the trustees that he will apply such money for the benefit of the minor, and the receipt of such person shall be a good discharge to the trustees for sums so paid.