Statutory Instrument 2000 No. 1680

The Local Authority (Stocks and Bonds) (Amendment) Regulations 2000

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" "the 1995 Regulations" means "the Uncertificated Securities Regulations 1995 as amended from time to time.""[4] and

(b) after paragraph (3) as paragraph (3A) - 

    " (3A) In these regulations "Operator", "Operator-instruction", "participating security", "relevant system" and "uncertificated unit of a security" have the meanings given in the 1995 Regulations"

    (3) In Regulation 3(2), for "the holder agree" substitute "the holders agree in respect of all of the bonds of a particular description"

    (4) In Regulation 5(3), after "evidence" insert "and in Scotland sufficient evidence unless the contrary is shown."

    (5) In Regulation 6, insert as paragraph (6) - 

    " (6) This regulation is subject (in the case of stock or a bond which is a participating security) to any provision made by or under the 1995 Regulations"

    (6) In Regulation 7, insert - 

(a) in paragraph (1)(a) at the beginning "subject to paragraph (5) of this regulation.".

(b) in paragraph (1)(b) - 


(i) at the beginning "subject to paragraph (4) of this regulation.". and

(ii) after "such authority.". "in accordance with the 1995 Regulations by means of a relevant system operated by an Operator or", and



(c) as paragraphs (4) and (5) - 

    " (4) No transfer of stock or a bond may be effected by exempt transfer if such stock or bond is a participating security

    (5) No transfer may be effected by instrument in writing of stock or a bond which is an uncertificated unit of a security"

    (7) In Regulation 8 insert as paragraph (3) - 

    " (3) This regulation is subject (in the case of stock or a bond which is a participating security) to any provision made by or under the 1995 Regulations"

    (8) In regulation 9 insert as paragraph (4) - 

    " (4) Nothing in this regulation shall permit or require the registrar to register a transfer of stock or a bond which is an uncertificated unit of a security and which is entered in a register in the name of a deceased person, unless the registrar is required to do so by an Operator-instruction, an order of a court in the United Kingdom or by or under any enactment or instrument"

    (9) In Regulation 10 insert as paragraph (3) - 

    " (3) This regulation shall not apply to stock or a bond which is a participating security"

    (10) In Regulation 13(2), at the beginning for "The" substitute "Subject (in the case of stock or a bond which is a participating security) to any provision made by or under the 1995 Regulations the"

    (11) In Regulation 14 insert as paragraph (4) - 

    " (4) Nothing in this regulation shall permit or require notice of any trust to be entered on any register or be receivable by the registrar in relation to stock or a bond which is an uncertificated unit of a security"

    (12) In Regulations 16 and 21, after the last paragraph insert as a paragraph respectively numbered (4) and (3) - 

" This regulation is subject (in the case of stock or a bond which is a participating security) to any provision made by or under the 1995 Regulations"

Jim Dowd

David Jamieson
Two of the Lords Commissioners of Her Majesty's Treasury

26th June 2000

[2] By S.I. 1992/1315.back

[3] S.I. 1974/519 amended by S.I. 1983/529, 1985/1148, 1986/345, 1990/419, 1991/2000 and 1999/1409. The Regulations were made under the Local Government Act 1972 (c. 70) Schedule 13 paragraph 4(1) which was repealed by the Local Government and Housing Act 1989, section 194(2) and Schedule 12, Part 1 that repeal was brought into force on 1st April 1990 by S.I. 1990/431 article 4, subject to a saving in Schedule 1 paragraph 1(a) in relation to bodies which are not relevant to these Regulations in relation to bodies which are relevant to these Regulations in relation to bodies in relation to which the repeal was so commenced, paragraph 3 of the said Schedule 1, as amended by S.I. 1990/762 article 4(c), saves the 1974 Regulations with respect to stock issued before 1st April 1990.back

[4] S.I. 1995/3272, amended by S.I. 1996/2827, 1997/251 and 1999/506.back