- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Gas Act 1986
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Changes to legislation:
Gas Act 1986, Section 50 is up to date with all changes known to be in force on or before 07 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 5(1)(ca) inserted by 2023 c. 52 s. 168(2)(b)
- s. 5(10A) inserted by 2023 c. 52 s. 168(2)(c)
- s. 15A inserted by 1992 c. 43 s. 17
- s. 23D(2)(d) and word inserted by 2013 c. 32 s. 138(4)(c)(iii)
- s. 27(1ZA)(aa) inserted by S.I. 2019/93, Sch. 1 para. 2(2)(b) (as substituted) by S.I. 2019/1245 reg. 17 (This amendment not applied to legislation.gov.uk. The affecting statutory instrument has no legal effect. It was made under a procedure which meant that it ceased to have effect 28 days after signing unless it was debated and approved in Parliament within that time. It was not debated and approved within 28 days, so it has expired with no effect.)
- s. 36A(11) inserted by 2024 c. 13 Sch. 29 para. 8
- s. 41E(6)(d) and word inserted by 2013 c. 32 s. 138(4)(f)(ii)
- s. 41EB(7) inserted by 2024 c. 13 Sch. 30 para. 8(5)
50 British Gas Stock.U.K.
(1)On the transfer date all the rights and liabilities to which the Corporation was entitled or subject immediately before that date under the terms of issue of British Gas Stock shall become by virtue of this section rights and liabilities of the Treasury.
(2)As from the transfer date British Gas Stock shall be deemed for all purposes, but subject to the rights and liabilities mentioned in subsection (1) above, to have been created and issued under the M1National Loans Act 1968, and that Act and any other enactment, regulation or rule relating to securities issued under that Act shall apply accordingly to that Stock.
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6)Before the transfer date the Corporation shall pay to the Bank of England a sum equal to the amounts accruing in respect of unclaimed interest or redemption money on British Gas Stock before the transfer date (after deduction of income tax in the case of interest), but excluding any amounts represented by money in the hands of the Bank of England.
(7)The Bank of England shall deal with—
(a)the money paid to them under subsection (6) above; and
(b)the money already in their hands which represents such unclaimed interest or redemption money as is mentioned in that subsection,
as money entrusted to them for payment to holders of British Gas Stock and section 5 of the M2Miscellaneous Financial Provisions Act 1955 (which relates to unclaimed dividends etc. on Government Stock) shall apply accordingly.
(8)In this section “British Gas Stock ” means any stock created and issued under section 21 of the 1972 Act or section 43 of the M3Gas Act 1948.
Textual Amendments
F1S. 50(3)-(5) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 5 Group 7
Marginal Citations
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