The Savings Certificates (Yearly Plan) Regulations 1984

TRANSFERS AND ADDITION OF NAMES

Transfers and addition of names

12.—(1) The Director of Savings may in his discretion refuse to transfer the terms of an agreement or a certificate and in the case of an application to transfer the terms of an agreement shall not effect such a transfer other than into the name of another sole person. The Director of Savings shall, if he so refuses, forthwith send an intimation of his refusal to the person desiring the transfer.

(2) Every transfer of the terms of an agreement or a certificate shall be effected by the Director of Savings causing the name of the person to whom the terms of the agreement is to be transferred or the name or names of the person or persons to whom the certificate is to be transferred to be recorded:

Provided that nothing in this paragraph shall affect any right of a nominee.

(3) The terms of an agreement and a certificate shall not be transferred except on a written application in that behalf made, in a manner approved by the Director of Savings, by either the person to whom the terms of the agreement apply or the holder of the certificate as the case may be, and every such application must in the case of a certificate, except where the Director of Savings otherwise directs, be accompanied by the relevant certificate.

(4) On the receipt of an application duly made for the transfer of the terms of an agreement or a certificate, the Director of Savings, if he is satisfied that the transfer can lawfully be made under these Regulations and ought to be made, shall forthwith cause the terms of the agreement or the certificate as the case may be to be transferred in accordance with the application, and the death of the applicant shall not of itself determine the authority given by the applicant for the transfer to be made; but if the Director of Savings receives notice before the terms of the agreement or the certificate as the case may be is transferred that the applicant has died, the transfer shall not be made.

(5) The Director of Savings may, if he thinks fit and subject to the provisions of the Regulations—

(a) on the application of a trustee to whom the terms of an agreement apply cause the name of another trustee to be recorded together with the applicant as the persons to whom the terms of the agreement jointly apply; or

(b) on the application of the holder of a certificate cause the names of any persons to be recorded as joint holders of the certificate with the applicant.

(6) The foregoing provisions of this Regulation shall, so far as applicable, apply, in the event of the death of a person to whom the terms of an agreement apply or the holder or a certificate, to the transfer of the terms of the agreement or of the certificate, as the case may be, and, in particular, any person to whom the amount repayable in respect of the certificate may be paid in accordance with the provisions of these Regulations may, subject to the provisions of these Regulations, instead of obtaining payment of the amount repayable, apply for the transfer of the terms of the agreement or the certificate as the case may be into his name or the name of another person.