Pledging of certificates: transfer as security to specified institutions makes the transferee the deemed holder until authorised re-transfer. Pledging of National Savings Certificates is allowed to specified public and financial institutions on application by transferor and transferee, subject to parental certification when the certificate was purchased for a minor. The postmaster must endorse transfers as security; the transferee is deemed the holder until re-transfer. Re-transfer needs the pledgee's written authority and the authorised postmaster's prior written sanction, with corresponding endorsement. Officers acting for institutions must certify their authority by dated signature and seal. If endorsement space is exhausted, a fresh equivalent certificate may be issued.