The Savings Certificates (Yearly Plan) Regulations 1984

Maximum payments

5.—(1) A person may not enter into an agreement on his own behalf if that agreement would result in the total of the payments to be made by him or on his behalf under that agreement and under any other agreements exceeding £100 in any month.

(2) A person may not enter into an agreement on behalf of and in the name of a person under the age of seven years, or a mentally disordered person if that agreement would result in the total payments to be made under that agreement and any other agreements entered into on behalf of and in the name of such a person exceeding £100 in any month.

(3) For the purposes of this Regulation a person who is a trustee shall be treated separately in his personal capacity and in his capacity as a trustee, and in his capacity as trustee separately in respect of each separate trust fund; and so much of the property in the hands of a trustee shall be treated as a separate trust fund as is held on trusts which (as respects the beneficiaries or their respective interests or the purposes of the trust or as respects the powers of the trustee) are not identical with those on which other property in his hands is held.

(4) If any person, not being a person entitled under Regulation 4 of these Regulations so to do, purports to enter into an agreement or if any payment is made thereunder in contravention of paragraphs (1) and (2) of this Regulation, any such payments made shall be repaid without interest by the Director of Savings to the person who made the payment and any certificate which may have been issued under the purported agreement shall be forfeited.

(5) In the case of any forfeiture under paragraph (4) of this Regulation, notice of such forfeiture shall be sent to the person concerned as soon as may be and the Director of Savings may require any certificate which may have been issued to be delivered up to him.