BRITISH TRANSPORT STOCK REGULATIONS, 1947, Dated December 11, 1947, Made by the Minister of Transport WITH THE APPROVAL OF THE TREASURY UNDER SECTION 89 (3) OF THE TRANSPORT ACT, 1947 (10 & 11 GEO. 6. C. 49).
| Jurisdiction | UK Non-devolved |
| Citation | SI 1947/2686 |
| Year | 1947 |
1947 No. 2686
NATIONAL TRANSPORT
2. Finance
(1) British Transport Stock
THE BRITISH TRANSPORT STOCK REGULATIONS, 1947, DATED DECEMBER 11, 1947, MADE BY THE MINISTER OF TRANSPORT WITH THE APPROVAL OF THE TREASURY UNDER SECTION 89 (3) OF THE TRANSPORT ACT, 1947 (10 & 11 GEO. 6. C. 49).The Minister of Transport with the approval of the Treasury in exercise of the powers conferred upon him by subsection (3) of section 89 of the Transport Act, 1947, and of all other powers him enabling, hereby makes the following Regulations:—
PART I
PRELIMINARY
Commencement and Citation.
1. These Regulations shall come into force on the first day of January, 1948, and may be cited as "The British Transport Stock Regulations, 1947".
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 Act" means the Transport Act, 1947.
"the Commission" means the British Transport Commission.
"conversion date" has the same meaning as in Part II of the Fifth Schedule to the Act.
"Interest Account" means such an Account as is referred to in Regulation 17 of these Regulations.
"the Minister" means the Minister of Transport.
"prescribed period" means:—
(a) in relation to any stock issued for the purpose of satisfying any right to compensation which under any provision of the Act (including any provision of the Act as applied by any scheme or order made under the Act) is to be satisfied by the issue of stock or any stock belonging to the same group of stock, the period of ninety years from the date on which the first mentioned stock was issued; and
(b) in relation to any other stock, the period determined by the Minister with the approval of the Treasury, within which provision is required to be made by the Commission for the replacement of moneys borrowed (including moneys deemed to have been borrowed for the purposes of the proviso to subsection (2) of section 88 of the Act, and 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 and any stock belonging to the same group of stock.
"Redemption Fund Account" means such an Account as is referred to in Regulation 6 of these Regulations.
"the registrar" has the meaning assigned to it by paragraph (1) of Regulation 11 of these Regulations.
"statutory borrowing power" means any power of the Commission to borrow money by the issue of stock under subsection (2) of section 88 of the Act or to create and issue stock under sub-paragraph (c) of subsection (1) of section 89 of the Act.
"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 the Commission and annuities, rent charges and securities transferable by delivery.
"stock" means British Transport Stock created by the Commission under the Act.
"stock certificate" has the meaning assigned to it by paragraph (1) of Regulation 13 of these Regulations.
"the stock register" has the meaning assigned to it by paragraph (1) of Regulation 12 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.
(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 the Commission under the Act shall be redeemable stock and shall be created by and issued in pursuance of a resolution or resolutions passed by the Commission.
(2) The Commission 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 Act and these Regulations, stock may be issued at 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 Commission with the consent of the Minister and the approval of the Treasury may determine.
(4) The Commission may, by resolution, revoke at any time, in whole or in part, any resolution for the creation of any stock theretofore passed 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 Commission 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 Commission of any obligations imposed by the provisions of the Exchange Control Act, 1947.
Redeemability of stock.
5.—(1) Unless previously redeemed or required by the Act to be cancelled and subject to the provisions of this Regulation, stock shall be redeemed immediately at the expiration of such period as the Commission with the consent of the Minister and the approval of the Treasury may have determined in accordance with Regulation 3 of these Regulations.
(2) Unless redeemed by means of periodical drawings, no stock (other than stock required by the Act to be cancelled) 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.
Redemption Fund Accounts.
6.—(1) For the redemption of stock there shall be carried from revenue in each year of the prescribed period applicable to the stock to Accounts (entitled "the Redemption Fund Accounts") of the Commission a sum or sums for redeeming or purchasing such stock.
(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 accumulated at compound interest with such rests and at such rate as the Commission with the consent of the Minister and the Treasury, may from time to time determine, would be sufficient to redeem or purchase the stock to which the Account relates at the expiration of such period, and, in addition thereto, a sum equivalent to interest on the amount from time to time standing to the credit of the Account at the rate on which the aforesaid equal yearly or half-yearly sums are based.
(4) The first contribution to each Redemption Fund Account shall be made within twelve months, or, when the sums are to be carried to the Redemption Fund Account half-yearly, within six months, from the commencement of the prescribed period.
Application of sums in Redemption Fund Accounts.
7.—(1) The Commission shall from time to time apply the whole or such part as may be necessary of any sums standing to the credit of any Redemption Fund Account in or towards the redemption, according to the terms of issue, of the stock to which such Account relates.
To the extent to which the whole or any part of such sums is not required to be so applied and unless the terms of issue require redemption to take place by means of periodical drawings (whether or not such drawings are combined with any other method of redemption), the Commission may from time to time apply such sums in purchasing any stock to which such Account relates.
(2) Insofar as such sums have not been applied in manner aforesaid, the Commission shall invest the said sums in statutory securities and the annual proceeds arising from every such investment shall be carried to revenue account.
(3) Where the sums to be carried to any Redemption Fund Account have been calculated in the manner provided by paragraph (3) (b) of the last preceding Regulation and money standing to the credit of such Account has been applied in manner provided by paragraph (1) of this Regulation, the Commission shall carry to the credit of such Account each year an additional sum equivalent to the interest which would have been produced by the money so applied if invested at the rate on which the equal yearly or half-yearly payments to such Account are based:
Provided that no such additional sums shall be carried to the credit of such Account in respect of sums paid in excess under paragraph (1) of Regulation 9 of these Regulations.
(4) Notwithstanding anything in the preceding...
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