These Regulations contain provisions relating to the making and recording of agreements for the purchase of National Savings Certificates by installments. The main provisions of the Regulations are as follows:
(1) agreements may be entered into only by individuals aged seven or more, and by not more than two trustees (Regulation 4); and the maximum payment permitted by or on behalf of any one person is £100 per month (Regulation 5);
(2) transfers of agreements may only be made at the discretion of the Director of Savings (Regulation 12);
(3) certain nominations previously made in respect of National Savings Certificates will apply to certificates purchased under the agreements (Regulation 13);
(4) in case of the death of a person who had entered into an agreement, payment may be made to his personal representative (Regulations 14) or, where the amount repayable does not exceed £5,000, payment may be made without a grant of representation to the persons specified in Regulation 15;
(5) disputes are to be referred to the Chief Registrar of Friendly Societies (Regulation 23);
(6) no notice of trust is receivable by the Director of Savings in respect of an agreement or certificates purchased thereunder (Regulation 24);
(7) the Treasury and the Director of Savings are indemnified in respect of payments duly made and acts duly done under the Regulations (Regulation 27).