Paragraph 27 National Savings Stock Register (Closure of Register to Gilts) Order 1998

in paragraph (2)(a)—

in paragraph (4)(a), for “Bank” there is substituted “Registrar of Government Stock”.

in paragraphs (4)(a) and (b), (5)(a) and (b) and (6)(a)(i) and (b), for “in the books of the Bank” there is substituted “in the registers kept by the Registrar of Government Stock”;

in paragraphs (9) to (11), for “Bank”, wherever occurring, there is substituted “Registrar of Government Stock”;

in paragraph (12)—

in paragraph (2), for “the Bank”, wherever occurring, there is substituted “the Registrar of Government Stock”;

in paragraphs (2) and (3), for “Bank legislation” there is substituted “gilts legislation”;

after paragraph (3), insert—

“(4)

In this article “gilts legislation” means any enactment, or subordinate legislation, within the meaning of the Interpretation Act 1978, relating to 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 to gilts entered in those registers.

(5)

In article 20 (existing arrangements for joint holders to act by majority), in paragraphs (3) and (4), for “Bank”, wherever occurring, there is substituted “Registrar of Government Stock”.

(6)

For article 25 (existing certificates and other things to be imputed to the Bank) there is substituted—

Existing certificates and other things to be imputed to the Registrar of Government Stock

25.

(1)

Any certificate issued by the Director of Savings before the specified day in relation to any transitional gilts and which is current at the beginning of the specified day shall, on and after that day, be treated as having been issued in accordance with regulation 8 of the Government Stock Regulations 2004 in relation to the registration of those gilts 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).

(2)

For the purpose of giving effect to the transfer of rights and liabilities under article 5 above or any other provision of this Order—

(a)

any—

(i)

reference in any document to the Director of Savings, or

(ii)

thing done by or in relation to the Director of Savings,

shall, so far as necessary for any such purpose and subject to any other provision of this Order, be deemed, on and after the specified day, to refer to or, as the case may be, to have been done by or in relation to, the Registrar of Government Stock, and

(b)

any reference in any document to the Register shall, so far as necessary for any such purpose and subject to any other provision of this Order, be deemed, on and after the specified day, to refer to 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 “the Director of Savings and the Banks of England and Ireland” there is substituted “the Director of Savings, the Banks of England and Ireland, the Registrar of Government Stock and any previous Registrar of Government Stock”;

for “or the Bank” there is substituted “, the Bank, the Registrar of Government Stock or any previous Registrar of Government Stock”.