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 [F1Registrar of Government Stock] may, if [F2he 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 [F1Registrar of Government Stock] shall not exercise any power conferred on [F3him] by paragraph (b) or (c) of subsection (1) above unless the [F1Registrar of Government Stock] is satisfied that the minor has attained the age of seven years.
(3)Where the [F1Registrar 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 [F1Registrar of Government Stock] of [F4his] 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 [F1Registrar 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 [F1Registrar 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 [F7pupil or] minor domiciled in Scotland.
Textual Amendments
F1Words 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)
F2Words 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)
F3Word 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)
F4Word 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)
F5Words 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)
F6S. 73(4A) added (26.11.2001) by S.I. 2001/3755, reg. 51, Sch. 7 Pt. I para. 6(b) (with regs. 39, 45)
F7Words 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)
C1S. 73 excluded (3.7.1998) by S.I. 1998/1446, art. 16(2)(a)(i)