Local and Other Authorities (Transfer of Stock) Regulations, 1949
| Jurisdiction | UK Non-devolved |
| Citation | SI 1949/1562 |
| Year | 1949 |
1949 No. 1562
5. TRANSFER OF STOCK
The Local and Other Authorities (Transfer of Stock) Regulations, 194918thAugust 1949
M.H. 108183.
The Minister of Health in exercise of the powers conferred on him by section 125 of the Local Government Act, 1948(a), hereby makes the following regulations:—
Short Title and Commencement
1. These regulations may be cited as the Local and Other Authorities (Transfer of Stock) Regulations, 1949, and shall come into operation on the appointed day:
Provided that regulation 21 shall come into operation on the date hereof.
Interpretation
2.—(1) In these regulations, unless the context otherwise requires, the following expressions have the meanings hereby assigned to them:—
"authority" means an authority to which section 125 of the Local Government Act, 1948, applies;
"registrar" in relation to any stock means the person appointed for the time being by the authority concerned to act in that capacity in relation to that stock;
"stock" means stock of any description (including debenture stock and annuity certificates) issued by an authority whether before or after the passing of the Local Government Act, 1948, except—
(a) stock which by virtue of any statutory provision contained in or made under a private or local Act and passed or made after the passing of the Government and other Stocks (Emergency Provisions) Act, 1939(b), and before the making of these regulations, is transferable by deed and in no other manner; and
(b) stock in respect of which a stock certificate to bearer is for the time being outstanding, or any other bearer security;
"register" means a register kept in pursuance of regulation 3 hereof;
(b) 2 & 3 Geo. 6. c. 100.
"the appointed day" means the first day of January, 1950;
"the Regulations of 1934" means the Local Authorities (Stock) Regulations, 1934(a).
(2) The Interpretation Act, 1889(b), applies to the interpretation of these regulations as it applies to the interpretation of an Act of Parliament.
REGISTRATION AND CERTIFICATES
Registers of Stock and Stockholders
3.—(1) The registrar shall keep at his office, in respect of stock of each description, a register wherein shall be entered the names and addresses of all persons who are for the time being holders of stock of that description and the amounts of stock of that description of which they are respectively for the time being holders.
(2) In the event of the redemption of stock of any description the register relating to that stock may be permanently closed for transfers of amounts of that stock on any day not more than one month immediately preceding the date on which the redemption is to take effect.
(3) Any such register shall be prima facie evidence of any matters directed or authorised by any enactment for the time being in force to be entered therein and of the title of the persons whose names are entered therein as holders of amounts of stock.
Issue of stock certificates
4.—(1) The following persons, that is to say:—
(a) a person whose name, on the compilation on the occasion of the issue of stock of any description of the register relating to that stock, is entered in that register as the holder of an amount of stock of that description;
(b) a person to whom an amount of stock of any description is transferred;
(c) a person in whose name there stood immediately before the appointed day in the books required to be kept under any statutory provision contained in or made under the Local Loans Act, 1875(c), any local or private Act or the Regulations of 1934 an amount of stock of any description;
(d) a person whose name is, by virtue of paragraph (4) of Article 32 of the Regulations of 1934 or of any similar provision in a local or private Act, entered in the register relating to stock of any description as the holder of an amount of stock of that description;
shall be entitled in case (c) above without payment and, in any other case, upon payment of any fee lawfully demanded therefor, to a certificate representing that amount of stock of that description.
(2) If a stock certificate is defaced lost or destroyed the registrar may issue a duplicate thereof on payment (in lieu of any fee otherwise chargeable in that behalf) of a fee not exceeding two shillings and sixpence and on such terms as to evidence and indemnity as he thinks fit and, in a case in which the certificate is defaced, on condition of the surrender thereof.
(3) Where an amount of stock of any description is transferred and the conditions specified in paragraph (a) (b) or (c) of regulation 9 hereof have been satisfied in respect of an amount of stock of that description exceeding
(a) S.R. & O. 1934 (No. 619) I, p. 980.
(b) 52 & 53 Vict. c. 63.
(c) 38 & 39 Vict. c. 83.
the amount specified in the instrument of transfer the person by whom the amount was transferred shall be entitled to a certificate representing the amount of the excess.
(4) Where in the case of a person in whose name there stood in the books required to be kept under any statutory provision mentioned in paragraph (1) of this regulation immediately before the appointed day an amount of stock of any description—
(a) there is transferred by that person an amount of stock of that description which is less than the amount first-mentioned in this sub-paragraph; and
(b) there has not been issued a certificate...
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