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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Stock Transfer (Addition snd Substitution of Forms) Order 1996 No. 1571 URL: http://www.bailii.org/uk/legis/num_reg/1996/uksi_19961571_en.html |
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Statutory Instruments
SECURITIES
Made
18th June 1996
Laid before Parliament
18th Hune 1996
Coming into force
15th July 1996
The Treasury in exercise of the powers conferred on them by section 3 of the Stock Transfer Act 1963(1) and of all other powers enabling them in that behalf hereby make the following order:
1.-(1) This Order may be cited as the Stock Transfer (Addition ans Substitution of Forms) Order 1996 and shall come into force on 15th July 1996.
(2) In this Order expressions used in the Uncertificated Securities Regulations 1995(2) have the same meanings as in those Regulations.
2.-(1) The form set out in Schedule 1 to this Order shall be added to Schedule 1 of the Stock Transfer Act 1963(3) for use where units of a registered security to which section 1 of that Act applies are transferred to a system-member to be held by him as uncertificated units of that security.
(2) Nothing in subsection (1) of that Act shall require an instrument in that form to specify the address of the transferee.
3.-(1) The form set out in Schedule 2 to this Order shall be substituted for the first form set out in Schedule 1 to the Stock Transfer Act 1963 (which is referred to in that Act as a stock transfer form)(4).
(2) Subsection (3) of section 1 of the Stock Transfer Act 1963 shall apply in relation to the form for which the form set out in Schedule 2 to this Order is substituted as it applies to any form for which the form set out in the Schedule to the Stock Transfer (Substitution of Forms) Order 1990(5) was substituted but with the modification mentioned in paragraph (3) below.
(3) The modification referred to in paragraph (2) above is the substitution for the words "for which the form set out in the Schedule to the Stock Transfer (Substitution of Forms) Order 1990 is substituted" the words "for which the form set out in Schedule 2 to the Stock Transfer (Addition and Substitution of Forms) Order 1996 is substituted".
Derek Conway
Liam Fox
Two of the Lords Commissioners of Her Majesty's Treasury
18th July 1996
Article 2
(This note is not part of the Order)
The Order amends Schedule 1 to the Stock Transfer Act 1963 ("the Act") by adding a form for use where securities are transferred to a person who will hold them in uncertificated form by virtue of the Uncertificated Securities Regulations 1995 (S.I. 1995/3272). The Order provides that the address of the person to whom the securities are to be transferred may be omitted.
The Order also substitutes the form set out in Schedule 2 to the Order for the first form set out in Schedule 1 to the Act and provides that an instrument purporting to be made in the form for which the new form is substituted is sufficient if it complies with the requirements as to execution and contents which apply to a stock transfer. In addition, the order makes a necessary modification to section 1(3) of the Act.
S.I. 1995/3272.
Schedule 1 to the 1963 Act has been amended by the Stock Transfer (Amendment of Forms) Order 1974 (S.I. 1974/1214), the Stock Transfer (Addition of Forms) Order 1979 (S.I. 1979/277) and the Stock Transfer (Substitution of Forms) Order 1990 (S.I. 1990/18).
The first form set out in Schedule 1 to the Stock Transfer Act 1963 was substituted by the Stock Transfer (Substitution of Forms) Order 1990 (S.I. 1990/18).
S.I. 1990/18).
