The National Savings Stock Register Regulations 1976

Limit on total holding of certain stock

8.—(1) Where the prospectus relating to the issue of stock of any one description sets a limit on the amount of such stock which may be held by a person (such limit being hereinafter referred to as “the permitted maximum”), the provisions of this Regulation shall apply to stock of that description, and Regulation 7 of these Regulations shall not apply to it.

(2) A person shall not purchase stock of any description, being stock to which this Regulation applies, if the total nominal amount of the stock of that description which will be held by him immediately after the purchase (whether solely or jointly with any other person) will exceed the permitted maximum.

(3) For the purposes of this Regulation a person who is a trustee shall be treated separately in his personal capacity and his capacity as trustee, and in the latter capacity separately in respect of each separate trust fund; and so much of the property in the hands of a trustee shall be treated as a separate trust fund as is held on trusts which (as respects the beneficiaries or their respective interests or the purposes of the trust or as respects the powers of the trustee) are not identical with those on which other property in his hands is held.

(4) In calculating for the purposes of this Regulation the total nominal amount of stock which a person holds, no account shall be taken of any stock which that person holds and which he has acquired under the will of a deceased holder, or by virtue of the death of such holder intestate, or as a nominee under a nomination duly made by a deceased holder.

(5) Notwithstanding anything in this Regulation, the Director of Savings may allow the temporary holding of stock in excess of the permitted maximum for such period and subject to such conditions as he may direct, where owing to special circumstances he considers it just and reasonable so to do.