EXPLANATORY NOTE
These Regulations contain provisions relating to the making and recording of agreements for the purchase of National Savings Certificates by installments. The main provisions of the Regulations are as follows:
(1) agreements may be entered into only by individuals aged seven or more, and by not more than two trustees (Regulation 4); and the maximum payment permitted by or on behalf of any one person is £100 per month (Regulation 5);
(2) transfers of agreements may only be made at the discretion of the Director of Savings (Regulation 12);
(3) certain nominations previously made in respect of National Savings Certificates will apply to certificates purchased under the agreements (Regulation 13);
(4) in case of the death of a person who had entered into an agreement, payment may be made to his personal representative (Regulations 14) or, where the amount repayable does not exceed £5,000, payment may be made without a grant of representation to the persons specified in Regulation 15;
(5) disputes are to be referred to the Chief Registrar of Friendly Societies (Regulation 23);
(6) no notice of trust is receivable by the Director of Savings in respect of an agreement or certificates purchased thereunder (Regulation 24);
(7) the Treasury and the Director of Savings are indemnified in respect of payments duly made and acts duly done under the Regulations (Regulation 27).