Regulation 3 Amendments relating to strips

by inserting after paragraph (1) the following—

“(1A)

There shall be kept in the office of the Chief Registrar of the Bank of England, in respect of each description of strips, registers wherein shall be entered the name and address of each person who is for the time being a holder of a strip of that description and the amount payable thereunder.

(1B)

Where the terms subject to which the relevant strips are held provide for the members of any class of strips described therein (or in accordance therewith) to be indistinguishable one from another, or to become so indistinguishable on the happening of some contingency, each such class the members of which are for the time being required to be so indistinguishable in accordance with those terms shall be treated as a separate description of strips for the purposes of paragraph (1A) of this Regulation and, accordingly—

(a)

separate registers shall not be kept in respect of different categories of strips comprised within any such description, whether by reference to the description of the parent stock or any other circumstance; and

(b)

where, in accordance with those terms, strips of any description are required to become indistinguishable from strips of any other description, the registers for those descriptions shall be amalgamated and a single register kept thenceforth in respect of the new description.”;

in paragraph (2), by substituting for the words “such register” the words “register kept under paragraph (1) or (1A) of this Regulation”; and

in paragraph (4), by inserting “or (1A)” after “(1)”.