# Finance Act 1999, Paragraph 10


(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.

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Source: https://www.legislation.gov.uk/ukpga/1999/16/schedule/15/paragraph/10 (the official version)
Page: https://openlegislation.uk/finance-act-1999/schedule-15/paragraph-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.