AIRWAYS CORPORATIONS STOCK REGULATIONS, 1948

JurisdictionUK Non-devolved
CitationSI 1948/2858
Year1948

1948 No. 2858

AIR NAVIGATION

THE AIRWAYS CORPORATIONS STOCK REGULATIONS, 1948

17thDecember 1948

17thDecember 1948

ARRANGEMENT

PREAMBLE

PART I

PRELIMINARY

1. Citation and Commencement.

2. Interpretation.

PART II

ISSUE AND REDEMPTION OF STOCK

3. Issue of stock.

4. Savings for certain restrictions.

5. Redeemability of stock.

6. Redemption Fund Accounts.

7. Application of sums in Redemption Fund Accounts.

8. Provision for adjustment of Redemption Fund Accounts.

9. Provisions as to Redemption Fund Accounts.

10. Unclaimed stock.

PART III

PROVISIONS RELATING TO STOCK

11. Appointment of Registrar of stock.

12. Registers of stock.

13. Stock certificates.

14. Transfer of stock.

15. Transmission of stock on death.

16. No notice of trusts.

PART IV

PAYMENT OF INTEREST AND REDEMPTION MONEYS

17. Maintenance and use of Interest Accounts.

18. Dates for payment of interest.

19. Payment of interest and redemption moneys on stock.

20. Unclaimed interest and redemption moneys.

21. Striking the balance for payment of interest on stock.

PART V

MISCELLANEOUS

22. Application of practice of Bank of England.

23. Registration fees.

24. Application of certain Acts.

25. Arrangement with bankers.

26. Protection of holders of stock.

27. Annual return to the Minister.

28. Saving for Treasury.

2 & 3 Geo. 6. c. 61.

8 & 9 Geo. 6. c. 21.

9 & 10 Geo. 6. c. 70.

The Minister of Civil Aviation with the approval of the Treasury in exercise of the powers conferred upon him by sub-section 3 of Section 14 of the British Overseas Airways Act, 1939, (as amended by the Ministry of Civil Aviation Act, 1945) and sub-section 3 of Section 8 of the Civil Aviation Act, 1946, and of all other powers enabling him in that behalf, hereby makes the following Regulations:—

PART I

PRELIMINARY

1.—(1) These Regulations may be cited as "The Airways Corporations Stock Regulations, 1948" and shall come into operation on the 17th day of December, 1948, and shall apply to stock issued on and after that date.

(2) The Airways Corporations Stock Regulations, 1947,(a) shall not apply to stock issued on and after the 16th day of December, 1948.

Interpretation.

2.—(1) In these Regulations, unless the context otherwise requires, the following expressions shall have the meanings hereby respectively assigned to them, that is to say:—

"The Acts" means the British Overseas Airways Act, 1939 (as amended by the Ministry of Civil Aviation Act, 1945) and the Civil Aviation Act, 1946.

"The Corporation," in relation to any stock, means that one of the Corporations by which the stock is issued.

"The Corporations" means British Overseas Airways Corporation, British European Airways Corporation, and British South American Airways Corporation.

"Interest Account" means such an Account as is referred to in Regulation seventeen of these Regulations.

"The Minister" means the Minister of Civil Aviation.

"Prescribed period" means in relation to any stock the period determined by the Minister with the approval of the Treasury within which provision is required to be made by the Corporation for the replacement of moneys borrowed (including where the stock is issued at a price lower than the amount payable on redemption, the difference between the price of issue and the amount payable on redemption) by the issue of that stock, or any stock belonging to the same group of stock. Provided that such period may commence when, or at any time after, stock to which it relates is first issued.

"Redemption Fund Account" means such an Account as is referred to in Regulation six of these Regulations.

"the registrar" has the meaning assigned to it by paragraph (1) of Regulation eleven of these Regulations.

"statutory borrowing power" in relation to any of the Corporations means any power of the Corporation to borrow money by the issue of stock.

(a) S.R. & O. 1947 No. 99, p. 1245 above.

38 & 39 Vict. c. 83.

54 & 55 Vict. c. 34.

56 & 57 Vict. c. 8.

"statutory security" means any security in which trustees are for the time being authorised by law to invest trust money and any mortgage, bond, debenture, debenture stock, stock or other security of any county council or other local authority as defined in section 34 of the Local Loans Act, 1875, or section 4 of the Local Authorities Loans (Scotland) Act, 1891 as amended by section 5 of the Local Authorities Loans (Scotland) Act, 1891 Amendment Act, 1893, other than securities issued by any of the Corporations and annuities, rent charges and securities transferable by delivery.

"stock" means stock created by any of the Corporations under the Acts.

"stock certificate" has the meaning assigned to it by paragraph (1) of Regulation thirteen of these Regulations.

"the stock register" has the meaning assigned to it by paragraph; (1) of Regulation twelve of these Regulations.

(2) For the purposes of this Regulation different issues of stock (whether of the same class or not) shall be deemed to constitute a group of stock if, as between any two of them, the one is issued for the purpose of redeeming the other or the one is redeemed by the proceeds of the issue of the other, and references to any stock belonging to the same group of stock shall be construed accordingly.

52 & 53 Vict. c. 63.

(3) The Interpretation Act, 1889, shall apply to the interpretation of these Regulations as it applies to the interpretation of an Act of Parliament.

PART II

ISSUE AND REDEMPTION OF STOCK

Issue of stock.

3.—(1) All stock issued by any of the Corporations under the Acts shall be redeemable stock and shaft be created by and issued in pursuance of a resolution or resolutions of the Corporation in question.

(2) The Corporation may issue such class or classes of stock as they may determine, but each class of stock shall have a distinctive title and shall be issued on the terms and subject to the conditions that all stock at any time belonging to that class shall bear one and the same rate of interest, shall become redeemable on the same conditions, and shall in all other respects be of the same character.

(3) Subject to the provisions of the Acts and these Regulations, stock may be issued on such date, by such method, for such amount, at such price, at such rate of interest and subject to redemption on such conditions as the Corporation with the consent of the Minister and the approval of the Treasury may determine.

(4) The Corporation may, by resolution, revoke at any time, in whole or in part, any resolution for the creation of any stock theretofore pissed by them if and so far as the same has not been acted on by the issue of stock thereunder; and notice of any such revocation shall forthwith be given to the Minister.

Savings for certain restrictions.

9 & 10 Geo. 6. c. 58.

4.—(1) So long as the borrowing or raising of money in Great Britain without the consent of the Treasury is prohibited by the provisions of any order made under the Borrowing (Control and Guarantees) Act, 1946, nothing in these Regulations shall be taken to authorise the exercise of a statutory borrowing power by the Corporations without the specific consent of the Treasury given under those provisions.

10 & 11 Geo. 6. c. 14.

(2) Nothing in these Regulations shall be taken to relieve the Corporations of any obligations imposed by the Exchange Control Act, 1947.

Redeemability of stock.

5.—(1) Unless previously redeemed or purchased and extinguished in accordance with this Regulation, and subject to the provisions of this Regulation, stock shall be redeemed immediately at the expiration of such period as the Corporation with the consent of the Minister and the approval of the Treasury may have determined in accordance with Regulation three of these Regulations.

(2) Unless redeemed by means of periodical drawings, or purchased and extinguished in accordance with this Regulation, no stock shall be liable to be redeemed before the expiration of the latest date for redemption specified in the resolution creating such stock unless at least three months notice of intention to redeem the same shall have been given.

(3) Any stock redeemed or purchased by the Corporation shall by virtue of this Regulation be extinguished.

Redemption Fund Accounts.

6.—(1) For the redemption of stock there shall be carried in each year of the prescribed period applicable to that Stock to an Account (entitled a "Redemption Fund Account") of the Corporation a sum or sums for replacing the, moneys borrowed by the issue of that stock at the expiration of the prescribed period.

(2) There shall be a separate Redemption Fund Account for all the stock to which each particular prescribed period relates.

(3) The sums to be carried to each Redemption Fund Account shall be either:—

(a) equal yearly or half-yearly sums sufficient without accumulations to redeem or purchase the stock to which the Account relates at the expiration of the prescribed period, or

(b) equal yearly or half-yearly sums which, if...

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