Paragraph 4 C1

In this Schedule, unless the context otherwise requires, the following expressions have the meanings hereby respectively assigned to them, that is to say—

• “debenture” includes debenture stock and bonds, whether constituting a charge on assets or not, and loan stock or notes;

• “enactment” includes an enactment of the Parliament of Northern Ireland;

• “fixed-interest securities” means securities which under their terms of issue bear a fixed rate of interest;

• “local authority” in relation to the United Kingdom, means any of the following authorities—

  1. (a)

     in England and Wales, the council of a county, F1a county borough, a . . . F2 borough . . . F3, an urban or rural district or a parish, the Common Council of the City of London F4the Greater London Council and the Council of the Isles of Scilly;

  2. (b)

     C2in Scotland, a local authority within the meaning of the M1Local Government (Scotland) Act, 1947;

  3. (c)

     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

• F6“mutual investment society” means a credit institution which operates on mutual principles and which is authorised by the appropriate supervisory authority of a relevant state;

• “relevant money market” means a money market which is supervised by the central bank or a government agency of a relevant state;

• “relevant state” means Austria, Finland, Iceland, F7Liechtenstein,Norway, Sweden or a member state other than the United Kingdom;

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8

• “securities” includes shares, debentures F9units within paragraph 3 F10or 6 of Part III of this Schedule, Treasury Bills and Tax Reserve Certificates;

• “share” includes stock;

• “Treasury Bills” includes . . . F11 bills issued by Her Majesty’s Government in the United Kingdom and Northern Ireland Treasury Bills.