SCHEDULE
Article 2
SCHEDULE
PART 1
Interpretation
1.Interpretation
In any enactment amended by this Schedule, “Registrar of Government Stock” means the person or persons appointed in accordance with regulations under section 47(1)(b) of the Finance Act 1942 (see regulation 3 of the Government Stock Regulations 2004).
PART 2
Consequential amendments of primary legislation
The Bank of England Act 18615is repealed.
(1) The National Debt Act 18706is amended as follows.
(2) In section 3 (interpretation)—
(a)
(a) in the definition of “Stockholder”7, for paragraph (a) there is substituted—
“(a)
“(a) a register kept by the Registrar of Government Stock in accordance with regulations under section 47 of the Finance Act 1942 (see regulation 7 of the Government Stock Regulations 2004); or”;
(b)
(b) the definition of “Accountant General” is omitted.
(3) For section 13 (banks to have chief cashier and accountant general) there is substituted—
“Registrar of Government Stock to employ suitably qualified persons
13. Until all stock is redeemed, the Registrar of Government Stock must employ suitably qualified persons to administer the payment of the dividends on stock.”.
(4) In section 148(issue by Treasury)—
(a)
(a) for “chief cashier of the Bank of England” there is substituted “Registrar of Government Stock”;
(b)
(b) the words “by way of imprest and” are omitted.
(5) For section 15 (application of issues by cashier) there is substituted—
“Application of issues by Registrar of Government Stock
15. The Registrar of Government Stock shall without delay apply the money from time to time so issued to him in payment of the dividends on stock.”.
(6) For section 169(accounting by cashier, etc) there is substituted—
“Accounting by Registrar of Government Stock
16. The Registrar of Government Stock shall from time to time render his accounts relating to the money issued to him for the payment of the dividends on stock and those accounts shall be audited, as the Treasury from time to time direct, but the Treasury may, if they think fit, dispense with such audit.”.
(7) In section 5510(re-transfer and payment to person showing title)—
(a)
(a) for the first paragraph there is substituted—
“The Registrar of Government Stock may re-transfer any stock transferred under this Part to any person showing his right to it to the satisfaction of the Registrar of Government Stock, and pay the dividends due on it, as if the stock or dividends had not been transferred or paid to the National Debt Commissioners.”;
(b)
(b) in the second paragraph, for “Governor or Deputy Governor” there is substituted “Registrar of Government Stock”;
(c)
(c) in the fifth paragraph, for “Bank of England” there is substituted “Registrar of Government Stock”.
(8) For section 5911(Bank not responsible to second claimant) there is substituted—
“Bank and Registrar of Government Stock not responsible to second claimant
59.—(1) Where any stock or dividends have been re-transferred or paid as aforesaid to a claimant by the Bank of England, the Registrar of Government Stock or any previous Registrar of Government Stock and is or are afterwards claimed by another person, none of the persons mentioned in subsection (2) shall be responsible for that stock or those dividends to that other claimant but he may have recourse against the person to whom the re-transfer or payment was made.
(2) Those persons are—
(a)
(a) the Bank of England;
(b)
(b) the Registrar of Government Stock;
(c)
(c) any previous Registrar of Government Stock;
(d)
(d) any officer of any of the persons mentioned in paragraphs (a) to (c).”.
(9) In section 66 (indemnity to Banks), before “Banks of England and Ireland” there is inserted “Registrar of Government Stock, any previous Registrar of Government Stock and the”.
4.Revenue, Friendly Societies, and National Debt Act 1882
For section 18 of the Revenue, Friendly Societies, and National Debt Act 188212(adjustment of account as regards accumulations of fractions of a penny on the dividends of the National Debt), there is substituted—
“Adjustment of account as regards accumulations of fractions of a penny on the dividends of the National Debt
18. The Registrar of Government Stock shall from time to time, when required by the Treasury, certify to the Treasury the amount in his hands arising from fractions of a penny not paid on account of dividends on the national debt, and the Treasury may by warrant direct the Registrar of Government Stock to repay the same to the National Loans Fund.”.
(1) Section 4 of the National Debt Act 188913(amendment of law as to payment of dividends on stock) is amended as follows.
(2) For subsection (1), there is substituted—
“1 The Treasury may from time to time make regulations for the payment of dividends on stock either by sending warrants through the post or by payment through a banker.”.
(3) In subsection (2), after “Bank” there is inserted “, the Registrar of Government Stock or any previous Registrar of Government Stock”.
(4) In subsection (6), for the words “in the books of the Bank of England or of Ireland or in manner provided by regulations made under section 47 of the Finance Act 1942” there is substituted—
“(a)
“(a) in the registers kept by the Registrar of Government Stock in accordance with regulations under section 47 of the Finance Act 1942 (see regulation 7 of the Government Stock Regulations 2004), or
(b)
(b) in manner provided by those regulations”.
In subsection (1) of section 122 of the Stamp Act 189114(definitions), in the definition of “stock”, for “at the Bank of England” there is substituted “by the Registrar of Government Stock”.
7.National Debt (Stockholders Relief) Act 1892
(1) The National Debt (Stockholders Relief) Act 189215is amended as follows.
(2) In subsection (2) of section 216(effect of, and time for, striking balance), for “Bank” there is substituted “Registrar of Government Stock”.
(3) In section 3 (infants), for “Bank” there is substituted “Registrar of Government Stock”.
(4) For section 817(application to stocks transferable in books of Bank), there is substituted—
“Application to stocks transferable in registers kept by Registrar of Government Stock
8. This Act shall apply to all stock for the time being transferable—
(a) in the registers kept by the Registrar of Government Stock in accordance with regulations under section 47 of the Finance Act 1942 (see regulation 7 of the Government Stock Regulations 2004), or
(b) in manner provided by those regulations,
except so far as there is anything to the contrary in any Act under which the stock was created.”.
(5) Section 918(meaning of Bank) is omitted.
In section 48 of...
