AIRWAYS CORPORATIONS STOCK REGULATIONS, 1947, Dated January 15, 1947, Made by the MINISTER OF CIVIL AVIATION WITH THE APPROVAL OF THE TREASURY UNDER THE BRITISH OVERSEAS AIRWAYS ACT, 1939 (2 & 3 GEO. 6. C. 61), (AS AMENDED BY THE MINISTRY OF CIVIL AVIATION ACT, 1945 (8 & 9 GEO. 6. C. 21)) AND THE CIVIL AVIATION ACT, 1946 (9 & 10 GEO. 6. C. 70).
| Jurisdiction | UK Non-devolved |
| Citation | SI 1947/99 |
| Year | 1947 |
1947 No. 99
AIR NAVIGATION
(2) Airways Corporations Stock
THE AIRWAYS CORPORATIONS STOCK REGULATIONS, 1947, DATED JANUARY 15, 1947, MADE BY THE MINISTER OF CIVIL AVIATION WITH THE APPROVAL OF THE TREASURY UNDER THE BRITISH OVERSEAS AIRWAYS ACT, 1939 (2 & 3 GEO. 6. C. 61), (AS AMENDED BY THE MINISTRY OF CIVIL AVIATION ACT, 1945 (8 & 9 GEO. 6. C. 21)) AND THE CIVIL AVIATION ACT, 1946 (9 & 10 GEO. 6. C. 70).ARRANGEMENT OF REGULATIONS
PREAMBLE
PART I
PRELIMINARY
1. Citation.
2. Division of Regulations into Parts.
3. Interpretation.
4. Application of Interpretation Act, 1889.
PART II
STOCK
5. Particulars of borrowing to be furnished to the Treasury.
6. Period for repayment of money borrowed.
7. Temporary investments.
8. As to issue of stock.
9. Redeemability of stock.
10. Expenses of issue of stock.
11. Issue of stock at a discount.
PART III
INTEREST
12. Maintenance and use of Interest Fund Account.
13. Dates for payment of interest.
14. Interest to executors, etc.
15. Evidence of title.
16. Method of paying interest.
17. Unclaimed interest.
PART IV
REPAYMENT OF BORROWED MONEY AND REDEMPTION OF STOCK
18. Redemption Fund Accounts.
19. Application of sums in Redemption Fund Accounts.
20. Provision for adjustment of Redemption Fund Accounts.
21. Use of money in Redemption Fund Accounts instead of borrowing.
22. Subsidiary provisions as to Redemption Fund Accounts.
23. Extinction of stock redeemed or purchased.
24. Unclaimed stock.
PART V
REGISTRARS, TRANSFER OF STOCK, ETC.
25. Appointment of Stock Registrars.
26. Registers of stock.
27. Certificates of stock.
28. Right to transfer stock.
29. Transfer of stock.
30. No notice of trusts.
31. Transmission on death.
32. Transmission otherwise than by death of holder or by instrument of transfer.
33. Powers of Stock Registrars in relation to transfers of stock.
34. Forgery.
35. Forged transfers.
36. Application of Bankers' Books Evidence Act, 1879.
37. Change of Stock Registrar.
38. Registration fees.
39. Registers to be prima facie evidence.
40. Defaced or lost certificates.
PART IV
MISCELLANEOUS
41. Closing of transfer books.
42. Arrangements with bankers.
43. Protection of holders of stock.
44. Appointment of Receiver.
45. Powers of Receiver.
46. Annual return to the Minister.
47. Saving for power of revocation.
48. Saving for Treasury.
49. Saving for restriction on borrowing.
50. Saving for other obligations.
51. Revocation of Airways Stock Regulations, 1940.
Whereas by virtue and for the purposes of the British Overseas Airways Act, 1939 (2 & 3 Geo. 6. c. 61) (as amended by the Ministry of Civil Aviation Act, 1945) and the Civil Aviation Act, 1946 (hereinafter referred to as "the Acts") there have been established three Corporations known as the British Overseas Airways Corporation, the British European Airways Corporation and the British South American Airways Corporation:
And whereas, by virtue of the Acts, the Minister of Civil Aviation is empowered, with the approval of the Treasury, to make regulations as to dealings with and the issue, transfer, and redemption of stock of the said Corporations:
Now, therefore, in exercise of the powers conferred upon him by the Acts and any and every other power thereunto him enabling the Minister of Civil Aviation with approval of the Treasury hereby makes the following Regulations:—
PART I
PRELIMINARY
Citation.
1. The Regulations may be cited as "The Airways Corporations Stock Regulations, 1947."
Division of Regulations into Parts.
2. The Regulations are divided into Parts as follows:—
Part I.—Preliminary.
Part II.—Stock.
Part III.—Interest.
Part IV.—Repayment of Borrowed Money and Redemption of Stock.
Part V.—Stock Registrars, Transfer of Stock, and the like.
Part VI.—Miscellaneous.
Interpretation.
3. In the Regulations the following expressions shall, unless the contrary intention appears, have the meanings hereby respectively assigned to them, namely:—
The expression "authorised security" means any security of the Government of the United Kingdom and any security guaranteed as to both principal and interest by the Government of the United Kingdom.
The expression "the Corporation" means the British Overseas Airways Corporation, the British European Airways Corporation, the British South American Airways Corporation, or any one of them.
The expression "the Minister" means the Minister of Civil Aviation.
The expression "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 for the redemption of the stock.
The expression "statutory borrowing power" means any power of the Corporation of borrowing or re-borrowing money.
The expression "stock" means stock created by the Corporation under the Acts.
Application of Interpretation Act, 1889. 52 & 53 Vict. c. 63.
4. The Interpretation Act, 1889, shall apply for the purpose of the interpretation of the Regulations in like manner as it applies for the purpose of the interpretation of an Act of Parliament.
PART II
STOCK
Particulars of borrowing to be furnished to the Treasury.
5. Whenever the Corporation make application for the consent of the Treasury to the borrowing of money by the issue of stock they shall furnish to the Treasury and the Minister such particulars of the amount purpose nature and circumstances of the proposed borrowing as the Treasury and the Minister may require.
Period for repayment of money borrowed.
6. The Corporation shall make provision for the repayment of all money borrowed by them by the issue of stock in accordance with the Regulations within the prescribed period.
Temporary investments.
7. The Corporation may from time to time invest temporarily in authorised securities or, with the consent of the Minister, apply temporarily for other purposes for which money is authorised to be borrowed any sum borrowed by the issue of any stock and not for the time being required for the purpose for which it was borrowed.
As to issue of stock.
8.—(1) All stock issued by the Corporation shall be redeemable stock and shall be created by and issued in pursuance of a resolution or resolutions passed by the Corporation.
(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 at the same time, and shall in all other respects be of the same character.
Redeemability of stock.
9.—(1) Unless previously redeemed or purchased and extinguished under Regulation 23 of these Regulations stock shall be redeemed at the expiration of such period as the Corporation with the approval of the Minister may determine. The period so determined shall be specified in every resolution for the creation of stock of the particular class to which the resolution relates.
(2) Unless redeemed by means of periodical drawings, or purchased under Regulation 19 of these Regulations, no stock shall be liable to be redeemed before the expiration of the latest date for repayment mentioned in the resolution creating the stock unless at least three calendar months' notice of intention to redeem the same shall have been given.
Expenses of issue of stock.
10. The Corporation in the exercise of a statutory borrowing power may create and issue stock for the purpose of defraying the expenses of the creation and issue of any stock.
Issue of stock at a discount.
11. Where stock is issued at a price lower than that at which it is to be redeemed the difference between the price of issue and the price of redemption shall for the purposes of these Regulations be treated as a loan authorised by a statutory borrowing power repayable within the period expiring on the earliest date on which the said stock may be redeemed.
PART III
INTEREST
Maintenance and use of Interest Fund Account.
12.—(1) For the payment of the interest on stock there shall in each year be carried to the accounts of the Corporation entitled Interest Fund Accounts a sum or sums equal in the aggregate to the amount of all interest payable or accrued due during the year.
(2) There shall be a separate Interest Fund Account distinguished by a number or otherwise for each class of stock.
(3) The Corporation shall from time to time pay the interest on the stock and charge the sum to the appropriate Interest Fund Account.
Dates for payment of Interest.
13. Interest on each class of stock shall be paid at such half-yearly or other intervals and on such days as on the issue thereof the Corporation shall prescribe.
Interest to Executors and Administrators on stock standing in the name of a deceased person.
14. The interest on stock of any class entered in the Register relating to stock of that class in the name of a deceased person shall be payable to his personal representative, but no Registrar to be appointed to act on behalf of the Corporation as hereinafter provided (hereinafter referred to as "Stock Registrar") shall be required to pay on behalf of the Corporation any such interest until...
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