The National Savings Bank (Amendment) (No. 2) Regulations 1999

• Citation: S.I. 1999/1611
• Sections: 5

Section 1

These Regulations may be cited as the National Savings Bank (Amendment) (No. 2) Regulations 1999 and shall come into force on 26th July 1999.

Section 2

The National Savings Bank Regulations 1972 shall be amended in accordance with the following provisions of these Regulations.

Section 3

Regulation 2(1) shall be amended–

(a) by inserting after the definition of “mentally disordered person” the following–

“mini-account” has the same meaning as in regulation 4(1)(d) of the Individual Savings Account Regulations 1998 ;

(b) by inserting after the definition of “savings certificate” the following–

“ TESSA only account” has the same meaning as in regulation 4(1)(e) of the Individual Savings Account Regulations 1998.

Section 4

Regulation 29L(5) shall be amended by inserting after the word “account”, the words “in any financial year unless he is opening a TESSA only account, in which case one TESSA only account and one mini-account may be opened in the same financial year”.

Section 5

Regulation 42 paragraph (2) shall be amended by inserting after the words “31st December in every year”, “and in both cases shall be added to and become part of the principal”.