The National Savings (No. 2) Regulations 2015

Transfer of unclaimed money to the National Savings Bank

92.—(1) This regulation applies where an amount due in relation to a bond or stock, which has been entrusted to the Director of Savings for payment, remains unclaimed.

(2) The Director of Savings—

(a) in relation to a bond, must transfer the amount to an investment account in the National Savings Bank in the name of the holder of the bond;

(b) in relation to stock, may transfer the amount to an investment account in the National Savings Bank in the name of the holder of the stock.

(3) Where the Director of Savings is unable to transfer an amount in accordance with paragraph (2)—

(a) in relation to a bond, the Director of Savings must transfer the amount to a special Director’s account in the National Savings Bank and the amount must be held on behalf of any person entitled to it;

(b) in relation to stock, the Director of Savings may transfer the amount to a special Director’s account and the amount must be held on behalf any person entitled to it.

(4) An amount in paragraph (1) is deemed to be unclaimed if a period of five years, or in the case of redemption money, two years, has elapsed since the due date, but the Director of Savings may treat any amount as unclaimed before the expiration of that period.