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The Premium Savings Bonds Regulations 1972

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This is the original version (as it was originally made). This item of legislation is currently only available in its original format. The electronic version of this UK Statutory Instrument has been contributed by Westlaw and is taken from the printed publication. Read more

ISSUE AND PURCHASE OF BONDS

Issue, purchase and registration of bonds

3.—(1) Bonds shall be issued at such places as the Director of Savings shall determine and by such persons as he shall authorise.

(2) An application to purchase a bond shall be made in a manner approved by the Director of Savings, and, for the purposes of any such application, the applicant shall deliver to the Director of Savings such documents and other information in writing as he may require.

(3) The Director of Savings shall cause such entries to be made in a register kept by him as are necessary to show the names of the holders of bonds.

(4) A bond shall not be transferable.

Persons entitled to purchase and hold bonds

4.—(1) A bond may be purchased and held by any person who has attained the age of sixteen years, being a person who is not under any legal disability otherwise than by reason of his age.

(2) A bond may not be purchased or held by more than one person or by a body of persons, whether corporate or unincorporate.

(3) Subject to the provisions of these Regulations, a bond may be purchased on behalf of and in the name of a person under the age of sixteen years by his parent or guardian or by any person who satisfies the Director of Savings that he is a proper person to act on behalf of the first mentioned person; and any bond so purchased shall be deemed to be held by the person on whose behalf it is purchased.

(4) Where a bond has been purchased on behalf of a person who was, at the date of purchase, under the age of sixteen years, the Director of Savings may, at any time after that person has attained the age of sixteen years, require a specimen of his signature.

Maximum holding of bonds

5.—(1) A person shall not purchase any bond or hold any bond purchased on his behalf if the total number of unit bonds which will be held by him immediately after the purchase will exceed 2,000.

(2) In calculating for the purpose of this Regulation the total number of unit bonds which a person holds, a multiple bond shall be taken to be such a number of unit bonds as is represented by the multiple bond.

Minimum purchase of bonds

6.  Not less than two unit bonds shall be purchased in the name of any one person at any one time.

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