The Savings Certificates (Yearly Plan) Regulations 1984

Persons entitled to enter into agreements and to hold certificates

4.—(1) Subject to the provisions of paragraph (3) of this Regulation and Regulation 12 an agreement may be entered into and a certificate issued thereunder may be held by—

(a) any one person who has attained the age of seven years at the date a valid application is received by the Director of Savings and who is not under any legal disability otherwise than by reason of his age; or

(b) a trustee or not more than two trustees either corporate or individual.

(2) Subject to the provisions of these Regulations, an agreement may be entered into—

(a) on behalf of and in the name of a person under the age of seven years at the date a valid application is received by the Director of Savings, by any other person, and

(b) on behalf of and in the name of a mentally disordered person, by his receiver;

and any certificate purchased by virtue of the agreement or the value of any payments made thereunder shall be deemed to be held by the person on whose behalf the certificate was purchased or the agreement was entered into.

(3) No agreement may be entered into under—

(a) sub-paragraph (a) of paragraph (1) of this Regulation by a body corporate or unincorporate; and

(b) sub-paragraph (b) of paragraph (1) of this Regulation by a trustee or trustees on behalf of two or more persons jointly or any body of persons, whether corporate or unincorporate.

(4) Where an agreement is entered into or a certificate is purchased and held by a trustee or trustees under sub-paragraph (b) of paragraph (1) of this Regulation, he or they may be described in the records kept by the Director of Savings as trustee or trustees of a specified trust or as a trustee or trustees without specifying a trust.

(5) Where an agreement has been entered into on behalf of a person who was, at the date of the agreement, under the age of seven years, the Director of Savings may, at any time after that person has attained the age of seven years, require a specimen of his signature.