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Paragraph 6

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

A stock lending right against a Stock Exchange money broker which comes within paragraph 17 of Part I above is a liquid asset only where—

(a)

that right—

(i)

arises on the transfer by the society to the Stock Exchange money broker of a liquid asset which comes within paragraph 5 of Part I above, and

(ii)

consists of a right to receive, or to call for the transfer to some other person of, a marketable security from the Stock Exchange money broker being a marketable security of the same issue and amount as the liquid asset so transferred,

(b)

the transfer referred to in subparagraph (a)(i) above is effected through the CGO Service, and

(c)

no asset other than a liquid asset specified in Part I above falls to be transferred to the society as security for the performance of the obligation of the Stock Exchange money broker under subparagraph (a)(ii) above.