Regulation 20
Subject to paragraph (2) below if—
at the end of a period of one year from the date of redemption of any stock or bonds (including redemption at the option of the local authority) the registrar for any reason is unable to make payment of any redemption money or any cheque or warrant issued for that payment has not been encashed; or
at the end of a period of three years from the date for payment of any interest due on any stock or bonds the registrar for any reason is unable to make that payment or any cheque or warrant issued for that payment has not been encashed;
the registrar, if a local authority or one of its officers may, and if some other person shall, carry, transfer, or pay, an amount equivalent to that payment to the credit of a consolidated loans fund, mortgage pool, or such other account standing in the name of the local authority as the local authority may think fit and in such manner as it may direct but without prejudice to the rights and entitlement of any person at any time to be paid and to recover the same.
Where the registrar is not the local authority or one of its officers the periods of one year and three years in sub-paragraphs (a) and (b) above may be reduced to such shorter periods as the registrar and the local authority may agree.
No interest shall be payable on any sum due in respect of interest on stock or bonds or the redemption of stock or bonds after the date on which the interest or redemption money became payable.
Where an account has been credited in accordance with paragraph (1) above with an amount equivalent to payment of redemption money in respect of any stock or bonds that stock or those bonds shall, for the purpose of regulation 19 above, be deemed to have been redeemed by the registrar.