Electricity (Stock) Regulations, 1957
| Jurisdiction | UK Non-devolved |
| Citation | SI 1957/2228 |
| Year | 1957 |
1957 No. 2228
The Electricity (Stock) Regulations, 195720thDecember 1957
31stDecember 1957
1stJanuary 1958
ARRANGEMENT OF REGULATIONS
Part I Preliminary. Regulations 1 and 2
Part II Issue and Redemption of Stock. Regulations 3 to 10
Part III Provisions relating to Stock. Regulations 11 to 16
Part IV Payment of Interest and Redemption Regulations 17 to 21
Moneys
Part V Special Provisions as to Scotland. Regulations 22 to 24
Part VI Transitional Provisions. Regulations 25 to 29
Part VII Miscellaneous and General. Regulations 30 to 36
The Minister of Power (in these Regulations referred to as "the Minister"), with the approval of the Treasury, in exercise of the power conferred on him by subsection (3) of section sixteen of the Electricity Act, 1957(a) (in these Regulations referred to as "the Act"), and of all other powers him enabling in that behalf, hereby makes the following Regulations:—
PART I.—PRELIMINARY
Commencement and Citation
1. These Regulations shall come into operation on the first day of January, nineteen hundred and fifty-eight, and may be cited as the Electricity (Stock) Regulations, 1957.
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 Electricity Act, 1957;
"conversion date" has the meaning assigned to it by sub-paragraph (2) of paragraph 1 of Part II of the Third Schedule to the principal Act;
"the Council" means the Electricity Council;
"Interest Account" means such an Account as is referred to in Regulation seventeen of these Regulations;
"the Minister" means the Minister of Power;
"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 principal 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
(a) 5 & 6 Eliz. 2. c. 48.
(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 Council for the replacement of moneys borrowed (including, where 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 six of these Regulations;
"the registrar" has the meaning assigned to it by paragraph (1) of Regulation eleven of these Regulations;
"statutory borrowing power" means any power of the Council to borrow money by the issue of stock under 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 thirty-four of the Local Loans Act, 1875(a), or section four of the Local Authorities Loans (Scotland) Act, 1891(b), as amended by section five of the Local Authorities Loans (Scotland) Act, 1891, Amendment Act, 1893(c), other than securities issued by the Council and annuities, rent charges and securities transferable by delivery;
"stock" means any British Electricity Stock created by the Council under the Act, and, save where the context otherwise requires, any British Electricity Stock issued by the Central Electricity Authority under the principal Act;
"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;
"vesting date" has the meaning assigned to it by subsection (1) of section fourteen of the principal Act.
(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) Expressions to which meanings are assigned by the Act or by these Regulations shall, unless the contrary intention appears, have the same meanings assigned to them for the purposes of any instrument issued under the provisions of these Regulations; and instruments issued under the provisions of these Regulations shall be construed as including any application, appointment, determination, direction, stock certificate and permit made, given, issued or granted, as the case may be, under such provisions.
(4) The Interpretation Act, 1889(d), shall apply to the interpretation of these Regulations as it applies to the interpretation of an Act of Parliament.
(a) 38 & 39 Vict. c. 83.
(b) 54 & 55 Vict. c. 34.
(c) 56 & 57 Vict. c. 8.
(d) 52 & 53 Vict. c. 63.
PART II.—ISSUE AND REDEMPTION OF STOCK
Issue of stock
3.—(1) All stock issued by the Council under the Act shall be redeemable stock and shall be created by and issued in pursuance of a resolution or resolutions passed by the Council.
(2) The Council 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 Council with the consent of the Minister and the approval of the Treasury may determine.
(4) The Council 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
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(a), nothing in these Regulations shall be taken to authorise the exercise of a statutory borrowing power by the Council without the specific consent of the Treasury given under those provisions.
(2) Nothing in these Regulations shall be taken to relieve the Council of any obligation imposed by the provisions of the Exchange Control Act, 1947(b).
Redeemability of stock
5.—(1) Unless previously redeemed or required by the principal 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 Council, or, in the case of stock issued by the Central Electricity Authority, that Authority, with the consent of the Minister and the approval of the Treasury may have determined in accordance with Regulation three of these Regulations or Regulation one of the Electricity (Stock) Regulations, 1948(c), as the case may be.
(2) Unless redeemed by means of periodical drawings, no stock (other than stock required by the principal 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 before the intended date of redemption notice thereof shall have been advertised in the London Gazette and Edinburgh Gazette and notified in the manner (if any) required by the conditions of issue of the stock to be redeemed.
(a) 9 & 10 Geo. 6. c. 58.
(b) 10 & 11 Geo. 6. c. 14.
(c) S.I. 1948/526 (Rev. VI, p. 900: 1948 I, p. 895).
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 Council 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 rates as the Council with the consent of the Minister and the approval of 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 Council shall from time to time apply the whole or such part as may be necessary of any sum 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.
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