The Savings Contracts Regulations 1969

REPAYMENT OF CONTRIBUTIONS

Applications for payment

5.—(1) Application for payment of the amount repayable in respect of a savings contract shall (subject to the provisions of these Regulations relating to payment in the case of special classes of persons) be made by the contributor in writing in a manner approved by the authority.

(2) A contributor may, subject to the approval of the authority, authorise any person to apply for or receive on his behalf the amount repayable in respect of his savings contract.

Repayment warrants issued by the Director of Savings

6.—(1) Except where the Director of Savings otherwise directs, every payment made by him of a sum payable in respect of a savings contract shall be made by a warrant; and accordingly every application to the Director of Savings for payment of any such sum shall be treated as implying an authority to him to issue a warrant for that sum and to pay it in accordance with the terms of the warrant, and the death of the person who made the application for payment shall not of itself determine such authority; but if the Director of Savings receives notice that the applicant has died or has countermanded such authority, the Director of Savings shall not issue the warrant or, if it has already been issued, shall take all reasonable steps to stop payment thereof.

(2) The provisions of section 76, subsections (1), (3), (4) and (5) and, so far as it relates to crossed cheques, subsection (6) of section 77, and sections 78, 79, 80, and 81 of the Bills of Exchange Act 1882 (which relate to crossed cheques) and of sections 3 and 4 of the Cheques Act 1957 (which relate to unindorsed cheques as evidence of payment and to the protection of collecting bankers) shall apply to any crossed warrant under these Regulations as if the warrant were a cheque drawn on the Director of Savings by the officer issuing the warrant, but nothing in these Regulations shall make any such warrant negotiable.

(3) An uncrossed warrant shall not be paid until the receipt for the amount thereby payable has been duly signed by the payee or by some person authorised by the payee to receive payment:

Provided that, where such a warrant is paid to a person purporting to be the payee or to be a person authorised by the payee to receive payment, then, notwithstanding that the receipt on the warrant was signed by some person being neither the payee nor a person so authorised, the making of the payment shall be a full discharge to the Treasury and to the Director of Savings for the amount thereof, if it is shown that the payment was made in good faith and without negligence, and that the making of the payment is attributable to some act or omission on the part of the contributor in respect of the savings contract to which the warrant relates or on the part of the payee or the person so authorised.

(4) Except where the Director of Savings otherwise directs, a warrant shall not be paid until the acceptance form relating to the savings contract in respect of which the payment is to be made, or any document issued in lieu of such form, has been delivered to the Director of Savings.

(5) A warrant, unless it is crossed, shall be payable at the place named in the warrant or otherwise in accordance with the directions contained therein, and a warrant, if crossed, shall be payable at the office in London of the Director of Savings.

(6) The posting of a letter containing a warrant addressed to any person at the last address furnished by him to the Director of Savings shall, as regards the liability of the Treasury or of the Director of Savings, be equivalent to the delivery of the warrant to the person to whom the letter was addressed.

Payment in case of mentally disordered persons

7.—(1) An application for payment of the amount repayable in respect of a savings contract shall, where the contributor is a mentally disordered person, be made by his receiver.

(2) Where a contributor is a mentally disordered person and there is no receiver by whom application for payment may be made, the authority may, if they think fit, pay the amount repayable in respect of the savings contract to any person who satisfies them that he is a proper person to receive payment.

Payment in case of bankrupts

8.  Where it is shown to the satisfaction of the authority that a receiving order has been made against any person who is the contributor in respect of a savings contract, or that a trustee has been appointed in the bankruptcy of such a person, the authority may, if they think fit, on the application of the Official Receiver or trustee, pay to the Official Receiver or the trustee, as the case may be, the amount repayable in respect of the savings contract.