Paragraph 10

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

Sch. 15 modified (1.10.1999) by Finance Act 1999 s. 113(3)(4) Sch. 16 para. 11 (subst. 1988 c. 39 s. 143(4))
Sch. 15 para. 1 restricted (1.10.1999) by Finance Act 1999 s. 113(3)(4) Sch. 16 para. 11 (subst. 1988 c. 39 s. 143(2))
Sch. 15 para. 6 - 8 Sch. 16 para. 2 - 11 repealed (prosp.) by Finance Act 1999 s. 123(3) s. 123(4) 139 Sch. 20 Pt. 5(6) Note

(1)

In this Schedule a “bearer instrument by usage” means an instrument —

(a)

which is used for the purpose of transferring the right to stock, and

(b)

delivery of which is treated by usage as sufficient for the purposes of a sale on the market, whether that delivery constitutes a legal transfer or not.

(2)

A bearer instrument by usage is treated—

(a)

as transferring the stock on delivery of the instrument, and

(b)

as issued by the person by whom or on whose behalf it was first issued, whether or not it was then capable of being used for transferring the right to the stock without execution by the holder.

Notes on Schedule 15

Modifications

C1: Sch. 15 modified (27.7.1999 with effect as mentioned in s. 113(4) of 1999 c. 16) by 1988 c. 39, s. 143(4)(a) (as inserted (27.7.1999 with effect as mentioned in s. 113(4) of the amending Act) by 1999 c. 16, s. 113(3), Sch. 16 para. 11)