STATUTORY RULES AND ORDERS

OTHER THAN THOSE OF A LOCAL, PERSONAL, OR
TEMPORARY CHARACTER.

ADDENDA, APPENDIX OF PREROGATIVE ORDERS; LIST OF
TEMPORARY RULES AND ORDERS; CLASSIFIED LIST
OF LOCAL ORDERS; TABLE SHEWING EFFECT
OF LEGISLATION; AND INDEX TO

Price of the 2 Volumes Two Pounds, Net.

283282

NATIONAL DEBT.

STANFORD CRARY

THE GOVERNMENT STOCK REGULATIONS, 1918, DATED JANUARY 25,
1918, MADE BY THE TREASURY IN CONJUNCTION WITH THE Bank
OF ENGLAND AND THE BANK OF IRELAND UNDER s. 37 OF THE
FINANCE ACT, 1917 (7 & 8 GEO. 5, c. 31), FOR FACILITATING
TRANSACTIONS IN CONNECTION WITH GOVERNMENT STOCK. (a)

1918. No. 482.

In pursuance of section thirty-seven of the Finance Act, 1917, the Lords Commissioners of His Majesty's Treasury, in conjunction with the Bank of England and the Bank of Ireland, hereby make the following regulations:

and short

1. (1) In these regulations, unless the context otherwise Interpretation requires :

The expression "book stock" means any Government stock
which is for the time being transferable in the books of
the Bank:

The expression "deed stock" means any Government stock
which is for the time being transferable by deed.
The expression "register certificate" means a certificate
issued to the holder of deed stock:

The expression "proper demand" means a demand made in
accordance with the provisions of these regulations :

References to any Government stock include a reference to
any portion of that stock.

(2) The Interpretation Act, 1889, applies for the purpose of the interpretation of these regulations as it applies for the purpose of the interpretation of an Act of Parliament.

(3) These regulations may be cited as the Government Stock Regulations, 1918.

title.

Description of
stockholders

in books of
Bank as

2. (1) On a proper demand made by person in whose name any Government stock is standing, or, if the stock is deed stock, either by that person or by any person into whose name the stock is to be transferred, that he may be described in the books of the trustees. Bank with respect to that stock as a trustee, and whether as a trustee of a trust specified in the demand or as a trustee without any such qualification, the Bank shall make such entries in their books, and if the stock is deed stock in the register certificate, as they reasonably consider necessary for the purpose of com plying with the demand.

(a) These Regulations having lain before both Houses of Parliament for 30 days, from January 28th, 1918, duly came into force April 29th,

(6979-15.) Wt. 44140-742. 250. 619. D & 8. G. 10.

A

Power to open and keep accounts under official

(2) A demand for the purpose of this regulation shall be made in the case of book stock in the form marked A in the First Schedule to these regulations or in a form to the like effect, and in the case of deed stock either in the same manner as in the case of book stock or on the occasion of a transfer of the stock by inserting the desired description in the deed of transfer after the name and address of the transferee.

(3) Where the stock to which a demand under this regulation relates is deed stock the register certificate must be transmitted to the Bank with the demand.

3. (1) The Bank may open and keep accounts of Government stock in their books under the official description of a person holding any office or position, whether the stock is held by that description of person alone or is held by him jointly with other persons, and the personal name of that person need not be stated in the accounts.

holder of

office.

(2) Where any Government stock stands on an account kept under the provisions of this regulation any document relating to the stock may be executed by the person for the time being holding the office or position as if the stock stood in his own

name.

(3) Where any person in whose name any Government stock is standing, whether alone or jointly with other persons, is the holder of any office or position the Bank shall, on a proper demand made by him, or in the case of a joint account by all the stockholders, close the existing account and open an account with respect to that stock, or alter the existing account so that it shall become an account, under the official description of that person, either alone or jointly with the other stockholders, as the case may be, and shall make such entries in their books, and if the stock is deed stock in the register certificate, as they reasonably consider necessary for the purpose of complying with the demand.

In the case of any Government stock being deed stock, a demand for the purpose of this provision may be made by any person or persons into whose names the stock is to be transferred if he or any of them is the holder of any office or position.

(4) A demand for the purpose of this regulation shall be made in the case of book stock in the form marked B in the First Schedule to these regulations or in a form to the like effect, and in the case of deed stock either in the same manner as in the case of book stock or on the occasion of a transfer of the stock by describing the person holding the office or position in the deed of transfer under his official description instead of under his personal description.

(5) Where the stock to which any demand under this regulation relates is deed stock the register certificate must be transmitted to the Bank with the demand.

(6) The Bank before acting on any demand purporting to be made, or on any document purporting to be executed, in pursuance of this regulation by a person as being the holder of any office or position may require him to produce evidence to their satisfaction that he is the holder of that office or position.

to act by

majority.

4. (1) Where any Government stock stands on a joint account Power to in the name of three or more stockholders and a proper demand stockholders has been made with respect to that stock, all things required to be done for the purpose of transferring that stock or any stock for the time being standing on that account and any authority for the payment or accumulation of dividends on that stock or any stock for the time being standing on that account may, subject to the provisions of this regulation, be done and given by a majority of the persons who are the stockholders at the date when the demand is made, or in the case of the death of any of those persons by a majority of the survivors of them.

(2) A demand for the purpose of this regulation shall be made in the case of book stock by the stockholders in whose names the stock is standing and in the form marked C in the First Schedule to these regulations or in a form to the like effect, and in the case of deed stock either in the same manner as in the case of book stock or on the occasion of a transfer of the stock by a demand in the said form C or in a form to the like effect endorsed on the deed of transfer and signed by the persons into whose names the stock is to be transferred.

(3) Any person whose name is for the time being entered in the books of the Bank as one of the holders of any stock with respect to which a demand has been made under this regulation may give notice in writing to the Bank that the demand is revoked, and if notice is so given then the provisions of this regulation shall as from the receipt of the notice by the Bank cease to apply to that stock.

5. (1) On a proper demand made by the executor or administrator of a sole stockholder or of the last surviving stockholder on a joint account with respect to Government stock standing in the name of that stockholder, that stock shall be transferred in the books of the Bank into the personal name of the executor or administrator, and the Bank shall for that purpose make all such entries in their books, and if the stock is deed stock in the register certificate, as they reasonably consider necessary for the purpose of complying with the demand:

Provided that if the transfer of the stock is for the time being restrained by distringas or other legal process the Bank may refuse to comply with the demand.

(2) For the purpose of regulation 2 and regulation 4 of these Regulations executors or administrators by whom a demand is being made under this regulation shall be deemed to be persons into whose name stock is to be transferred and the demand shall be deemed to be a deed of transfer, and a demand under either or both of those regulations may be made in conjunction with a demand under this regulation.

(3) A demand for the purpose of this regulation shall be made in the form marked D in the First Schedule to these regulations or in a form to the like effect, and the probate of the will, or the letters of administration to the estate, of the deceased stockholder, if the Bank so require, and also if the demand relaten to deed stock the register certificate, must be transmitted to the Bank with the demand.

6979

A 2

Transfer of representative stock to legal of sole or last surviving stockholder.