Citation and commencement

1.-(1) This Order may be cited as the Contracting Out (Functions Relating to National Savings) Order 1998.

(2) This Order shall come into force on the day after the day on which it is made.

Interpretation

2. In this Order-

"the 1971 Act" means the National Savings Bank Act 1971(2);

"the 1972 Act" means the National Debt Act 1972(3);

"the Director" means the Director of Savings;

"the functions" means those functions of the Director relating to the Department for National Savings conferred by:

Contracting out of functions

3.-(1) Subject to paragraph (2) below, the functions, or any of them, may be exercised by, or by employees of, such person (if any) as may be authorised in that behalf by the Director.

(2) Paragraph (1) above does not apply to the functions listed in the Schedule to this Order.

Article 3

SCHEDULE

1. Functions conferred on the Director by regulation 4(1)(b) of the Savings Banks (Ordinary Deposits)(Limits) Order 1969(9) (limits on amounts of deposits not to apply to deposits made with the Director's approval).

2. Functions conferred on the Director by the following provisions of the Savings Contracts Regulations 1969(10):

(a)regulation 3(1) (applications for contracts);

(b)regulation 5(1) (applications for payment);

(c)regulation 6(1) (repayment warrants issued by the Director);

(d)regulation 26(2) and (3) (obligation of secrecy).

3. Functions conferred on the Director by the following provisions of the National Savings Bank Regulations 1972(11):

(a)regulation 21(1), (4) and (10) (procedure on withdrawals);

(b)regulation 29(1) and (2) (withdrawal or transfer of investment deposits);

(c)regulation 29A(7) (deposits to treasurer's accounts);

(d)regulation 29G(1) (withdrawals from treasurer's accounts).

4. Functions conferred on the Director by the following provisions of the Premium Savings Bonds Regulations 1972(12):

(a)regulation 3(2) (purchase of bonds);

(b)regulation 7(1) (applications for payment);

(c)regulation 8(1) (warrants);

(d)regulation 19 (forfeiture of bonds);

(e)regulation 30(2) and (3) (obligation of secrecy).

5. Functions conferred on the Director by the following provisions of the National Savings Stock Register Regulations 1976(13):

(a)regulation 5(1) (subscription for stock);

(b)regulation 6(1) (purchase of stock);

(c)regulation 7(2)(h) (limit on amount of stock which may be purchased on any one day);

(d)regulation 8(5) (limit on total holding of certain stock);

(e)regulation 9 (forfeiture of stock);

(f)regulation 22(1) (payments by the Director);

(g)regulation 57(2) and (4) (obligation of secrecy).

6. Functions conferred on the Director by the following provisions of the Savings Certificates (Yearly Plan) Regulations 1984(14):

(a)regulation 3(1) (applications to enter agreements);

(b)regulation 6(1) (applications for repayment);

(c)regulation 7(1) (repayment warrants);

(d)regulation 31(2) and (3) (obligation of secrecy).

7. Functions conferred on the Director by the following provisions of the Savings Certificates Regulations 1991(15):

(a)regulation 3(2) (purchase of certificates);

(b)regulation 4(1)(c), (2) and (3) (persons entitled to purchase and hold certificates);

(c)regulation 6(1) (applications for repayment);

(d)regulation 7(1) (repayment warrants);

(e)regulation 21 (forfeiture of certificates);

(f)regulation 31(2) and (3) (obligation of secrecy).

8. Functions conferred on the Director by the following provisions of the Savings Certificates (Children's Bonus Bonds) Regulations 1991(16):

(a)regulation 3(2) (purchase of certificates);

(b)regulation 6(1) (applications for repayment);

(c)regulation 7(1) (repayment warrants);

(d)regulation 18 (forfeiture of certificates);

(e)regulation 28(2)(b) and (3) (obligation of secrecy).

Explanatory Note

(This note is not part of the Order)

This Order enables the Director of Savings to authorise another person (or that person's employees) to exercise certain of the Director's functions under the legislation relating to the work of the Department for National Savings. The Schedule to the Order lists functions which the Director cannot authorise another person (or that person's employees) to exercise.