S.I. No. 52/1966:

SAVINGS CERTIFICATES (SEVENTH ISSUE) RULES, 1966.

SAVINGS CERTIFICATES (SEVENTH ISSUE) RULES, 1966.

I, JOHN LYNCH, Minister for Finance, in exercise of the powers conferred on me by subsection (2) of section 30 of the Finance Act, 1940 (No. 14 of 1940), hereby make the following rules :

1. These Rules may be cited as the Savings Certificates (Seventh Issue) Rules, 1966.

2. In these Rules " the seventh issue " means the first issue of savings certificates introduced after the making of these Rules ; " unit certificate " means a savings certificate of the seventh issue the purchase price of which is one pound.

3. A savings certificate of the seventh issue may be held for a period not exceeding eight years from the date of the purchase thereof.

4. A savings certificate of the seventh issue shall, during the period for which it is held, bear interest at the rate of--

(a) in the case of a unit certificate--

(i) eight pence for the first complete year from the date of purchase ;

(ii) four pence for the complete period of six months from the first anniversary of the date of purchase ;

(iii) six pence for each complete period of six months from the expiration of six months from the first anniversary of the date of purchase until the expiration of six months after the fourth anniversary of the date of purchase ;

(iv) nine pence for each complete period of six months thereafter ;

(v) an additional three pence on the expiration of six months after the seventh anniversary and an additional six pence on the eighth anniversary of the date of purchase ;

(b) in any other case--in a proportionate manner.

5. No person shall at any time hold or have an interest in savings certificates of the seventh issue (whether unit certificates or certificates other than unit certificates) of a greater purchase price in the aggregate than £2,500.

6. The Savings Certificates Rules, 1926, shall apply in relation to a savings certificate of the seventh issue which is held under these rules, but they shall so apply--

(a) subject to the necessary modifications, including, in particular, the following :

(i) in the definition of " Certificate " contained in Rule 2 a reference to repayability, with accrued interest, in accordance with these Rules shall be substituted for the reference to entitlement to receive and a reference to the pouch containing the Certificate shall be substituted for the reference to the cover of the book containing the Certificate,

(ii) in the definition of " Single Certificate " contained in Rule 2 a reference to the purchase price of the Certificate being one pound shall be substituted for the reference to entitlement to receive,

(iii) the words " showing the sum remaining payable on the fifth anniversary of the date of the purchase of the original certificate so partly repaid in sub-clause (11) of Rule 15 and the words the nominal amounts or any of the nominal amounts of " in sub-clause (4) of Rule 46 shall be disregarded ; and

(b) subject to the provisions of these Rules.

GIVEN under my Official Seal, this 10th day of March, 1966.

JOHN LYNCH,

Minister for Finance.

EXPLANATORY NOTE.

This instrument has been made by the Minister for Finance under subsection (2) of section 30 of the Finance Act, 1940 , to prescribe the rules governing the seventh issue of savings certificates.