The Savings Contracts Regulations 1969

Payments into Savings Bank

13.—(1) Where the Director of Savings or a trustee savings bank is unable for any reason to obtain a valid discharge for any payment falling to be made to any person in respect of a savings contract, he or it may, unless other provision for dealing with the payment has been made by any enactment, open an account in the National Savings Bank or the trustee savings bank, as the case may be, in the name of the person to whom the payment is due, and may, until payment can be made to the person entitled thereto, retain the amount due in that account:

Provided that—

(a) if the person to whom the payment is due has an account in the National Savings Bank or the trustee savings bank, as the case may be, the Director of Savings or the trustee savings bank may, if he or it thinks fit, instead of opening a new account, credit the amount payable to the existing account; and

(b) in the case of an account opened by the Director of Savings or the trustee savings bank—

(i) no sum shall be received by way of deposit for the credit of the account except in pursuance of these Regulations; and

(ii) the regulations requiring a declaration to be made by a depositor in the National Savings Bank or a trustee savings bank shall not apply with respect to any payment into the account by the Director of Savings or the trustee savings bank.

(2) For the purposes of any Order under section 4 of the Post Office Savings Bank Act 1954 or section 14 of the Trustee Savings Banks Act 1969 limiting the amount which may be received by way of deposit in the National Savings Bank or a trustee savings bank, regard shall not be had to any sum credited to an account under this Regulation.