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United Kingdom Statutory Instruments |
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Stock Transfer (Gilt-edged Securities) (Exempt Transfer) Regulations 1985 No. 1145 URL: http://www.bailii.org/uk/legis/num_reg/1985/uksi_19851145_en.html |
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Statutory Instruments
SECURITIES
Made
24th July 1985
Laid before Parliament
25th July 1985
Coming into Operation
2nd January 1986
Whereas the securities which are the subject of these Regulations are for the time being specified in the list in Schedule 1 to the Stock Transfer Act 1982:
And Whereas the person issuing such securities or class of securities or, if liability for the said securities or class of securities has vested in another person, that other person, has agreed that the securities may be transferred through the medium of a computer-based system established by the Bank of England and The Stock Exchange;
Now, therefore, the Treasury, in exercise of the powers conferred on them by section 1(1) and (4) of the Stock Transfer Act 1982, and of all other powers enabling them in that behalf, hereby make the following Regulations:-
1. These Regulations may be cited as the Stock Transfer (Gilt-edged Securities) (Exempt Transfer) Regulations 1985 and shall come into operation on 2nd January 1986.
2. In these Regulations:-
"the Bank" means
"the CGO" means
"the CGO Service" means
3. The securities specified in the Schedule hereto may be transferred by a CGO Service member through the medium of the CGO Service.
Ian B. Lang
Donald Thompson
Two of the Lords Commissioners of Her Majesty's Treasury
24th July 1985
Regulation 3
Securities specified for the purposes of Regulation 3 of these Regulations are those on registers kept by the Bank-
which have been issued by or which may from time to time be issued by, or
for which liability has or may become vested in, the following:
The Thames Water Authority
The Government of New Zealand
The Government of Zimbabwe
The European Investment Bank
The Agricultural Mortgage Corporation PLC.
The Bank of England and The Stock Exchange have established a computer-based system, known as the CGO Service, to facilitate the transfer of gilt-edged securities. Membership of the new system derives from a contract with the Bank. These Regulations allow a member to transfer specified gilt-edged securities through the CGO Service. Such a transfer will be effective under section 1(2) of the Stock Transfer Act 1982 without the need for an instrument in writing.
As a result of other Regulations and Rules coming into force on 2nd January 1986 simultaneously with these Regulations, members of the CGO Service will be able to transfer almost all gilt-edged securities managed by the Bank through the new system. Those Regulations and Rules are: the Stock Transfer (Gilt-edged Securities) (CGO Service) Regulations 1985 (S.I. 1985/1144), the Government Stock (Amendment) Regulations 1985 (S.I. 1985/1146), the Gas (Stock) (Amendment) Regulations 1985 (S.I. 1985/1149), the Local Authority (Stocks and Bonds) (Amendment) Regulations 1985 (S.I. 1985/1148) and the Exchange of Securities (General) (Amendment) Rules 1985 (S.I. 1985/1147).
