3.—(1) An application to enter into a savings contract shall be made in a manner approved by the authority.
(2) The authority shall cause such entries to be made in a register kept by the authority as are necessary to show the names of persons who have entered into savings contracts.
4.—(1) Any person who has attained the age of 16 years may enter into a savings contract, but a savings contract may not be entered into by more than one person or by a body of persons, whether corporate or unincorporate.
(2) A person may not assign a savings contract or the benefit thereof to another person.