HC Deb 06 March 1984 vol 55 cc502-3W
Mr. Butterfill

asked the Chancellor of the Exchequer whether Her Majesty's Treasury has approved the same or similar right under secondary legislation for any other public or private bodies to discharge a debt by the posting of a cheque as is afforded to local authorities under section 18 of the Local Authorities (Stocks and Bonds) Regulations 1974 (S.I., 1974, No. 519).

Mr. Ian Stewart

I regret that I am not able to provide a comprehensive reply in the time available. I can confirm that a similar right exists under secondary legislation in respect of national savings and for the payment of interest and redemption moneys on certain nationalised industries' stock. The relevant provisions are as follows:

National Savings

  • The Savings Certificates Regulations 1972;
  • The Premium Savings Bonds Regulations 1972;
  • The Savings Contracts Regulations 1969;
  • The National Savings Stock Register Regulations 1976; and
  • The National Savings Banks Regulations 1972.

Nationalised Industries

  • The Gas (Stock) Regulations 1949;
  • The Electricity (Stock) Regulations 1957.

There are also similar provisions for the posting of a dividend warrant and warrants for redemption moneys in respect of British Government securities in section 4(2) of the National Debt Act 1889 and paragraph 1 of the third schedule to the Finance Act 1921 — as substituted by section 66 of the Finance Act 1946 and amended by section 108(1)(c) of the Post Office Act 1969.