The Savings Certificates (Yearly Plan) Regulations 1984

Payments into National Savings Bank

19.  Where the Director of Savings is unable for any reason to obtain a valid discharge for any repayment falling to be made to any person under an agreement or in respect of a certificate, he may, unless other provision for dealing with the repayment has been made by any enactment, open an account in the National Savings Bank in the name of the person to whom the payment is due, and may, until payment can be made to the person entitled thereto, retain the amount due in that account:

Provided that—

(a) if the person to whom the payment is due has an account in the National Savings Bank, the Director of Savings may, if he thinks fit, instead of opening a new account, credit the amount payable to the existing account; and

(b) in the case of an account opened by the Director of Savings—

(i) no sum shall be received by way of deposit for the credit of the account except in pursuance of these Regulations; and

(ii) the regulations requiring a declaration to be made by a depositor in the National Savings Bank shall not apply with respect to any payment into the account by the Director of Savings.