South of Scotland Electricity Board (Borrowing and Stock) Regulations, 1955
| Jurisdiction | UK Non-devolved |
| Citation | SI 1955/1752 |
| Year | 1955 |
1955 No. 1752 (S. 142)
The South of Scotland Electricity Board (Borrowing and Stock) Regulations, 195514thNovember 1955
14thNovember 1955
In exercise of the powers conferred upon me by sections 12 and 13 of the Hydro-Electric Development (Scotland) Act, 1943(a), as amended by subsection (1) of section 57 of, and Part II of the Fourth Schedule to, the Electricity Act, 1947(b), and as amended and applied to the South of Scotland Electricity Board by subsection (1) of section 15 of, and Part I of the First Schedule to, the Electricity Reorganisation (Scotland) Act, 1954(c), and of all other powers enabling me in that behalf, and with the approval of the Treasury, I hereby make the following Regulations:—
PART I—PRELIMINARY
Citation and commencement
1. These Regulations may be cited as the South of Scotland Electricity Board (Borrowing and Stock) Regulations, 1955, and shall come into operation on the fourteenth day of November, nineteen hundred and fifty-five.
Interpretation
2. In these Regulations, unless the context otherwise requires, the following expressions shall have the meanings hereby respectively assigned to them:—
"The Act of 1943" means the Hydro-Electric Development (Scotland) Act, 1943, as applied to the Board by the Act of 1954.
"The Act of 1954" means the Electricity Reorganisation (Scotland) Act, 1954.
"The Board" means the South of Scotland Electricity Board, constituted under the Electricity (Scotland) Acts, 1943 to 1954.
"The Central Authority" means the Central Electricity Authority, constituted under the Electricity Act, 1947, as amended by the Act of 1954.
"The General Fund" has the meaning assigned to it in section 10 of the Act of 1943.
"Interest Account" means such an Account as is referred to in paragraph (1) of Regulation 9 of these Regulations.
"Prescribed period" means, in relation to any stock, a period determined by the Secretary of State with the approval of the Treasury within which provision is required to be made by the Board for the replacement of moneys borrowed (including, where stock is issued at a lower price 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 paragraph (1) of Regulation 11 of these Regulations.
(a) 6 & 7 Geo. 6. c. 32.
(c) 2 & 3 Eliz. 2. c. 60.
"The registrar" has the meaning assigned to it by paragraph (1) of Regulation 18 of these Regulations.
"Statutory borrowing power" means any power of borrowing or reborrowing money conferred on the Board under the Act of 1943 or these Regulations.
"Statutory security" means any security in which trustees are for the time being authorised by the law of Scotland to invest and any mortgage bond debenture debenture stock stock or other security authorised by law of any local authority within the meaning of the Local Government (Scotland) Act, 1947(a), or any statutory authority, commissioners or trustees to whom section 270 of that Act applies, or of any local authority as defined by section 34 of the Local Loans Act, 1875(b), other than
(a) stock issued by the Board under the Act of 1943 and these Regulations, and
(b) annuities, rent charges and securities transferable by delivery.
"Stock" means South of Scotland Electricity Stock created by the Board under the Act of 1943.
"Stock certificate" has the meaning assigned to it by paragraph (1) of Regulation 20 of these Regulations.
"Stock register" has the meaning assigned to it by paragraph (1) of Regulation 19 of these Regulations.
Application of Interpretation Act, 1889
3. The Interpretation Act, 1889(c), shall apply for the purpose of the interpretation of these Regulations in like manner as it applies for the purpose of the interpretation of an Act of Parliament.
PART II—BORROWING
Temporary Borrowing by the Board
4. The Board may borrow temporarily for the purpose of any statutory borrowing power from any bank or otherwise on such terms and such conditions as may be agreed between the Board and the lenders and any money so borrowed and all sums borrowed temporarily under the provisions of the South of Scotland Electricity Board (Temporary Borrowing) Regulations, 1955(d) and the South of Scotland Electricity Board (Temporary Borrowing) (Amendment) Regulations, 1955(e) shall be repaid within a period of twelve months from the date of the temporary borrowing or such extended period as the Secretary of State may allow.
This Regulation shall not be taken as derogating from section 13 of the Act of 1943.
Power to re-borrow
5.—(1) The Board shall have power to borrow for the purpose of paying off any money previously borrowed including:
(a) sums due by the Board to the Central Authority and treated as loans under the Act of 1954; and
(b) sums due by the Board under section 6 (1) (a) and (b) of the Act of 1954:
Provided that the Board shall not have power to borrow under this Regulation for the purpose of making any payment which it is proper to charge to revenue account.
(b) 38 & 39 Vict. c. 83.
(c) 52 & 53 Vict. c. 63.
(d) S.I. 1955/215.
(e) S.I. 1955/578.
(2) Provision shall be made for the redemption of any stock issued for the purposes of paragraph (1) of this Regulation, within that portion of the prescribed period applicable to the original loan which remains unexpired.
Savings for certain restrictions
6.—(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 Board without the specific consent of the Treasury given under those provisions.
(2) Nothing in these Regulations shall be taken to relieve the Board of any obligation imposed by the provisions of the Exchange Control Act, 1947(b).
PART III—STOCK
Issue of Stock
7.—(1) All stock issued by the Board under the Act of 1943 shall be redeemable stock and shall be created by and issued in pursuance of a resolution or resolutions passed by the Board.
(2) The Board 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.
(3) Subject to the provisions of the Act of 1943 and of 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 Board, with the consent of the Secretary of State and the approval of the Treasury, may determine.
(4) The Board may by resolution revoke at any time in whole or in part any resolution for the creation of new 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 Secretary of State.
Period for redemption of stock
8.—(1) Unless previously redeemed or purchased and extinguished under Regulation 15 of these Regulations and subject to the provisions of this Regulation, stock shall be redeemed immediately on the expiration of such period as the Board, with the consent of the Secretary of State and the approval of the Treasury, may have determined in accordance with paragraph (3) of Regulation 7 of these Regulations. 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 12 of these Regulations, no stock 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 the 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.
PART IV—INTEREST
Interest Accounts
9.—(1) For each class of stock issued by the Board there shall be maintained a separate account of the General Fund entitled an "Interest Account" and distinguished by a number or otherwise from the Interest Accounts maintained under this paragraph for other classes of stock.
(2) To each Interest Account there shall be carried in each year a sum or sums equal in the aggregate to the amount of all interest payable or accrued due during the year in respect of the class of stock to which that Account is appropriate, and all such interest when paid shall be charged on that Account.
Dates for payment of interest
10. Interest on stock shall be paid at such half-yearly or other intervals and on such days as on the issue or grant thereof the Board, with the consent of the Secretary of State and the approval of the Treasury, may determine.
PART V—REDEMPTION OF STOCK
Redemption Fund Accounts
11.—(1) For the redemption of stock there shall be carried in each year of the prescribed period applicable to the stock issued, to Accounts of the General Fund entitled "the Redemption Fund Accounts", 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 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...
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