Regulation 10 Permitted securities
Subject to paragraph (2) below, any payment to be made by the depositor to the Accountant General in respect of the deposit may be partly or wholly effected by the lodgement of permitted securities instead of cash.
Paragraph (1) above shall not apply unless the depositor gives to the Accountant General—
a valuation of the securities as on a day not more than two days before that on which the Accountant General receives the request for such a lodgement to be effected, and
a report by a duly authorised person stating that in his opinion the valuation has been made in accordance with Part VIII of these Regulations.
In paragraph (2) above “duly authorised person” means a member of the Stock Exchange or a person who is eligible for appointment as a company auditor under section 25 of the Companies Act 1989f1.
Annotations
Footnotes
- f1