LONDON TRANSPORT STOCK REGULATIONS, 1933, Dated AUGUST 18, 1933, Made by the Minister of Transport WITH THE APPROVAL OF THE TREASURY UNDER THE LONDON PASSENGER TRANSPORT ACT, 1933 (23 & 24 GEO. 5. C. 14).(a)
| Jurisdiction | UK Non-devolved |
| Citation | SI 1933/827 |
| Year | 1933 |
1933 No. 827
LONDON TRANSPORT
4. Stock Regulations
THE LONDON TRANSPORT STOCK REGULATIONS, 1933, DATED AUGUST 18, 1933, MADE BY THE MINISTER OF TRANSPORT WITH THE APPROVAL OF THE TREASURY UNDER THE LONDON PASSENGER TRANSPORT ACT, 1933 (23 & 24 GEO. 5. C. 14).(a)[These Regulations (S.R. & O. 1933, p. 1092), are printed as amended by Regulations, dated June 5, 1939 (S.R. & O. 1939 (No. 698) II, p. 1865) and August 28, 1942 (S.R. & O. 1942 No. 1717, p. 856 below.]
ARRANGEMENT OF REGULATIONS
PART I
PRELIMINARY
1. Citation.
2. Interpretation.
3. Application of Interpretation Act, 1889.
PART II
BORROWING OF MONEY
4. Mode of raising money.
5. Period for repayment of money borrowed.
6. Application of money borrowed.
7. Temporary investments.
PART III
CREATION AND ISSUE OF STOCK
8. As to issue of stock.
9. Redeemability of stock.
PART IV
INTEREST
10. Maintenance and use of Interest Account.
11. Dates for payment of interest.
12. Interest to executors, etc.
13. Evidence of title.
14. Method of paying interest.
15. Unclaimed interest.
16. Paying Agents.
(a) See also S.R. & O. 1940 No. 2201, p. 857 below.
PART V
REPAYMENT OF BORROWED MONEY AND REDEMPTION OF STOCK
17. Power to re-borrow.
18. Borrowing for the redemption of stock issued under Section 39 (1) (a) of the Act.
19. Borrowing for expenses of issue of stock.
20. Borrowing by issue of stock at discount.
21. Redemption Fund Accounts.
22. Application of sums in Redemption Fund Accounts.
23. Provision for adjustment of Redemption Fund Accounts.
24. Use of money in Redemption Fund Accounts instead of borrowing.
25. Subsidiary provisions as to Redemption Fund Accounts.
26. Extinction of stock redeemed or purchased.
27. Unclaimed stock.
PART VI
REGISTRARS, TRANSFER OF STOCK, ETC.
28. Appointment of Registrars.
29. Form of holding of stock.
30. Registers of stock.
31. Certificates of stock.
32. Right to transfer stock.
33. Transfer of inscribed stock.
34. Transfer of registered stock.
35. No notice of trusts.
36. Transmission on death.
37. Transmission otherwise than by death of holder or transfer.
38. Forgery.
39. Forged transfers.
40. Application of Bankers Books Evidence Act, 1879.
41. Change of Registrar.
42. Registrar may take fees, etc.
43. Registration fees.
44. Registers to be prima facie evidence.
45. Defaced or lost certificates.
PART VII
APPOINTMENT OF RECEIVER OR RECEIVER AND MANAGER
46. Appointment of Receiver or Receiver and Manager.
47. Convening of meetings of stockholders and proceedings thereat.
48. Powers of Receiver or Receiver and Manager.
PART VIII
MISCELLANEOUS
49. Closing of registers.
50. Arrangements with bankers.
51. Protection of holders of stock.
52. Restriction on disposal of "L.A." stock.
53. Annual return to the Minister.
54. Orders of the Minister.
55. Saving for power of revocation.
56. Saving for other obligations.
In exercise of the powers conferred upon him by Sections 38 and 39 of the London Passenger Transport Act, 1933 (hereinafter called "the Act") and of all other powers enabling him in that behalf, the Minister of Transport with the approval of the Treasury hereby makes the following Regulations (hereinafter referred to as "the Regulations") and hereby orders and prescribes that the Regulations shall apply to the exercise by the London Passenger Transport Board (hereinafter called "the Board") of the powers of borrowing conferred by the Act and to the issue, transfer, dealing with and redemption of London Transport Stock.
PART I.—PRELIMINARY
Citation.
1. The Regulations may be cited as "The London Transport Stock Regulations, 1933."
Interpretation.
2. In the Regulations the following expressions shall, unless the contrary intention appears, have the meanings hereby respectively assigned to them, namely:—
The expression "the Minister" means the Minister of Transport.
The expression "statutory borrowing power" means any power of the Board of borrowing or re-borrowing money for capital purposes.
The expression "statutory security" means any security in which trustees are for the time being authorised by or under any Statute to invest trust money, and any mortgage or stock granted or issued under statutory authority by any local authority within the meaning of the Local Loans Act, 1875, other than any security of the Board and annuities, rent charges and securities transferable by delivery.
The expression "stock" means London Transport Stock created by the Board under the Act, or any subsequent Act.(a)
The expression "the transport fund" means the fund established in pursuance of Section 37 of the Act.
The expression "prescribed period" means, in relation to money borrowed by the Board under the Regulations, a period of ninety years from the date on which the money was so borrowed or such lesser period as the Minister may approve, and in relation to stock issued by the Board, under Section 39 (1) (a) of the Act, as consideration for the transfer to the Board of undertakings or parts of undertakings under the Act, a period of ninety years from the date of the issue of such stock.
Application of Interpretation Act, 1889.
3. 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.—BORROWING OF MONEY
Mode of raising money.
4. Subject to the Regulations the Board may borrow money for capital purposes by the issue of stock in accordance with the provisions of the Act, or any subsequent Act.(a)
Period for repayment of money borrowed.
5. The Board shall make provision for the repayment of all money borrowed by them by the issue of stock (other than money borrowed by the issue of "C" stock) in accordance with the Regulations within the prescribed period.
Application of money borrowed.
6. Money borrowed by the Board under the Regulations by the issue of stock shall be applied to the purposes for which it was so borrowed.
Provided that if after the borrowing of any money by the issue of stock, other than "C" stock, it is found that any part of that money is not required for the purpose for which it was borrowed the Board shall carry the same to the credit of the appropriate Redemption Fund Account to be created as hereinafter provided and in the case of any money borrowed by the issue of
(a) Regulations 2 and 4, as amended by S.R. & O. 1942 No. 1717, p. 856 below.
"C" stock and not required for the purpose for which it was borrowed the Board may apply such money to such other capital purposes of the Board as may be approved by the Minister.
Temporary investments.
7. The Board may from time to time invest temporarily in statutory securities or may place on deposit with bankers or apply temporarily for other purposes for which money is authorised to be borrowed any sum so borrowed and not for the time being required for the purpose for which it was so borrowed.
PART III.—CREATION AND ISSUE OF STOCK
As to issue of stock.
8.—(1) All stock which the Board is authorised to create and issue shall be created by and issued in pursuance of a resolution or resolutions passed by the Board.
(2) Subject to the provisions of the Act, or any subsequent Act, "C" stock shall be issued at such price as the Board may determine and "A" or "B" stock shall be issued at such price and be redeemable at such dates as the Board, in consultation with the Treasury, may determine at the time of the issue of the stock and shall bear interest at such rates as the Board, with the approval of the Treasury, may determine.(a)
Redeemability of stock.
9.—(1) Subject to the provisions of the Act, or any subsequent Act, stock other than "C" stock shall be redeemed at the expiration of such period not exceeding 90 years as the Board may determine and may be redeemed either wholly or in part at the option of the Board at any time on or after the expiration of such shorter period as the Board may determine, and in the case of "C" stock may be redeemed either wholly or in part at such time after the 31st day of December, 1955, as the Board may determine. The periods so determined shall be specified in every resolution for the creation of stock of the particular class to which the resolution relates.(a)
(2) In the case of a redemption of a part only of the stock of any class the stock to be redeemed shall be selected in manner to be determined by the Board with the approval of the Treasury, and to be specified in the notice referred to in the next following paragraph.
(3) Subject to the provisions of the Act, or any subsequent Act, no stock shall be liable to be redeemed before the expiration of the latest date fixed by the Act, or any subsequent Act, or specified in the resolution creating the stock unless at least three months' notice of intention to redeem the same shall have been given by publication in two or more London daily newspapers.(a)
PART IV.—INTEREST
Maintenance and use of Interest Account.
10.—(1) For the payment of the interest on the stock issued by the Board there shall in each year be carried to accounts of the transport fund entitled Interest 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 Account for each class of stock.
(3) The Board shall from time to time pay the interest on each stock and charge the same to the appropriate Interest Account.
Dates for payment of interest.
11. Subject to the provisions of the Act, or any subsequent Act, interest on stock other than "C" stock shall be paid on such days as on the issue thereof the Board shall prescribe, and interest on "C" stock or any sum
(a) Regulations 8 (2) and 9 (1) and (3) as amended by S.R. & O. 1942 No. 1717, p. 856 below.
to be paid on account thereof shall be payable on such date, not being later than three months after the end of any year or the first six months of any year as the case may be...
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