STATUTORY INSTRUMENTS.

S.I. No. 452 of 1999.

SAVINGS CERTIFICATES (TWELFTH ISSUE) (AMENDMENT) RULES, 1999.

S.I. No. 452 of 1999.

SAVINGS CERTIFICATES (TWELFTH ISSUE) (AMENDMENT) RULES, 1999.

The National Treasury Management Agency, in exercise of the powers conferred on it by the National Treasury Management Agency Act, 1990 (No. 18 of 1990) and the National Treasury Management Agency Act, 1990 (Delegation of and Declaration as to Functions) Order, 1990 ( S.I. No. 277 of 1990 ), hereby makes the following Rules:

1.  These Rules may be cited as the Savings Certificates (Twelfth Issue) (Amendment) Rules, 1999.

2.  These Rules shall come into operation on the 1st day of March 2000.

3.  The Savings Certificates (Twelfth Issue) Rules, 1999 are hereby amended by (i) the substitution, for Rule 11, of the following Rule:

“11.  Transferability

(1)  A Savings Certificate or its benefits may not be assigned or otherwise transferred save as provided in paragraph (2) of this Rule.

(2)  Subject to Rule 16 hereof, Savings Certificates held by a deceased holder may be transferred to a third party who is legally entitled to the proceeds.”

and (ii) the deletion of Rule 12.

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The purpose of these Rules is to provide that, with effect from 1st March 2000, Savings Certificates of the 12th Issue shall not be transferable.