S.I. 2015/623.

Section 4 was amended by the Finance Act 1982 (c. 39) section 151, Schedule 20, paragraph 3 and section 152(1).

Reg. 56 in force at 6.4.2015, see reg. 1(1)

Reg. 57 in force at 6.4.2015, see reg. 1(1)

Reg. 58 in force at 6.4.2015, see reg. 1(1)

Reg. 59 in force at 6.4.2015, see reg. 1(1)

Reg. 60 in force at 6.4.2015, see reg. 1(1)

http://www.legislation.gov.uk/uksi/2015/624/part/5/chapter/1The National Savings (No. 2) Regulations 2015enNATIONAL DEBT2023-04-04Statute Law Database2015-04-06The National Savings Bank Act 1971 (“the 1971 Act”) and the National Debt Act 1972 (“the 1972 Act”) create the current statutory framework for the operation of the National Savings and Investment Bank and the Director of Savings. The Director of Savings, a statutory office-holder, carries on the business of the National Savings Bank under section 1 of the 1971 Act, principally providing a range of investment accounts which are subject to the 1971 Act and secondary legislation made under that Act (consolidated in the contemporaneously laid National Savings Regulations 2015). Under section 11 of the 1972 Act the Treasury raises money under the National Loans Act 1968 under the auspices of the Director of Savings. Section 1(1) of the 1972 Act provides that the Treasury may appoint a person to be Director of Savings and “the functions of the Director shall include those conferred on him by this Act”. The Director raises money, therefore, by issuing products such as Premium Bonds, subject to the 1972 act and secondary legislation made under that Act.PART 5Children’s savings certificatesCHAPTER 1Issue and purchase of certificates56Issue, purchase and recording of children’s certificates1

Children’s certificates may be issued in the form required, at the places determined, and by the persons authorised, by the Director of Savings.

2

An application to purchase a children’s certificate must be made in the approved form, and the applicant must provide any documents or other information required by the Director of Savings.

3

The Director of Savings must record the names of persons who are holders of children’s certificates.

57Persons entitled to purchase and hold certificates1

A children’s certificate may be purchased on behalf of and in the name of a person who has not attained the age of sixteen years by a parent, guardian, grandparent or great-grandparent who has attained the age of sixteen years and who is not under any legal disability.

2

Each children’s certificate shall be deemed to be held by the person on whose behalf it was purchased, but no children’s certificate may be purchased on behalf of or in the name of more than one person.

3

A children’s certificate may not be purchased or held by a person acting as trustee on behalf of another person.

4

A person may not continue to hold a children’s certificate after the end of a term of that certificate which ends both—

a

after 19th September 2012; and

b

at a time when that person has attained the age of sixteen years.

5

The Director of Savings must pay the amount repayable in relation to a children’s certificate to which paragraph (4) applies to a person entitled to receive it by any means.

6

The Director of Savings may require a specimen signature of a person on whose behalf a children’s certificate has been purchased at any time after that person has attained the age of sixteen years.

58Maximum holding of certificates1

A person may not purchase a children’s certificate if the aggregate purchase price of the children’s certificates of that description which would in that event be held by the person on whose behalf it is to be purchased would exceed the maximum set by the terms and conditions applying to that description of children’s certificate, and the aggregate purchase price must be calculated in accordance with those terms and conditions.

2

No person may hold a children’s certificate purchased in contravention of paragraph (1).

59Forfeiture of Children’s Bonus Bonds1

Subject to paragraph (2), where a person—

a

purchases or holds a Children’s Bonus Bond in contravention of regulation 57; or

b

purchases or holds a Children’s Bonus Bond in contravention of regulation 58,

the Children’s Bonus Bond shall, if the Director of Savings directs, be forfeited.

2

Having directed the forfeiture of a Children’s Bonus Bond, the Director of Savings may pay to that person, or credit an account in the name of that person in the National Savings Bank—

a

an amount equal to the aggregate amount of the purchase price of the Children’s Bonus Bonds forfeited; and

b

where a Children’s Bonus Bond was purchased or held in contravention of regulation 57, interest (not exceeding the interest which had accrued immediately before forfeiture) as the Director of Savings may determine; or

c

where a Children’s Bonus Bond was purchased or held in contravention of regulation 58, interest at a rate determined by the Director of Savings on the amount of the purchase price of the Children’s Bonus Bond, being interest calculated in a manner the Director of Savings, with the approval of the Treasury, may direct.

3

For the purposes of this regulation a multiple children’s certificate must be taken to be the number of unit certificates represented by that multiple certificate.

4

For the purposes of—

a

regulation 23 (investment deposits) of the National Savings Regulations 2015 (to the extent it applies); or

b

an Order under section 4 of the 1971 Act (limiting the amount of deposits in the National Savings Bank),

an amount credited to an account under this regulation is not to be counted if directed by the Director of Savings.

5

Notice of any forfeiture must be sent to the person concerned as soon possible, and the Director of Savings may require any documents relating to the Children’s Bonus Bond to be provided for the purpose of giving effect to this regulation.

60Forfeiture of Children’s Bonds1

The Director of Savings may direct that a Children’s Bond be forfeited.

2

The circumstances in which the Director of Savings may make a direction under paragraph (1) include the following—

a

the Children’s Bond was purchased, or is held, otherwise than in accordance with these Regulations; or

b

the Director of Savings reasonably suspects that—

i

the purchaser or the holder (or anyone acting on their behalf) has provided false information; or

ii

the Children’s Bond is being held in connection with an illegal purpose.

3

Where the Director of Savings makes a direction under paragraph (1)—

a

an amount equal to the purchase price must be paid to the holder; and

b

any other amount which was payable under the terms and conditions applying to the Children’s Bond may be paid to the holder as the Director of Savings considers appropriate.

4

The Director of Savings may make a payment under paragraph (3) by any means, which may include crediting the amount to an account in the name of the holder in the National Savings Bank.

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Section 4 was amended by the Finance Act
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<portionBody eId="body" period="#period1">
<part eId="part-5" period="#period1">
<num>PART 5</num>
<heading>Children’s savings certificates</heading>
<chapter eId="part-5-chapter-1" period="#period1">
<num>CHAPTER 1</num>
<heading>Issue and purchase of certificates</heading>
<hcontainer name="regulation" eId="regulation-56" period="#period1">
<num>
<noteRef href="#key-104cf625c8adf8f2ce8b5d14487aca88" marker="I1" class="commentary I"/>
56
</num>
<heading>Issue, purchase and recording of children’s certificates</heading>
<paragraph eId="regulation-56-1">
<num>1</num>
<content>
<p>Children’s certificates may be issued in the form required, at the places determined, and by the persons authorised, by the Director of Savings.</p>
</content>
</paragraph>
<paragraph eId="regulation-56-2">
<num>2</num>
<content>
<p>An application to purchase a children’s certificate must be made in the approved form, and the applicant must provide any documents or other information required by the Director of Savings.</p>
</content>
</paragraph>
<paragraph eId="regulation-56-3">
<num>3</num>
<content>
<p>The Director of Savings must record the names of persons who are holders of children’s certificates.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-57" period="#period1">
<num>
<noteRef href="#key-b5d13110678b85e2cf0c38eae0d3f49d" marker="I2" class="commentary I"/>
57
</num>
<heading>Persons entitled to purchase and hold certificates</heading>
<paragraph eId="regulation-57-1">
<num>1</num>
<content>
<p>A children’s certificate may be purchased on behalf of and in the name of a person who has not attained the age of sixteen years by a parent, guardian, grandparent or great-grandparent who has attained the age of sixteen years and who is not under any legal disability.</p>
</content>
</paragraph>
<paragraph eId="regulation-57-2">
<num>2</num>
<content>
<p>Each children’s certificate shall be deemed to be held by the person on whose behalf it was purchased, but no children’s certificate may be purchased on behalf of or in the name of more than one person.</p>
</content>
</paragraph>
<paragraph eId="regulation-57-3">
<num>3</num>
<content>
<p>A children’s certificate may not be purchased or held by a person acting as trustee on behalf of another person.</p>
</content>
</paragraph>
<paragraph eId="regulation-57-4">
<num>4</num>
<intro>
<p>A person may not continue to hold a children’s certificate after the end of a term of that certificate which ends both—</p>
</intro>
<subparagraph eId="regulation-57-4-a">
<num>a</num>
<content>
<p>after 19th September 2012; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-57-4-b">
<num>b</num>
<content>
<p>at a time when that person has attained the age of sixteen years.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-57-5">
<num>5</num>
<content>
<p>The Director of Savings must pay the amount repayable in relation to a children’s certificate to which paragraph (4) applies to a person entitled to receive it by any means.</p>
</content>
</paragraph>
<paragraph eId="regulation-57-6">
<num>6</num>
<content>
<p>The Director of Savings may require a specimen signature of a person on whose behalf a children’s certificate has been purchased at any time after that person has attained the age of sixteen years.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-58" period="#period1">
<num>
<noteRef href="#key-27eacb8c4d9ecf0555c47f294b4fbd24" marker="I3" class="commentary I"/>
58
</num>
<heading>Maximum holding of certificates</heading>
<paragraph eId="regulation-58-1">
<num>1</num>
<content>
<p>A person may not purchase a children’s certificate if the aggregate purchase price of the children’s certificates of that description which would in that event be held by the person on whose behalf it is to be purchased would exceed the maximum set by the terms and conditions applying to that description of children’s certificate, and the aggregate purchase price must be calculated in accordance with those terms and conditions.</p>
</content>
</paragraph>
<paragraph eId="regulation-58-2">
<num>2</num>
<content>
<p>No person may hold a children’s certificate purchased in contravention of paragraph (1).</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-59" period="#period1">
<num>
<noteRef href="#key-7bd8d42e5f9920b18a6d4ee09897b2ef" marker="I4" class="commentary I"/>
59
</num>
<heading>Forfeiture of Children’s Bonus Bonds</heading>
<paragraph eId="regulation-59-1">
<num>1</num>
<intro>
<p>Subject to paragraph (2), where a person—</p>
</intro>
<subparagraph eId="regulation-59-1-a">
<num>a</num>
<content>
<p>purchases or holds a Children’s Bonus Bond in contravention of regulation 57; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-59-1-b">
<num>b</num>
<content>
<p>purchases or holds a Children’s Bonus Bond in contravention of regulation 58,</p>
</content>
</subparagraph>
<wrapUp>
<p>the Children’s Bonus Bond shall, if the Director of Savings directs, be forfeited.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-59-2">
<num>2</num>
<intro>
<p>Having directed the forfeiture of a Children’s Bonus Bond, the Director of Savings may pay to that person, or credit an account in the name of that person in the National Savings Bank—</p>
</intro>
<subparagraph eId="regulation-59-2-a">
<num>a</num>
<content>
<p>an amount equal to the aggregate amount of the purchase price of the Children’s Bonus Bonds forfeited; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-59-2-b">
<num>b</num>
<content>
<p>where a Children’s Bonus Bond was purchased or held in contravention of regulation 57, interest (not exceeding the interest which had accrued immediately before forfeiture) as the Director of Savings may determine; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-59-2-c">
<num>c</num>
<content>
<p>where a Children’s Bonus Bond was purchased or held in contravention of regulation 58, interest at a rate determined by the Director of Savings on the amount of the purchase price of the Children’s Bonus Bond, being interest calculated in a manner the Director of Savings, with the approval of the Treasury, may direct.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-59-3">
<num>3</num>
<content>
<p>For the purposes of this regulation a multiple children’s certificate must be taken to be the number of unit certificates represented by that multiple certificate.</p>
</content>
</paragraph>
<paragraph eId="regulation-59-4">
<num>4</num>
<intro>
<p>For the purposes of—</p>
</intro>
<subparagraph eId="regulation-59-4-a">
<num>a</num>
<content>
<p>
regulation 23 (investment deposits) of the National Savings Regulations 2015
<noteRef href="#f00021" class="footnote" marker="21"/>
(to the extent it applies); or
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-59-4-b">
<num>b</num>
<content>
<p>
an Order under section 4 of the
<abbr title="National Savings Bank Act 1971 c. 29" xml:lang="">1971 Act</abbr>
<noteRef href="#f00022" class="footnote" marker="22"/>
(limiting the amount of deposits in the National Savings Bank),
</p>
</content>
</subparagraph>
<wrapUp>
<p>an amount credited to an account under this regulation is not to be counted if directed by the Director of Savings.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-59-5">
<num>5</num>
<content>
<p>Notice of any forfeiture must be sent to the person concerned as soon possible, and the Director of Savings may require any documents relating to the Children’s Bonus Bond to be provided for the purpose of giving effect to this regulation.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-60" period="#period1">
<num>
<noteRef href="#key-3d24383a5ccf3940b3ce3f3255f6cc6f" marker="I5" class="commentary I"/>
60
</num>
<heading>Forfeiture of Children’s Bonds</heading>
<paragraph eId="regulation-60-1">
<num>1</num>
<content>
<p>The Director of Savings may direct that a Children’s Bond be forfeited.</p>
</content>
</paragraph>
<paragraph eId="regulation-60-2">
<num>2</num>
<intro>
<p>The circumstances in which the Director of Savings may make a direction under paragraph (1) include the following—</p>
</intro>
<subparagraph eId="regulation-60-2-a">
<num>a</num>
<content>
<p>the Children’s Bond was purchased, or is held, otherwise than in accordance with these Regulations; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-60-2-b">
<num>b</num>
<intro>
<p>the Director of Savings reasonably suspects that—</p>
</intro>
<clause eId="regulation-60-2-b-i">
<num>i</num>
<content>
<p>the purchaser or the holder (or anyone acting on their behalf) has provided false information; or</p>
</content>
</clause>
<clause eId="regulation-60-2-b-ii">
<num>ii</num>
<content>
<p>the Children’s Bond is being held in connection with an illegal purpose.</p>
</content>
</clause>
</subparagraph>
</paragraph>
<paragraph eId="regulation-60-3">
<num>3</num>
<intro>
<p>Where the Director of Savings makes a direction under paragraph (1)—</p>
</intro>
<subparagraph eId="regulation-60-3-a">
<num>a</num>
<content>
<p>an amount equal to the purchase price must be paid to the holder; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-60-3-b">
<num>b</num>
<content>
<p>any other amount which was payable under the terms and conditions applying to the Children’s Bond may be paid to the holder as the Director of Savings considers appropriate.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-60-4">
<num>4</num>
<content>
<p>The Director of Savings may make a payment under paragraph (3) by any means, which may include crediting the amount to an account in the name of the holder in the National Savings Bank.</p>
</content>
</paragraph>
</hcontainer>
</chapter>
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