Explanatory note

These rules, which are made under section 14(3) of the National Loans Act 1968, prescribe the general procedure to be followed with respect to exchanges and conversions of Government securities except National Savings Certificates. The rules consolidate with amendments the Exchange of Securities (General) Rules 1963, the Exchange of Securities (General) (Amendment) Rules 1965 and the Exchange of Securities (General) (Amendment) Rules 1969. As a result of the amendments to the definitions of “exchange”, “new securities”, and “old securities” the rules are now applicable not only to an exchange of new securities for old securities in accordance with the terms specified in a notice which may be issued by the Bank of England or the Director of Savings but also to the conversion of old securities in accordance with terms which were specified at the time of the issue of the old securities.