The Savings Certificates (Amendment) (No. 2) Regulations 1992

Statutory Instruments

1992 No. 3115

NATIONAL DEBT

The Savings Certificates (Amendment) (No. 2) Regulations 1992

Made

9th December 1992

Laid before Parliament

11th December 1992

Coming into force

1st January 1993

The Treasury, in exercise of the powers conferred upon them by section 11 of the National Debt Act 1972(1), and of all other powers enabling them in that behalf, hereby make the following Regulations:

1.  These Regulations may be cited as the Savings Certificates (Amendment) (No. 2) Regulations 1992 and shall come into force on 1st January 1993.

2.  The Savings Certificates Regulations 1991(2) shall be amended—

(1) in regulation 2(1), by inserting the following definition—

“the adjudicator” means a person appointed under section 84 of the Friendly Societies Act 1992”(3),

and by omitting the definition of “Chief Registrar of friendly societies”;

(2) in regulation 24, by substituting for the words “Chief Registrar of friendly societies” and “Chief Registrar” in all places that they appear the word “adjudicator”;

(3) by adding to regulation 24 the following new paragraph—

“(5) Where a dispute of the sort referred to in paragraph (1) above was referred before 1 January 1993 to the Chief Registrar of friendly societies or a deputy appointed by him or (by virtue of the application of these Regulations to Scotland) to the assistant registrar of friendly societies for Scotland, that dispute shall be treated as if it had been referred to the adjudicator and any thing done in relation to such a dispute by the Chief Registrar, any deputy appointed by him or the assistant registrar shall be treated as a thing done by the adjudicator.”;

(4) by omitting regulation 33(g).

Tim Wood

Tim Boswell

Two of the Lords Commissioners of Her Majesty’s Treasury.

9th December 1992

Explanatory Note

(This note is not part of the Regulations)

The Friendly Societies Act 1992 (c. 40) revokes the jurisdiction of the Chief Registrar of friendly societies as to disputes between the Director of Savings and depositors with the National Savings Bank and holders of stock registered in the National Savings Stock Register and provides instead for such disputes to be referred to an adjudicator appointed by the Treasury under section 84 of that Act.

These Regulations, which come into force on the same day as the relevant provisions of the 1992 Act (1 January 1993), make like provision with respect to disputes between the Director of Savings and holders of savings certificates under the Savings Certificates Regulations 1991 (and other persons claiming entitlement to such certificates). They provide for such disputes to be referred to a person appointed under section 84 of the 1992 Act (“the adjudicator”). They also make a transitional provision that any such dispute which was referred before 1 January 1993 to the Chief Registrar of friendly societies or a deputy appointed by him or to the assistant registrar of friendly societies for Scotland is to be treated as if it had been referred to the adjudicator and that any thing done in relation to such a dispute by the Chief Registrar, a deputy appointed by him or the assistant registrar is to be treated as done by the adjudicator.

(1)

1972 c. 65.

(2)

S.I. 1991/1031; to which there is an amendment not relevant to these Regulations.

(3)

1992 c. 40.