The National Savings Bank (Amendment) (No. 2) Regulations 2011

Amendment to regulation 6

10.  In regulation 6 (Minors under seven years of age)—

(a) in the heading and in paragraph (3) for “seven” substitute “sixteen”;

(b) in paragraph (1) for “seven years” substitute “sixteen years by that minor’s parent, guardian or grandparent”; and

(c) for paragraph (4) substitute—

“(4) In relation to an account opened in the name of a minor, for so long as the depositor is under the age of sixteen years, the Director of Savings shall only communicate with, accept instructions from, and pay deposits to a person appearing to the Director of Savings to be a person responsible for the welfare of that depositor.

(5) If the conditions specified in paragraph (6) are satisfied in relation to an account—

(a) paragraph (4) does not apply to the account; and

(b) paragraph (3) and regulations 5 and 25 have effect in relation to the account as if each reference to “sixteen years” were a reference to “seven years”.

(6) The conditions are that—

(a) an application to open the account was received by the Director of Savings in the approved form before 28th November 2011; and

(b) the depositor attained the age of seven years before 21st May 2012.”.