Explanatory note

These Regulations contain provisions as to the procedure for the issuing by the Bank of England of Government stock in satisfaction of compensation payable for securities, property or rights acquired by British Aerospace or British Shipbuilders and their subsidiaries under the Aircraft and Shipbuilding Industries Act 1977.

Part II of the Regulations prescribes the procedure to be followed where compensation stock is to be issued to the holders of securities of aircraft industry or shipbuilding industry companies acquired by the relevant Corporations under sections 19 and 26 of the Act.

Part III of the Regulations prescribes the procedure to be followed where compensation stock is to be issued following the transfer of property or rights pursuant to a Schedule 4 notice issued under section 29 of the Act.

The Regulations provide for the relevant Corporations to certify to the Bank particulars of the persons entitled to compensation stock, the amount they are entitled to, the persons to whom certificates are to be issued and for the registration of these details by the Bank of England.