National Savings Stock Register (Amendment) Regulations 1987
| Jurisdiction | UK Non-devolved |
| Citation | SI 1987/1635 |
| Year | 1987 |
1987 No. 1635
NATIONAL DEBT
The National Savings Stock Register (Amendment) Regulations 1987
Made 15th September 1987
Laid before Parliament 18th September 1987
Coming into force 9th October 1987
The Treasury, in exercise of the powers conferred on them by section 3 of the National Debt Act 19721and of all other powers enabling them in that behalf, hereby make the following Regulations:
1. These Regulations may be cited as the National Savings Stock Register (Amendment) Regulations 1987 and shall come into force on 9th October 1987.
2. The National Savings Stock Register Regulations 19762shall be amended as follows –
(a) by inserting in regulation 5(2) after the word “shall” the words “, unless made in accordance with paragraph (3) of this Regulation,”;
(b) by inserting after regulation 5(2) the following new paragraphs –
“3 Application to subscribe for stock of any issue to which this paragraph applies may be made to the Bank of England in accordance with the terms of the prospectus for that issue.
4 Paragraph 3 of this Regulation shall apply to an issue of stock –
(i) which is of a description corresponding to stock and securities transferable in the books of the Bank of England, and
(ii) the prospectus for which contains a statement that the stock concerned may be registered in the register.
5 The Director of Savings shall, following receipt by him of an application in writing in the approved form to register in the register stock subscribed for under paragraph (3) of this Regulation (not being stock which has been previously registered in the books of the Bank of England or the Bank of Ireland or in the register), and subject to regulation 5A of these Regulations, cause entries relating to such stock to be made in the register in accordance with regulation 4(1) of these Regulations.”
(c) by inserting after regulation 5 the following new regulation –
“Limit on amount of stock which may be registered under Regulation 5(5)
5A.—(1) No person shall be entitled to have registered in his name under regulation 5(5) of these Regulations stock of any one issue exceeding £10,000 in nominal value.
(2) The limitation imposed by paragraph (1) of this Regulation shall not apply where the stock is to be registered –
(a)
(a) in the name of a registered friendly society...
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