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The National Savings (No. 2) Regulations 2015
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- UK Statutory Instruments
- 2015 No. 624
- PART 3
- CHAPTER 1
- Regulation 19
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Forfeiture of new stock
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19.—(1) The Director of Savings may direct that new stock be forfeited.
(2) The circumstances in which the Director of Savings may make a direction under paragraph (1) include the following—
(a)the new stock was acquired, or is held, otherwise than in accordance with these Regulations; or
(b)the Director of Savings reasonably suspects that—
(i)the holder (or anyone acting on the holder’s behalf) has provided false information; or
(ii)the new stock is being held in connection with an illegal purpose.
(3) Where the Director of Savings makes a direction under paragraph (1)—
(a)an amount equal to the nominal value of the new stock must be paid to the holder; and
(b)any other amount which was payable under the terms and conditions applying to the new stock may be paid to the holder as the Director of Savings considers appropriate.
(4) The Director of Savings may make a payment under paragraph (3) by any means, which may include crediting the amount to an account in the name of the holder in the National Savings Bank.
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