Regulation 6 Redemption of loan instruments

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 6(b) words substituted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 407(4)
reg. 6(b) amended by Official Listing of Securities (Change of Competent Authority) 1991
reg. 6 words substituted by Uncertificated Securities (Eligible Debt Securities) 2003 reg. 15(1) Sch. 1 para. 28(a)
reg. 6 words substituted by Uncertificated Securities (Eligible Debt Securities) 2003 reg. 15(1) Sch. 1 para. 28(b)
reg. 6(a) word substituted by Uncertificated Securities (Eligible Debt Securities) 2003 reg. 15(1) Sch. 1 para. 28(c)
reg. 6(b) word substituted by Uncertificated Securities (Eligible Debt Securities) 2003 reg. 15(1) Sch. 1 para. 28(d)(i)
reg. 6(b) word substituted by Uncertificated Securities (Eligible Debt Securities) 2003 reg. 15(1) Sch. 1 para. 28(d)(ii)

Where in any circumstances a local authority redeem a loan instrument, they may do so by issuing a further loan instrument, provided that—

(a)

the holder of the instrument being redeemed agrees to redemption in this manner; and

(b)

if the instrument being redeemed was issued in respect of an investment which has been admitted to the Official List of The Stock Exchange, redemption in this manner is in accordance with the listing rules applicable to the instrument being redeemed or with the consent of the Council of The Stock Exchange.