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Postal Services Act, 1998 (Act No. 124 of 1998)

Chapter VI : Postbank and National Savings Certificates

57. Regulations regarding National Savings Certificates

 

1) Subject to section 56, the Minister may make regulations--
a) as to any matter which in terms of this Act is required or permitted to be prescribed by regulation in respect of National Savings Certificates;
b) prescribing the procedure which must be observed in the issue of, and the payment of amounts represented by, National Savings Certificates and the forms which must be used in connection therewith;
c) prescribing in respect of each issue of National Savings Certificates the price of issue, term, units or multiples of units in which certificates may be issued, the rate of interest and times and manner of payment of interest, and, subject to paragraph (d) and subsection (3), the minimum period which must elapse from the date of issue of any certificate before the amount represented by it may be repaid;
d) as to the circumstances under which and the conditions upon which any National Savings Certificate may be repaid before the expiry of the minimum period prescribed under paragraph (c);
e) as to the conditions and procedure applying to the transfer of any National Savings Certificate by the holder thereof to another person, the forms to be used in connection with such transfer and the fees payable in respect thereof;
f) as to the replacement of any National Savings Certificate which has been lost, destroyed or damaged and the fees payable in respect of any such replacement;
g) as to the issue of National Savings Certificates to certain persons or classes of persons;
h) as to the purchase of any National Savings Certificate by a trustee on behalf of a beneficiary and by one person in the name of another on particular conditions relating to the repayment of the amount represented by such certificate and compliance with such conditions, and as to limitations and requirements (including different limitations or requirements in respect of different categories of such investments or different categories of such investors) that apply to such purchases; and
i) as to, generally, any other matter in respect of which it is necessary or expedient to make regulations in order to achieve the objects of this Act relating to National Savings Certificates.

 

2) Regulations made under subsection (1) may prescribe as a condition of any particular issue of National Savings Certificates that the rate of interest prescribed by the regulations in relation to the relevant issue of National Savings Certificates, may from time to time be increased or decreased by the Minister by way of an amendment of the regulations.

 

3) If any such rate of interest is decreased, any National Savings Certificate affected thereby is, as from the date on which the rate of interest is decreased, repayable at the request of the holder of the relevant National Savings Certificate, together with any interest accrued thereon up to the date of repayment.

 

4) Different regulations may be made in respect of different issues of National Savings Certificates.

 

5) No regulation may be made under subsection (1)(c), (d) or (g) without the concurrence of the Minister of Finance.

 

6) The regulations made under section 77B of the Post Office Act, 1958 (Act No. 44 of 1958), and any regulations made or any act performed by virtue of an authority granted in terms of Chapter V of that Act, which were in force immediately prior to the commencement of this Act, remain in force until repealed under this section.