Regulation 8 Amendments relating to Scots law

For regulation 14 and the heading thereto, there shall be substituted the following—

“Stock held by persons under the age of 16 years domiciled in Scotland

14

(1)

Where any stock is transferred by a person under the age of sixteen years domiciled in Scotland, the requirements of regulation 4 hereof shall be deemed to have been complied with if the transfer is subscribed on his behalf by his legal representative.

(2)

The Bank may give effect to a written dividend mandate relating to any stock in the name of a person under the age of sixteen years domiciled in Scotland (whether alone or jointly with another) or written directions as to the payment or reinvestment of money attributable to any such stock or any part thereof which becomes payable by reason of the redemption (whether wholly or in part) of that stock, if the instrument is subscribed as aforesaid.

(3)

In a case where a person under the age of sixteen years has two or more legal representatives and any decree or deed conferring or regulating the right to act as that person’s legal representative provides that the right shall not be exercised without the consent of the other or, as the case may be, others also having that right, the preceding provisions of this regulation shall have effect as if for any reference therein to a legal representative there were substituted a reference to a quorum of his legal representatives, being a quorum entitled to act by virtue of that decree or deed.

(4)

The Bank may decline to give effect to an instrument purporting to be subscribed in accordance with this regulation unless there is furnished to them a statutory declaration in such form as they may require that the person by whom the stock in question is transferred, or in whose name it is entered, as the case may be, is a person under the age of sixteen years and is domiciled in Scotland, and that any person subscribing the instrument for that person as his legal representative is his legal representative and, where there is one such signatory, that he is entitled to subscribe the instrument without the consent of any other legal representative, or, where there are two or more such signatories, that they form a quorum by virtue of a decree or deed conferring or regulating their rights to act as the legal representatives of that person.

(5)

In this regulation the expression “legal representative” means a person entitled to act as a child’s legal representative within the meaning of Part I of the Children (Scotland) Act 1995^f1.”