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The Stock Transfer (Gilt-Edged Securities) (Exempt Transfer) Regulations 1991

S.I. 1991/1145 · Made 15 April 1991

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

SECURITIES

Made 15th April 1991

Laid before Parliament 10th May 1991

Coming into force 1st June 1991

Whereas the securities which are the subject of these Regulationsare for the time being specified in the list in Schedule 1 to the StockTransfer Act 1982f1;

And whereas the person issuing such securities has agreed that thesecurities may be transferred through the medium of a computer-basedsystem established by the Bank of England and The International StockExchange:

Now, therefore, the Treasury, in exercise of the powers conferredon them by section 1(1) and (4) of the Stock Transfer Act 1982, and ofall other powers enabling them in that behalf, hereby make the followingRegulations:—

Annotations to the whole text

Footnotes

f1

1982 c. 41; Schedule 1 was amended by the Stock Transfer(Specified Securities) Order 1988 (S.I. 1988/231) and by the StockTransfer (Specified Securities) Order 1991 (S.I. 1991/340).

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Exempt Transfers
  4. Signature
  5. Explanatory note

1Citation and commencement

These Regulations may be cited as the Stock Transfer (Gilt-EdgedSecurities) (Exempt Transfer) Regulations 1991 and shall come into forceon 1st June 1991.

2Interpretation

In these Regulations:—

  • “the Bank” means the Bank of England;

  • “the CGO” means the Central Gilts Office of the Bank;

  • “the CGO Service” means the computer-based system established by the Bank and TheInternational Stock Exchange to facilitate the transfer of gilt-edgedsecurities; and“CGO Service member” means a person who is entitled under a contract with the Bank touse the CGO Service.

3Exempt Transfers

Securities on registers kept by the Bank which have been issued inthe United Kingdom or which may from time to time be issued in theUnited Kingdom by the European Bank for Reconstruction and Developmentmay be transferred by a CGO Service member through the medium of the CGOService.

Signature

Thomas Sackville

Sydney Chapman

Two of the Lords Commissioners of Her Majesty’s Treasury

15th April 1991

Explanatory note

(This note is not part of the Regulations)

These Regulations specify further gilt-edged securities, namelysecurities which are on registers kept by the Bank of England and issuedin the United Kingdom by the European Bank for Reconstruction andDevelopment, which may be transferred by CGO Service members through theCGO Service established by the Central Gilts Office of the Bank and theInternational Stock Exchange. Other securities which may be transferredare specified in the Stock Transfer (Gilt-edged Securities) (ExemptTransfer) Regulations 1985 (S.I. 1985/1145, amended by S.I. 1990/1027),1987 (S.I. 1987/1294), 1988 (S.I. 1988/232), 1989 (S.I. 1989/880) and1990 (S.I. 1990/1211, 2547). Transfers will be effective under section1(2) of the Stock Transfer Act 1982 without the need for an instrumentin writing.