Finance (No. 2) Act 1975

73 Government stock held by minors. U.K.

(1) Where the holder of any of the joint holders of Government stock is a minor the [F1 Registrar of Government Stock] may, if [F2 he thinks fit], but subject to subsection (2) below—

(a) pay the dividends accruing on the stock in accordance with the written instructions of a parent or guardian of the minor or minors;

(b) pay any redemption money becoming payable in respect of the stock in accordance with the written instructions of the minor or minors and a parent or guardian of his or each of them;

(c) give effect to a transfer of the stock in accordance with the written instructions of the minor or minors and a parent or guardian of his or each of them;

(and, in each case, of every other joint holder who is not a minor).

(2) The [F1 Registrar of Government Stock] shall not exercise any power conferred on [F3 him] by paragraph (b) or (c) of subsection (1) above unless the [F1 Registrar of Government Stock] is satisfied that the minor has attained the age of seven years.

(3) Where the [F1 Registrar of Government Stock] makes a payment or effects a transfer in accordance with this section and the instructions given under it, then—

(a) in the case of a payment, the payment shall discharge the [F1 Registrar of Government Stock] of [F4 his] liabilities in respect of the dividend which has accrued or redemption money which has become payable on the stock;

(b) in the case of a transfer, the transfer shall not be revocable at the instance of the minor (except in circumstances in which it would be revocable at the instance of a person who was not a minor);

and no other liability arising out of the payment or transfer shall be incurred by the [F1 Registrar of Government Stock] to any person.

(4) In this section—

• “Government stock” means securities of any description issued by the Government of the United Kingdom and registered by the [F1 Registrar of Government Stock]; and

• F5 ...

and references in subsection (1) above to the instructions of a guardian are, in a case where there are joint guardians, references to the joint instructions of those guardians.

[F6 (4A) In the case of units of stock which are recorded on a register kept by the Operator of a relevant system—

(a) the reference to the [F1 “Registrar of Government Stock] in subsection (1) so far as it relates to paragraph (c) of that subsection; and

(b) the references tot he [F1 “Registrar of Government Stock] in subsections (2) and (3) so far as they apply for the purposes of that paragraph,

shall be taken to be reference to that Operator; and in this subsection “Operator” and “relevant system” have the same meanings as in the Uncertificated Securities Regulations 2001.]

(5) This section shall not apply to a [F7 pupil or] minor domiciled in Scotland.

Textual Amendments

F1 Words in s. 73 substituted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. paras. 1, 19(2) (with art. 3)

F2 Words in s. 73(1) substituted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. paras. 1, 19(3) (with art. 3)

F3 Word in s. 73(2) substituted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. paras. 1, 19(4) (with art. 3)

F4 Word in s. 73(3)(a) substituted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. paras. 1, 19(5) (with art. 3)

F5 Words in s. 73(4) omitted (1.7.2004) by virtue of The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. paras. 1, 19(6) (with art. 3)

F6 S. 73(4A) added (26.11.2001) by S.I. 2001/3755, reg. 51, Sch. 7 Pt. I para. 6(b) (with regs. 39, 45)

F7 Words in s. 73(5) repealed (S.) (25.09.1991) by Age Of Legal Capacity (Scotland) Act 1991 (c. 50, SIF 49:8), ss. 10(2), 11(2), Sch. 2(with s. 1(3)).

Modifications etc. (not altering text)

C1 S. 73 excluded (3.7.1998) by S.I. 1998/1446, art. 16(2)(a)(i)