Statutory Instruments
2007 No. 1265
savings banks
The National Savings Bank (Amendment) Regulations 2007
Made
18th April 2007
Laid before Parliament
19th April 2007
Coming into force
10th May 2007
The Treasury, in exercise of the powers conferred upon them by section 2 of the National Savings Bank Act 1971( 1 ), as extended by sections 3(2), 7(2), 8(3)(b), (d), (e) and (g) and 27 of that Act, make the following Regulations:
Citation and commencement
1. These Regulations may be cited as the National Savings Bank (Amendment) Regulations 2007.
2. These Regulations shall come into force on 10th May 2007.
National Savings Bank Regulations 1972
3. After regulation 2B of the National Savings Bank Regulations 1972 ( 2 ) insert—
“ Closure of treasurers’ accounts
2C. Notwithstanding regulations 21, 29, 29A, 29B(3), 29F to 29H (inclusive) and 29K below—
(a) a treasurer’s account may not be opened after 10th May 2007,
(b) no deposit may be made to the credit of a treasurer’s account after 10th August 2007, and
(c) any withdrawal from a treasurer’s account after 10th August 2007 shall be a withdrawal of the balance standing to the credit of the account at the date of withdrawal and any accrued interest that has not been credited to the account.
2D. If a valid application to withdraw the whole amount referred to in regulation 2C(c) above from a treasurer’s account has not been made before 10th November 2007, the Director of Savings may transfer the balance standing to the credit of that account and any accrued interest that has not been credited to that account to a special Director’s account. ” .
Claire Ward
Alan Campbell
Two of the Lords Commissioners
of Her Majesty’s Treasury
18th April 2007