http://www.legislation.gov.uk/id/uksi/1969/1342

http://www.legislation.gov.uk/uksi/1969/1342/crossheading/preliminary/made

The Savings Contracts Regulations 1969

Westlaw

King's Printer of Acts of Parliament

2011-04-05

BORROWING AND SECURITIES

These Regulations contain provisions relating to the making and registration of, and the payment of sums repayable under, savings contracts which are administered by the Director of Savings, a trustee savings bank or the Birmingham Municipal Bank under a contractual savings scheme certified by the Treasury in accordance with section 53(2) of the Finance Act 1969. The main provisions are as follows:—Savings contracts are to be registered in the name of the contributor by the administering authority (Regulation 3).Savings contracts may be entered into only by individuals aged 16 or over, and not by two or more persons or by bodies of persons; and they may not be assigned (Regulation 4).Application for repayment must be in an approved form (Regulation 5). In the case of repayments by the Director of Savings, payment may be made by warrant (Regulation 6).In case of the death of the contributor, payment may be made to his personal representatives (Regulation 9) or, where the amount repayable does not exceed £500, payment may be made without a grant of representation to the persons specified in Regulation 10.Disputes are to be referred to the Chief Registrar of Friendly Societies (Regulation 18).The Treasury and the administering authorities are to have indemnity for payments duly made and acts duly done under the Regulations (Regulation 22). Persons employed in connection with business arising under the Regulations may not disclose the name of the contributor, the amount of his contributions or the amount paid to him (Regulation 26).

The Savings Contracts Regulations 1969

Regulations

The National Savings (No. 2) Regulations 2015

Sch. 2

reg. 1(1)

The Savings Contracts Regulations 1969

reg.26(3)

(4)

The Savings Contracts (Amendment) Regulations 1997

reg.2

The Savings Contracts Regulations 1969

reg.26(3)

(4)

The Savings Contracts (Amendment) Regulations 1997

reg.2

PRELIMINARY

Citation and commencement1

These Regulations may be cited as the Savings Contracts Regulations 1969, and shall come into operation on 1st October 1969.

Interpretation2

1

In these Regulations, unless the context otherwise requires—

“amount repayable”, in relation to a savings contract, includes any bonus or interest which has become payable under the contract;
“the authority” means, in relation to a savings contract under which contributions are payable, or, if contributions have ceased to be payable, were last payable, to the Director of Savings, the Director of Savings, and, in relation to a savings contract under which contributions are payable, or, if contributions have ceased to be payable, were last payable, to a trustee savings bank or the Birmingham Municipal Bank, that trustee savings bank or the Birmingham Municipal Bank, as the case may be;
“contributor” means a person who has agreed to pay contributions under a savings contract;
“mentally disordered person”, in the application of these Regulations to England and Wales, means a person who is incapable, by reason of mental disorder within the meaning of the Mental Health Act 1959, of managing and administering his property and affairs;
“receiver”, in the application of these Regulations to England and Wales, means, in relation to any act or thing done in respect of a mentally disordered person, a receiver or other person authorised in that behalf under Part VIII of the Mental Health Act 1959;
“savings contract” means an agreement to pay contributions to the Director of Savings, a trustee savings bank or the Birmingham Municipal Bank under a contractual savings scheme certified by the Treasury in accordance with section 53(2) of the Finance Act 1969;
“Treasury Solicitor” means the Solicitor for the affairs of Her Majesty's Treasury;
“trustee savings bank” means any trustee savings bank within the meaning of the Trustee Savings Banks Act 1969.

2

Any reference in these Regulations to the provisions of any enactment shall be construed, unless the context otherwise requires, as a reference to those provisions as amended by any other enactment.

3

The Interpretation Act 1889 shall apply for the interpretation of these Regulations as it applies for the interpretation of an Act of Parliament.