The National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 1987

Made: 2nd March 1987

Coming into force: 3rd March 1987

Now, therefore, the Treasury, in exercise of the powers conferred on them by section 4 of the National Savings Bank Act 1971[^f00001], and of all other powers enabling them in that behalf, hereby make the following Order:-

1

This Order may be cited as the National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 1987, and shall come into force on 3rd March 1987.

2

The National Savings Bank (Investment Deposits) (Limits) Order 1977[^f00002] shall be amended in Article 4(1) by the addition of the following sub-paragraph:

(d) the receipt or crediting of any amount received or credited in contravention of that Article from being treated as having been lawfully received or credited for such period as the Director, in his discretion, thinks appropriate provided that at the time the amount was received or credited the Director was unaware of the contravention and provided also that the Director considers it just and reasonable that the amount should be so treated.

Signed

Mark Lennox-Boyd — Tony Durant — Two of the Lords Commissioners of Her Majesty`s Treasury — 2nd March 1987

Explanatory note

(This note is not part of the Order.)

The Order, which further amends the National Savings Bank (Investment Deposits) (Limits) Order 1977, permits the Director of Savings to treat as a lawful deposit any amount received by way of investment deposit in excess of the prescribed limit where the Director was unaware, at the time the deposit was made, that it was in excess of the limit.

Footnotes

[^f00001]: 1971 c. 29; section 4 was amended by the Finance Act 1982 (c. 39), Schedule 20, paragraph 3.

[^f00002]: S.I. 1977/1210, amended by S.I. 1981/108, 1984/640 and 1986/1217.