The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004

Anything done, or treated as done, by or in relation to the Bank of England, or any officer of the Bank of England, under any transferred function before the commencement day shall continue to have effect on and after that day, but as if it had been done by or in relation to the Registrar of Government Stock.

Where the appointment of a person as the Registrar of Government Stock takes effect on any day, anything done, or treated as done, by a previous Registrar of Government Stock before that day shall continue to have effect on and after that day, but as if it had been done by or in relation to the Registrar of Government Stock to whom the appointment relates.

Paragraphs (1) and (2) are without prejudice to the application of the Interpretation Act 1978^f1 and are subject to paragraph (4).

Nothing in this article shall have the effect of transferring—

In this article—

• “commencement day” means the day on which this Order comes into force;

• “Registrar of Government Stock” means the person or persons appointed in accordance with regulations under section 47(1)(b) of the Finance Act 1942^f2 (see regulation 3(2) of the Government Stock Regulations 2004^f3);

• “transferred function” means any function which—

  1. (a)

     before the commencement day was a function of the Bank of England or of an officer of the Bank of England, but

  2. (b)

     on that day becomes a function of the Registrar of Government Stock by virtue of any amendment made by the Schedule.

Where the effect of any amendment made by the Schedule is to replace, with modifications, a function of the Bank of England, or of an officer of the Bank of England, with a function of the Registrar of Government Stock, the functions shall be regarded for the purposes of this article as one and the same function and that function shall accordingly be regarded for these purposes as a transferred function.

The National Debt Act 1870^f1 is amended as follows.

In section 3 (interpretation)—

For section 13 (banks to have chief cashier and accountant general) there is substituted—

“Registrar of Government Stock to employ suitably qualified persons

13.

Until all stock is redeemed, the Registrar of Government Stock must employ suitably qualified persons to administer the payment of the dividends on stock.”.

In section 14^f3 (issue by Treasury)—

For section 15 (application of issues by cashier) there is substituted—

“Application of issues by Registrar of Government Stock

15.

The Registrar of Government Stock shall without delay apply the money from time to time so issued to him in payment of the dividends on stock.”.

For section 16^f4 (accounting by cashier, etc) there is substituted—

“Accounting by Registrar of Government Stock

16.

The Registrar of Government Stock shall from time to time render his accounts relating to the money issued to him for the payment of the dividends on stock and those accounts shall be audited, as the Treasury from time to time direct, but the Treasury may, if they think fit, dispense with such audit.”.

In section 55^f5 (re-transfer and payment to person showing title)—

For section 59^f6 (Bank not responsible to second claimant) there is substituted—

“Bank and Registrar of Government Stock not responsible to second claimant

59.

(1)

Where any stock or dividends have been re-transferred or paid as aforesaid to a claimant by the Bank of England, the Registrar of Government Stock or any previous Registrar of Government Stock and is or are afterwards claimed by another person, none of the persons mentioned in subsection (2) shall be responsible for that stock or those dividends to that other claimant but he may have recourse against the person to whom the re-transfer or payment was made.

(2)

Those persons are—

(a)

the Bank of England;

(b)

the Registrar of Government Stock;

(c)

any previous Registrar of Government Stock;

(d)

any officer of any of the persons mentioned in paragraphs (a) to (c).”.

In section 66 (indemnity to Banks), before “Banks of England and Ireland” there is inserted “Registrar of Government Stock, any previous Registrar of Government Stock and the”.

Section 4 of the National Debt Act 1889^f1 (amendment of law as to payment of dividends on stock) is amended as follows.

For subsection (1), there is substituted—

“(1)

The Treasury may from time to time make regulations for the payment of dividends on stock either by sending warrants through the post or by payment through a banker.”.

In subsection (2), after “Bank” there is inserted “, the Registrar of Government Stock or any previous Registrar of Government Stock”.

In subsection (6), for the words “in the books of the Bank of England or of Ireland or in manner provided by regulations made under section 47 of the Finance Act 1942” there is substituted—

“(a)

in the registers kept by the Registrar of Government Stock in accordance with regulations under section 47 of the Finance Act 1942 (see regulation 7 of the Government Stock Regulations 2004), or

(b)

in manner provided by those regulations”.

The National Debt (Stockholders Relief) Act 1892^f1 is amended as follows.

In subsection (2) of section 2^f2 (effect of, and time for, striking balance), for “Bank” there is substituted “Registrar of Government Stock”.

In section 3 (infants), for “Bank” there is substituted “Registrar of Government Stock”.

For section 8^f3 (application to stocks transferable in books of Bank), there is substituted—

“Application to stocks transferable in registers kept by Registrar of Government Stock

8.

This Act shall apply to all stock for the time being transferable—

(a)

in the registers kept by the Registrar of Government Stock in accordance with regulations under section 47 of the Finance Act 1942 (see regulation 7 of the Government Stock Regulations 2004), or

(b)

in manner provided by those regulations,

except so far as there is anything to the contrary in any Act under which the stock was created.”.

Section 9^f4 (meaning of Bank) is omitted.

The Finance Act 1916^f1 is amended as follows.

For section 65^f2 (lost or destroyed Exchequer bonds) there is substituted—

“Lost or destroyed Exchequer bonds

65.

Where the Registrar of Government Stock is satisfied that any Exchequer bond, or any other bond to bearer issued by or on behalf of the Treasury, or any coupon of any such bond has been lost or destroyed, he may, if he thinks fit, and on such conditions as he thinks fit, but subject to any general directions of the Treasury, issue a new bond or coupon on receiving indemnity to his satisfaction against the claims of all persons deriving title under the bond or coupon lost or destroyed.”.

In section 66^f3 (transfer of stock on authority of order of a court), for “Bank of England” there is substituted “Registrar of Government Stock”.

In section 67^f4 (indemnity on transfer of Government stock), after “Bank of England” there is inserted “, the Registrar of Government Stock, any previous Registrar of Government Stock”.

The Trustee Act 1925^f1 is amended as follows.

In section 51^f2 (vesting orders as to stock and things in action)—

In section 66 (indemnity to banks, etc.)—

Section 28 of the Finance Act 1937^f1 (advertisement of applications for unclaimed stock, dividends and other moneys) is amended as follows.

In subsection (1), for “Governor or Deputy Governor of the Bank” there is substituted “Registrar of Government Stock”.

Subsection (2) is omitted.

Section 48 of the Finance Act 1949^f1 (transfer of Government Stock on production of Isle of Man or Channel Islands probates, etc.) is amended as follows.

In subsection (1)—

In subsection (2), after “the Bank of England” there is inserted “, the Registrar of Government Stock, any previous Registrar of Government Stock”.

Section 5 of the Miscellaneous Financial Provisions Act 1955^f1 (unclaimed dividends etc. on Government stock) is amended as follows.

For “the Bank”, wherever occurring, there is substituted “the Registrar of Government Stock”.

For subsection (4) there is substituted—

“(4)

Where the Registrar of Government Stock makes a payment under subsection (2) of this section in respect of any moneys due on Government stock, and afterwards pays those moneys to the person entitled, the amount paid to the National Debt Commissioners in respect of those moneys shall be repaid by them to the Registrar of Government Stock.”.

In subsection (8), for “the Bank's” there is substituted “the Registrar of Government Stock's”.

Subsection (10) is omitted.

The National Loans Act 1968^f1 is amended as follows.

In subsection (7) of section 14^f2 (exchange of securities etc.), for “Bank of England” there is substituted “Registrar of Government Stock”.

In subsection (7) of section 16^f3 (supplemental provisions as to national debt), for “Bank of England”, wherever occurring, there is substituted “Registrar of Government Stock”.

Section 73 of the Finance (No.2) Act 1975^f1 (Government stock held by minors) is amended as follows.

For “Bank”, wherever occurring, there is substituted “Registrar of Government Stock”.

In subsection (1), for “it thinks fit” there is substituted “he thinks fit”.

In subsection (2), for “it” there is substituted “him”.

In subsection (3)(a), for “its” there is substituted “his”.

In subsection (4), the definition of “the Bank” is omitted.

The Regulations for the Payment of Dividends^f1 (pursuant to section 4(1) of the National Debt Act 1889) 1957 are amended as follows.

For “in the Bank books”, wherever occurring, there is substituted “in the registers kept by the Registrar of Government Stock in accordance with regulations under section 47 of the Finance Act 1942 (see regulation 7 of the Government Stock Regulations 2004)”.

For “Bank of England”, wherever occurring, there is substituted “Registrar of Government Stock”.

For “any other Banker” there is substituted “any Banker”.

For “such other Banker” there is substituted “such Banker”.

The National Savings Bank Regulations 1972^f1 are amended as follows.

In regulation 38A^f2 (nominations which also apply to stock held in the books of the Bank of England)—

In paragraph (3)(a) of regulation 41^f3 (death duties or inheritance tax chargeable on death of depositor), for “in the books of the Bank of England” there is substituted “in the registers kept by the Registrar of Government Stock in accordance with regulations under section 47 of the Finance Act 1942 (see regulation 7 of the Government Stock Regulations 2004)”.

The National Savings Stock Register Regulations 1976^f1 are amended as follows.

In paragraph (2)(b) of regulation 14 (redemption), for “in the books of the Bank of England” there is substituted “in the registers kept by the Registrar of Government Stock in accordance with regulations under section 47 of the Finance Act 1942 (see regulation 7 of the Government Stock Regulations 2004)”.

In regulation 39A^f2 (nominations which also apply to stock held in the books of the Bank of England)—

In paragraph (5)(a) of regulation 41 (payment without a grant of representation), for “in the books of the Bank of England” there is substituted “in the registers kept by the Registrar of Government Stock in accordance with regulations under section 47 of the Finance Act 1942 (see regulation 7 of the Government Stock Regulations 2004)”.

In paragraphs (1)(b) and (3)(a) of regulation 42 (death duties or inheritance tax chargeable on the death of the holder of any stock), for “in the books of the Bank of England” there is substituted “in the registers kept by the Registrar of Government Stock in accordance with regulations under section 47 of the Finance Act 1942 (see regulation 7 of the Government Stock Regulations 2004)”.

The Exchange of Securities (General) Rules 1979^f1 are amended as follows.

In rule 3 (interpretation), the definition of “the Bank” is omitted.

In rule 5 (persons to whom acceptances are to be made), for “the Bank of England”, wherever occurring, there is substituted “the Registrar of Government Stock”.

In rule 6 (manner of making acceptance)—

In rule 7 (persons by whom acceptance may be made in special cases) for “Bank”, wherever occurring, there is substituted “Registrar of Government Stock”.

For rule 12 (protection for the Bank, etc) there is substituted—

“Protection for the Bank, etc

12.

(1)

The Bank of England, the Registrar of Government Stock, any previous Registrar of Government Stock and the Director of Savings may act on any evidence authorised by these Rules and are hereby indemnified for so doing.

(2)

Nothing in these Rules shall affect the Bank of England, the Registrar of Government Stock, any previous Registrar of Government Stock or the Director of Savings with notice of any trust.”.

The National Savings Stock Register (Closure of Register to Gilts) Order 1998^f1 is amended as follows.

In article 16 (minors)—

In article 18 (effect of nominations where the nominator does not die before the specified day)—

In article 19 (existing arrangements for the payment of dividends)—

In paragraph (1) of article 29 (indemnity)—

for “Bank of England or any other bank” there is substituted “Registrar of Government Stock or any bank”;

before “the bank” there is inserted “the Registrar of Government Stock,”.

The Uncertificated Securities Regulations 2001^f1 are amended as follows.

In regulation 3 (interpretation)—

In paragraph (3) of regulation 21 (entries on registers and records in respect of general public sector securities), for “the Bank of England” there is substituted “the Registrar of Government Stock”.

In paragraph (3)(b) of regulation 38 (certain formalities and requirements not to apply), for “regulation 3(2) of the 1965 Regulations” there is substituted “regulation 9(3) of the 2004 Regulations”.

For paragraphs (c) and (d) of regulation 48 (exemption from liability), there is substituted—

“(c)

the Bank of England;

(d)

the Registrar of Government Stock;

(e)

any previous Registrar of Government Stock; or

(f)

in respect of a security which immediately before it became a participating security was transferable by exempt transfer within the meaning of the Stock Transfer Act 1982, a participating issuer.”.

Schedule 4 (keeping of registers and records of participating securities) is amended as follows—