The FIRST Option Bonds (Exchange of Securities) Rules 2011
These Rules prescribe the effect of, and the procedures relating to, the acceptance of an offer to exchange FIRST Option Bonds for Guaranteed Growth Bonds. Holders of FIRST Option Bonds will be deemed to have accepted an offer of exchange made by the Director of Savings unless, prior to the redemption date of their FIRST Option Bonds, those holders have requested either repayment or an exchange for Guaranteed Growth Bonds with a longer term than those offered by the Director of Savings.