The Premium Savings Bonds Regulations 1972

Indemnity of Treasury, Director of Savings and officers

26.—(1) The Treasury, the Director of Savings and any person acting under his authority shall not be liable in respect of any payment duly made or act duly done in accordance with these Regulations, and any such payment shall, subject to the provisions of these Regulations for saving the rights of third parties, be deemed to have been a valid payment, and the receipt of the person to whom the money was paid shall be a full discharge to the Treasury and the Director of Savings for the amount of the payment.

(2) Where a warrant for payment of the sum repayable, or any other sum payable, in respect of a bond is issued payable to some person being neither the holder of the bond nor a person otherwise entitled under these Regulations to receive payment in respect thereof, then, if it is shown that—

(a) the warrant was issued in good faith and without negligence; and

(b) the issue of the warrant to that person is attributable to some act or omission on the part of the holder or a person so entitled;

the warrant shall, subject to the provisions of these Regulations for saving the rights of third parties, be deemed to have been duly issued to a person so entitled.