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The Premium Savings Bonds (Amendment No.2) Regulations 1991

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This is the original version (as it was originally made).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.

Explanatory Note

(This note is not part of the Regulations)

These Regulations make a number of minor amendments to the Premium Savings Bonds Regulations 1972. They amend regulation 4 (persons entitled to purchase and hold bonds) by inserting a new paragraph (2A) to make it clear that, except in the circumstances set out in paragraph (3), a bond may not be purchased or held by any person on behalf of another.

The Regulations amend regulation 6 (minimum purchase of bonds) to provide that the holder of a premium bond or a person acting on his behalf may purchase fifty additional bond units by returning unpaid to the Director of Savings a £50 warrant representing payment in respect of the bond other than the sum repayable thereunder, thereby providing a further exception to the general prohibition on purchase of less than one hundred bond units.

The Regulations amend regulation 10(2) (payment in case of mentally disordered persons). The Director of Savings' discretion to make payments in the case of a mentally disordered person for whom no receiver has been appointed is now exercisable only where the Director is satisfied that it is expedient that the sum should be applied for the maintenance or otherwise for the benefit of the holder.

Finally, the Regulations make a minor amendment to regulation 30(2) (obligation of secrecy) consequent on the amendment of section 20 of the Taxes Management Act 1970 (power to call for documents of taxpayers and others) by section 142 of the Finance Act 1989.

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