The National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 1996

• Citation: S.I. 1996/1854
• Sections: 6

Section 1

This Order may be cited as the National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 1996 and shall come into force on 4th September 1996.

Section 2

The National Savings Bank (Investment Deposits) (Limits) Order 1977 shall be amended in accordance with the following provisions of this Order.

Section 3

After article 2, there shall be inserted the following—

(2A) In this Order, the expression “treasurer’s account” has the same meaning as in the National Savings Bank Regulations 1972 , and for the purposes of article 3 of this Order, two or more treasurer’s accounts shall be treated as held in the same name if they are held in the name of the same organisation (within the meaning of the said Regulations), whether or not the titles of the respective accounts differ in other respects.

Section 4

In article 3—

(a) after the words “a deposit”, there shall be inserted the words “(except for the credit of a treasurer’s account)”;

(b) after the words “an account”, there shall be inserted the words “except a treasurer’s account”; and

(c) after the word “Bank” there shall be inserted the words “(other than in a treasurer’s account)”.

Section 5

After article 3, there shall be inserted the following—

(3A) Subject to the provisions of this Order, it shall not be lawful for the Director of Savings to receive a deposit for crediting to a treasurer’s account, or make a credit to such an account, in any case where the amount standing credited to that account and any other treasurer’s account held in the same name exceeds, or would as a result of the receipt of the said deposit or the making of the said credit, exceed £2,000,000.

Section 6

In article 4(1), after “Article 3”, there shall be inserted “or 3A”.