http://www.legislation.gov.uk/uksi/2015/624/regulation/19The National Savings (No. 2) Regulations 2015enNATIONAL DEBT2023-04-04Statute Law Database2015-04-06 The 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 3The National Savings Stock RegisterCHAPTER 1Subscription, purchase and sale of stockForfeiture of new stock 19 1 The Director of Savings may direct that new stock be forfeited. 2 The circumstances in which the Director of Savings may make a direction under paragraph (1) include the following— a the new stock was acquired, or is held, otherwise than in accordance with these Regulations; or b the Director of Savings reasonably suspects that— i the holder (or anyone acting on the holder’s behalf) has provided false information; or ii the new stock 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 nominal value of the new stock must be paid to the holder; and b any other amount which was payable under the terms and conditions applying to the new stock 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. Reg. 19 in force at 6.4.2015, see reg. 1(1)
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<Number>PART 3</Number>
<Title id="p00344">The National Savings Stock Register</Title>
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<Title>Forfeiture of new stock</Title>
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19
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<Text>The Director of Savings may direct that new stock be forfeited.</Text>
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<Text>The circumstances in which the Director of Savings may make a direction under paragraph (1) include the following—</Text>
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<Text>the new stock was acquired, or is held, otherwise than in accordance with these Regulations; or</Text>
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<Text>Where the Director of Savings makes a direction under paragraph (1)—</Text>
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<Text>an amount equal to the nominal value of the new stock must be paid to the holder; and</Text>
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<Pnumber>4</Pnumber>
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<Text>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.</Text>
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Reg. 19 in force at 6.4.2015, see
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