REPAYMENT
Repayment in case of joint trustees9
1
Application for payment of the amount repayable in respect of an agreement entered into or a certificate held in the names of two trustees pursuant to Regulation 4(1)(b) shall be made by both trustees or, in the case of the death of one of them, by the survivor:
Provided that—
a
where any trustee to whom the terms of an agreement apply or who is a joint holder with another trustee of a certificate, becomes bankrupt or a mentally disordered person, the application may be made by the other without the concurrence of the trustee in the bankruptcy or the receiver, if any, and the Director of Savings, if he thinks fit, may, without any such concurrence, pay the amount repayable under the agreement or in respect of the certificate in the same manner as if the trustee in question were not one of the persons to whom the terms of the agreement apply or one of the holders of the certificate; and
b
where one of the persons to whom the terms of the agreement apply or one of the holders of a certificate is the Public Trustee, the application may be made by him alone, and the Director of Savings shall pay the amount repayable under the agreement or in respect of the certificate as the case may be to the Public Trustee alone.
2
The trustees to whom the terms of an agreement apply or the joint trustee holders of a certificate may authorise any person, including one of themselves, to act as their agent for the purpose of receiving on their behalf any amount repayable under the agreement or in respect of the certificate as the case may be.