Citation, commencement and interpretation

1. These Regulations may be cited as the National Savings Bank (Amendment) (No.2) Regulations 2008.

2. These Regulations shall come into force on 12th May 2008.

3. In these Regulations “the 1972 Regulations” means the National Savings Bank Regulations 1972( 2 ).

Transfer of ordinary deposits

4. —(1) The 1972 Regulations are amended as follows.

(2) After regulation 2B( 3 ) (Closure of ordinary deposit accounts) insert—

“ 2BA. If a valid application to withdraw the whole amount referred to in regulation 2B(c) above from an ordinary account has not been made before 12th May 2008, 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 an investment account in the name of the person in whose name the ordinary account is held.

2BB. Where the Director of Savings is unable for any reason to transfer the balance due on an ordinary account in accordance with regulation 2BA above, the Director of Savings may transfer that balance (and any accrued interest that has not been credited to that account) to a special Director’s account. ” .

Transfer of sums held by the Commissioners

5. Upon making a transfer under regulation 2BA or 2BB of the 1972 Regulations, or as soon as reasonably practicable after making such a transfer, the Director of Savings shall notify the Commissioners in writing of the amount transferred.

6. As soon as reasonably practicable after receiving a notice under regulation 5 above, the Commissioners shall pay into the National Loans Fund an amount equal to the amount notified as transferred.