45.—(1) An application for payment of the amount repayable in relation to a certificate must be made by the holder of the certificate in the approved form (subject to the provisions of these Regulations relating to payment in the case of special classes of persons).
(2) An application under paragraph (1) may include a request for payment to be made on a specified date if—
(a)the certificate was purchased before 20th September 2012 and is not a rolled-over certificate; and
(b)the specified date, unless the Director of Savings agrees otherwise, is before the end of the period of two months starting on the date of the application.
(3) In the case of a multiple certificate, an application for payment may be made in relation to any number of the unit certificates represented by the multiple certificate.
(4) Where, in accordance with the prospectus relating to a money value series, a partial repayment of the purchase price (together with any other amount payable in relation to the part repaid) is made in relation to a money value certificate other than one to which paragraph (5) applies, a replacement certificate must be issued showing as its purchase price the amount of the original purchase price that has not been repaid.
(5) Where, in accordance with the prospectus relating to a money value series, a partial repayment of the purchase price (together with any other amount payable in relation to the part repaid) is made in relation to a certificate to which this paragraph applies, a record must be made available showing—
(a)the amount repaid;
(b)the value of the part of the certificate retained;
(c)the annual rate of interest applying to the certificate; and
(d)the date on which the current term will end.
(6) Paragraph (5) applies to—
(a)a money value certificate purchased after 19th September 2012; and
(b)a money value certificate purchased before 20th September 2012 from and including the anniversary of its date of purchase which falls after 19th September 2012 and before 20th September 2013.
(7) A holder of a certificate, having attained the age of seven years, may, subject to the approval of the Director of Savings, authorise a person to apply for or receive on the holder’s behalf the amount repayable in relation to the certificate.
Commencement Information
I1Reg. 45 in force at 6.4.2015, see reg. 1(1)