Regulation 11 Redemption of stock by the RegistrarI1
United Kingdom
The provisions of this regulation shall have effect for the purpose of prescribing the procedure to be followed by the Registrar when carrying out the redemption of any stock.
Not less than eight weeks before the redemption date of stock of a particular description the Registrar shall, subject to paragraph (5) below, send to each person who is for the time being registered as a holder of stock of that description at his address for the time being recorded on—
a register kept under regulation 7(1) or (2) above; or
a register kept by the Operator of a relevant system under the 2001 Regulations,
(“his registered address”) a notice in writing containing the particulars set out in paragraph (3) below.
Those particulars are—
the redemption date of the stock; and
notice that, unless a request to the contrary in writing signed by the holder is received by the Registrar on or before a date specified in the notice, a warrant in respect of the redemption monies drawn in favour of the holder will be sent to him by post at his registered address.
The date referred to in paragraph (3)(b) above shall in no case be more than four weeks before the redemption date.
Where any stock falling to be redeemed is registered in the names of more than one person, being joint holders of the stock, the notice referred to in paragraph (2) above—
shall be sent to all such persons; and
shall state that the warrant referred to in paragraph (3)(b) above will be drawn in favour of the first named such person;
and any such request as is referred to in paragraph (3)(b) shall be signed by each person registered as a joint holder of the stock.
Nothing in paragraphs (2) or (5) above shall affect the right of the Registrar in any case to require the consent in writing of the holder or holders of any stock before making any payment in respect of the redemption of the stock.
Annotations
Commencement
- I1
Reg. 11 in force at 1.7.2004, see reg. 1