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The National Savings Stock Register Regulations 1976

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Forfeiture of stock

9.—(1) If any person purchases any stock in contravention of the last preceding Regulation, the amount of the excess shall be forfeited:

Provided that in any case in which any stock shall have become forfeited under this Regulation, the Director of Savings may, if he shall in his absolute discretion think fit, but not otherwise, pay to any person who shall have purchased the stock affected by any forfeiture the whole of the amount forfeited, or such portion thereof as the Director of Savings may think fit, in such manner and by such means as he thinks fit.

(2) Notice of any forfeiture under this Regulation shall be sent to the person concerned as soon as may be, and the Director of Savings may require any certificate or subscription book for any stock which is or might be affected to be delivered up to him for the purpose of being either cancelled or altered or otherwise dealt with, as may be necessary to give effect to the provisions of this Regulation.

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