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National Savings Bank Act 1971

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This is the original version (as it was originally enacted).

7Withdrawal of deposits

(1)Subject to subsection (2) below, where a depositor, or a person legally authorised to claim on behalf of a depositor, makes in the prescribed form a demand for repayment of a deposit, or part of a deposit, authority for repayment shall be transmitted to the depositor forthwith, and the depositor shall be absolutely entitled within ten days after his demand is made to repayment, at any place at which deposits can be withdrawn, of any sum due to him.

(2)The terms as to notice of withdrawal of investment deposits shall be such as may from time to time be prescribed; and accordingly so much of subsection (1) above as entitles a depositor to repayment within ten days of his demand and requires the immediate transmission to him of authority therefor shall not apply in relation to investment deposits.

(3)Where regulations under section 2 of this Act extend a period of notice of withdrawal of investment deposits, the extension shall not apply to any deposits received before the coming into operation of the regulations.

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