1.  This Order may be cited as the National Savings Bank (Investment Deposits) (Limits) (Amendment) Order 1987, and shall come into force on 3rd March 1987.

2.  The National Savings Bank (Investment Deposits) (Limits) Order 1977(2) shall be amended in Article 4(1) by the addition of the following sub-paragraph:

"(d)the receipt or crediting of any amount received or credited in contravention of that Article from being treated as having been lawfully received or credited for such period as the Director, in his discretion, thinks appropriate provided that at the time the amount was received or credited the Director was unaware of the contravention and provided also that the Director considers it just and reasonable that the amount should be so treated.".

Explanatory Note

(This note is not part of the Order.)

The Order, which further amends the National Savings Bank (Investment Deposits) (Limits) Order 1977, permits the Director of Savings to treat as a lawful deposit any amount received by way of investment deposit in excess of the prescribed limit where the Director was unaware, at the time the deposit was made, that it was in excess of the limit.