7.—(1) Subject to paragraph (2) below, where any application to the Bank, in accordance with regulation 17 of the National Savings Regulations, for the exchange of any gilts in the books of the Bank for gilts of a corresponding amount and description in the Register, is received before the specified day, the Bank shall not be required to process that application, save to inform the applicant that it is not processing the application in view of the pending closure and transfer to be effected by articles 3 and 4 above.
(2) If an applicant requests that the application should be proceeded with notwithstanding such impending closure and transfer, the Bank may, if it thinks fit having regard to any representations made by the applicant, proceed with the application insofar as it may be given effect before the specified day.