(1)Where the holder of any of the joint holders of Government stock is a minor the Bank may, if it thinks fit, but subject to subsection (2) below—
(a)pay the dividends accruing on the stock in accordance with the written instructions of a parent or guardian of the minor or minors;
(b)pay any redemption money becoming payable in respect of the stock in accordance with the written instructions of the minor or minors and a parent or guardian of his or each of them;
(c)give effect to a transfer of the stock in accordance with the written instructions of the minor or minors and a parent or guardian of his or each of them;
(and, in each case, of every other joint holder who is not a minor).
(2)The Bank shall not exercise any power conferred on it by paragraph (b) or (c) of subsection (1) above unless the Bank is satisfied that the minor has attained the age of seven years.
(3)Where the Bank makes a payment or effects a transfer in accordance with this section and the instructions given under it, then—
(a)in the case of a payment, the payment shall discharge the Bank of its liabilities in respect of the dividend which has accrued or redemption money which has become payable on the stock;
(b)in the case of a transfer, the transfer shall not be revocable at the instance of the minor (except in circumstances in which it would be revocable at the instance of a person who was not a minor);
and no other liability arising out of the payment or transfer shall be incurred by the Bank to any person.
(4)In this section—
“Government stock” means securities of any description issued by the Government of the United Kingdom and registered by the Bank; and
“the Bank” means the Bank of England or, as the case requires, the Bank of Ireland;
and references in subsection (1) above to the instructions of a guardian are, in a case where there are joint guardians, references to the joint instructions of those guardians.
(5)This section shall not apply to a [F1pupil or] minor domiciled in Scotland.
Textual Amendments
F1Words in s. 73(5) repealed (S.) (25.09.1991) by Age Of Legal Capacity (Scotland) Act 1991 (c. 50, SIF 49:8), ss. 10(2), 11(2), Sch. 2(with s. 1(3)).
Modifications etc. (not altering text)
C1S. 73 excluded (3.7.1998) by S.I. 1998/1446, art. 16(2)(a)(i)