Stock Transfer Act 1982
| Jurisdiction | UK Non-devolved |
| Citation | 1982 c. 41 |
| Year | 1982 |
(1) In the exercise of the appropriate power (as defined in subsection (3) below) provision may be made permitting a transfer in certain cases of specified securities to which the power extends through the medium of a computer-based system to be established by the Bank of England and The Stock Exchange.(2) A transfer which (pursuant to any provision made under the appropriate power) is effected as mentioned in subsection (1) above is in this Act referred to as an “exempt transfer” and, notwithstanding anything in any enactment or in any prospectus or other document relating to the terms of issue, holding or transfer of specified securities, an exempt transfer shall be effective without the need for an instrument in writing.section 47 of the F1paragraph 4 of Schedule 13 to the Local Government Act 1972..., paragraph 5 of Schedule 3 to the Local Government (Scotland) Act 1975 or section 70 of the Local Government Act (Northern Ireland) 1972 (local authority stocks) ; or. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . section 21(2) of the Gas Act 1972 (British Gas Stock) ; orsubsection (4) below.(4) Subject to subsection (5) below, with respect to any specified securities to which none of the provisions referred to in paragraphs (a) to (d) of subsection (3) above applies, the Treasury may by regulations under this subsection make the provision referred to in subsection (1) above; and any such regulations shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.(5) No provision shall be made, in the exercise of the appropriate power, for the application of the procedure of an exempt transfer to any securities or securities of any class except with the agreement of the person issuing the securities or, as the case may be, securities of that class or, if the liability for those securities or securities of that class has vested in another person, of that other person.(1) In this Act “specified securities” means, subject to subsection (2) below, securities for the time being specified in the list in Schedule 1 to this Act.(2) Notwithstanding that a security may at any time be specified as mentioned in subsection (1) above, it is not at that time a specified security for the purposes of this Act if, on a transfer of it at that time effected by a written instrument, that instrument would be liable to stamp duty.add a security or class of securities to the list in Schedule 1 to this Act; orremove a security or class of securities from that list (whether the security or class of securities was included in the list as originally enacted or was added by virtue of this subsection) .(4) The power to make an order under subsection (3) above shall be exercisable by statutory instrument which shall be laid before Parliament after being made.(1) The Treasury may by regulations made by statutory instrument make provision in connection with the operation of the system referred to in section 1(1) above.that, for the purposes of any provision made by or under any enactment or contained in any prospectus or other document and requiring or relating to the lodging or deposit of any instrument of transfer, notification of an exempt transfer in the manner required by the regulations is to be regarded as lodging or depositing an instrument of the transfer concerned; andthat, in such circumstances as may be specified in the regulations, certificates or other documents of or evidencing title to specified securities are or are not to be issued to persons who (by virtue of their participation in the system referred to in section 1(1) above) are or have been able to transfer such securities by exempt transfers.(3) The amendments specified in Schedule 2 to this Act shall have effect in consequence of the preceding provisions of this Act.any local Act passed before or in the same session as this Act (including an Act confirming a provisional order) , orany order or other instrument made under an Act so passed,(5) A statutory instrument made in the exercise of the power conferred by subsection (1) or subsection (4) above shall be subject to annulment in pursuance of a resolution of either House of Parliament.(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) After paragraph 5(1) (d) of Schedule 3 to the make provision for the custody and, where appropriate, eventual destruction of documents relating to any such stocks or bonds(1) This Act may be cited as the Stock Transfer Act 1982.(2) Sections 4 to 6 of this Act shall come into force at the expiry of the period of three months beginning on the day on which this Act is passed and the remaining provisions of this Act shall come into force on such later day as may be specified by the Treasury by order made by statutory instrument.(3) This Act extends to Northern Ireland . . .
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