Amendment of the Savings Certificates Regulations 1991
13. In regulation 10 (repayment in case of certificate held by persons jointly)—
(a)in paragraph (1) after “joint holders” insert “, except a certificate in relation to which paragraph (1A) has effect,”; and
(b)after paragraph (1) insert—
“(1A) The joint holders of a rolled-over certificate or a certificate purchased after 19th September 2012 may, in a manner approved by the Director of Savings, authorise one of themselves on behalf of all of them—
(a)to make an application for payment of the amount repayable in respect of the certificate; and
(b)to receive the amount repayable.
(1B) Paragraph (1A) does not have effect in relation to—
(a)a certificate held by trustees; or
(b)a certificate held by persons who purchased it acting as a trustee on behalf of any other person.”; and
(c)in paragraph (2) after “of a certificate” insert “, other than a rolled-over certificate or a certificate purchased after 19th September 2012,”.