The Premium Savings Bonds (Amendment) Regulations 1999
These Regulations amend the Premium Savings Bonds Regulations 1972 to permit bonds to be purchased pursuant to powers of attorney. Regulation 4(2A) of the 1972 Regulations prohibits the purchase of bonds by any person on behalf of another person, subject to certain exceptions set out in Regulation 4(3). These Regulations create an additional exception under which, subject to the approval of the Director of Savings, bonds may be purchased on behalf of an eligible person by any other person acting in pursuance of a power of attorney created by the eligible person. For this purpose, “eligible person” is defined to mean two classes of person: first, anyone who may purchase bonds under Regulation 4(1) (ie any person who has attained the age of sixteen years and who is not under any legal disability otherwise than by reason of his age); secondly, any mentally disordered person (in whose name bonds could hitherto be purchased only by a receiver under the existing Regulation 4(3)(b)). The purchase of bonds in the name of a person under the age of sixteen years will continue to be possible only by a parent or other person acting in accordance with the existing Regulation 4(3)(a).