The Savings Certificates (Yearly Plan) (Amendment) Regulations 1989

• Citation: S.I. 1989/1521
• Sections: 2

Section 1 Citation and commencement

These Regulations may be cited as the Savings Certificates (Yearly Plan) (Amendment) Regulations 1989 and shall come into force on 15th September 1989.

Section 2 Amendment of principal Regulations

The Savings Certificates (Yearly Plan) Regulations 1984 shall be amended as follows:

(a) in regulation 7(1), by replacing the words from the beginning to (and including) “and accordingly” with the following:

Every payment of an amount repayable under an agreement or in respect of a certificate shall be made by crossed warrant unless either the Director of Savings otherwise directs or the applicant for repayment requests that the amount repayable be used to purchase a national savings certificate and the Director of Savings consents thereto; and accordingly in the absence of such direction or request and consent

(b) after regulation 7 by inserting of the following regulation:

Amount repayable when proceeds reinvested

(7A) For the purpose of determining the amount repayable under an agreement or in respect of a certificate where repayment is not made by warrant because the proceeds are used to purchase a national savings certificate, the payment of the amount repayable shall be deemed to be effected on the date entered in the records kept by the Director of Savings as the date of such purchase.