The National Savings Bank Regulations 1972

Indemnity of the Director of Savings and his officers

51.—(1) 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 the National Savings Bank Act 1971 and the Regulations for the time being made thereunder; and any such payment shall, subject to the provisions of these Regulations for saving the rights of third parties, be deemed to be a valid payment.

(2) Without prejudice to the generality of the preceding paragraph, the Director of Savings shall in no case be responsible for the misapplication of any sum payable on a warrant by any friendly society, charitable society or other society (including any unincorporated body of persons), body corporate, or corporation sole, or by any trustee, director, officer or representative of such a society, body or corporation, or of any government department or public authority, or by the persons mentioned in Regulations 13, 14 and 15 above, or anyone authorised by such persons respectively to receive payment of the sum payable on a warrant.

(3) Where a warrant for any payment in respect of deposits is issued payable to some person who is neither the depositor nor a person otherwise entitled under these Regulations to receive the payment, 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 depositor 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.