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Paragraph 15 Instruments creating or acknowledging indebtedness

United Kingdom

(1)

Subject to sub-paragraph (2), such of the following as do not fall within F1paragraph F2... 16—

(a)

debentures;

(b)

debenture stock;

(c)

loan stock;

(d)

bonds;

(e)

certificates of deposit;

(f)

any other instrument creating or acknowledging a present or future indebtedness.

(2)

If and to the extent that they would otherwise fall within sub-paragraph (1), there are excluded from that sub-paragraph—

(a)

any instrument acknowledging or creating indebtedness for, or for money borrowed to defray, the consideration payable under a contract for the supply of goods or services;

(b)

a cheque or other bill of exchange, a banker's draft or a letter of credit (but not a bill of exchange accepted by a banker);

(c)

a banknote, a statement showing a balance on a current, deposit or saving account, a lease or other disposition of property, a heritable security; and

(d)

a contract of insurance.

F3(e)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

An instrument excluded from sub-paragraph (1) of paragraph 16 by paragraph 16(2)(b) is not thereby to be taken to fall within sub-paragraph (1) of this paragraph.

Annotations

Textual amendments

F1

Words in Sch. 1 para. 15(1) substituted (24.2.2010) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (S.I. 2010/86), art. 1(2), Sch. para. 9(f)(i)

F2

Words in Sch. 1 para. 15(1) omitted (16.2.2011) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2011 (S.I. 2011/133), arts. 1(2), 3(2)(a) (with art. 4)

F3

Sch. 1 para. 15(2)(e) omitted (16.2.2011) by virtue of The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2011 (S.I. 2011/133), arts. 1(2), 3(2)(b) (with art. 4)