India Stock Certificate Act 1863
| Year | 1863 |
(26 & 27 Vict.) C A P. LXXIII.
[28th July 1863]
'WHEREAS the Secretary of State in Council ofIndia is empowered, under the Provisions of certain Acts of Parliament passed in the Sessions holden in the Twenty-second and Twenty-third, Twenty-third and Twenty-fourth, Twenty-fourth and Twenty-fifth Years of the Reign of Her Majesty respectively, to raise Money in the United Kingdom, not exceeding such Amountas is in the said Acts prescribed, and is further empowered, upon or for the Repayment of any Principal Money secured under the Authority of the said Acts respectively, to borrow or raise by the like Methodall or any Part of the Amount of Principal Money so repaid or to be repaid: And whereas Capital Stock has been and may be from Time to Time created and issued under the Authority of the said Acts respectively, and it is expedient to give further Facilities to the Holders of such Stock in respect of the Transfer thereof, and the Receipt of the Dividends thereon:' Be it enacted by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, as follows:
1 Short Title.
1. This Act may be cited for all Purposes as ‘TheIndia Stock Certificate Act, 1863.’
2 Definition of Terms.
2. In this Section and elsewhere in this Act the following Expressions have the Meanings here assigned to them:
‘The Bank’ shall, with reference to the Stocks created and issued under the said Acts transferable at the Bank ofEngland , and Certificates issued under this Act in respect thereof, and the Coupons of such Certificates, mean the Governor and Company of the Bank of England , and shall, with reference to the said Stocks transferable at the Bank of Ireland , and Certificates issued under this Act in respect thereof, and the Coupons of such last-mentioned Certificates, mean the Governor and Company of the Bank of Ireland:
‘India Stock’ shall mean any Stocks which have been or may be created and issued under the Acts aforesaid, transferable in the Books of the Bank, and ‘Share in India Stock’ shall include any Part of a Share:
‘Person’ shall include Corporation.
3 Right to Certificate of Title to India Stock.
3. With the Exception and subject to the Conditions herein-after mentioned, every Person who now is or may hereafter be inscribed in the Books of the Bank ofEngland or of the Bank of Ireland as Proprietor of a Share in India Stock may obtain a Certificate or Certificates of Title to the said Share or to any Part thereof, having annexed Coupons entitling the Bearer to the Dividends payable in respect of that Share or Part of a Share.
4 Restriction as to Trustees taking Certificates of Title.
4. No Trustee of any Share in the said Stock shall apply for or hold a Certificate of Title to that Share, unless he is authorized so to do by the Terms of his Trust; and any Contravention of this Section by a Trustee shall be deemed to be a Breach of Trust, and be punishable accordingly; nevertheless, this Section shall not impose on the Bank any Obligation to inquire whether a Person applying for a Certificate of Title under this Act is or not a Trustee, nor subject them to any Liability in the event of their granting a Certificate of Title to a Trustee, nor invalidate any Certificate of Title if granted.
5 General Provisions as to Certificates of Title.
5. No Certificate shall be granted in respect of any Sum of Stock being other than One hundred, or Five hundred, or One thousand Pounds.
The Coupons annexed to anIndia Stock Certificate shall comprise the Dividends payable in respect of the Stock described in the Certificate. At the Expiration of the Period for which the Coupons shall have been issued fresh Coupons shall be issued for further successive Periods during the Continuance in force of the Stock Certificate; but the Bank may, if they think fit, in lieu of issuing fresh Coupons in respect of a Certificate, give in exchange a fresh Certificate with Coupons attached thereto.
Coupons shall be payable at the chief Establishment of the Bank at the Expiration of Three clear Days from the Day of Presentation.
The Payment to the Bearer of any Coupon of the Amount expressed therein shall be a full Discharge to the Bank of all Liability in respect of that Coupon and the Dividend represented thereby.
If anyIndia Stock Certificate or Coupon issued under this Act is...
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