NATIONAL DEBT Citation and commencement 1 These Regulations may be cited as the National Savings Stock Register (Amendment) (No. 2) Regulations 1989 and shall come into force on 1st January 1990. Amendment of principal Regulations 2 The National Savings Stock Register Regulations 1976 shall be amended as follows: a by the revocation of regulation 23; b in regulation 30(1)– i in sub-paragraph (b) by the insertion of the words “acquired before 1st January 1990” after the word “stock” and the deletion of the word “and”; ii by the addition after that sub-paragraph of the following sub-paragraphs: ba no dividends or other payments in respect of stock acquired after 31st December 1989 (other than National Savings Income Bonds) shall be paid to a minor who has not attained the age of seven years, otherwise than by means of crediting the amount to an account in his name in a savings bank or by warrant payable as the Director of Savings may think fit to any person who satisfies the Director of Savings that he is a proper person to receive payment; bb no interest on National Savings Income Bonds acquired after 31st December 1989 by a minor who on the date of payment has not attained the age of seven years shall be paid to the minor otherwise than by means of crediting the amount to an approved account in his name, or in the name of any person who satisfies the Director of Savings that he is a proper person to receive payment; and ; c by the addition after regulation 30(1) of the following paragraph: 1A In paragraph (1) above “approved account” means an account in the National Savings Bank comprising investment deposits within the meaning of the National Savings Bank Act 1971 or an account in an authorised institution (within the meaning of the Banking Act 1987 ) or an account in a building society (within the meaning of the Building Societies Act 1986 ). ; d by the substitution of the following for regulation 31(1): 1 Where it is shown to the satisfaction of the Director of Savings that the holder of any stock is either a minor under the age of seven years or a mentally disordered person for whom no receiver has been appointed, then– a unless sub-paragraph (b) of this paragraph applies, the Director of Savings may, where it is shown to his satisfaction that it is expedient that the whole or any part of the stock should be sold or repaid and the proceeds applied for the maintenance or otherwise for the benefit of the holder, if he thinks fit sell or repay the stock or that part thereof and, after deducting any amount payable under these Regulations by way of commission, pay the proceeds to any person who satisfies him that he will apply them for such purposes as aforesaid; or b if the stock was acquired on or after 1st January 1990 by a minor who has not attained the age of seven years on the date on which an application for its sale or repayment is received by the Director of Savings, sub-paragraph (a) of this paragraph shall not apply and the Director may if he thinks fit sell or repay the stock or any part thereof and, after deducting any amount payable under these Regulations by way of commission, pay the proceeds to any person who satisfies him that he is a proper person to receive payment. ; e by the insertion in regulation 45(1) of the words “(but shall not be obliged to)” after the words “the Director of Savings may”; and f by the substitution in regulation 57(3) of the words “20(3) of that Act (requirement to deliver or make available documents relating to liability of a taxpayer)” for the words “20(4)(b) of that Act (persons who may be required to produce documents relating to liability of taxpayer arising from business).”. David Lightbown Kenneth Carlisle Two of the Lords Commissioners of Her Majesty’s Treasury 6th November 1989