Regulation 16

The registrar, with the approval of the local authority where the registrar is not the local authority, may close a register relating to stock or bonds of any description during the whole or any part of the period of one month preceding the day on which the interest or redemption money is payable.

Instead of closing a register in the manner aforesaid the registrar may strike the balance for interest on stock or bonds of any description on any day not being more than 37 days before the day on which the interest on such stock or bonds is payable.

Any person who, on the date on which a register is closed or the balance is struck as aforesaid, is entered in that register as the holder of any stock or bonds shall, as between himself and any transferee of such stock or bonds, be entitled to the then current interest thereon.