Gilts: special rulesU.K.
19(1)In a case where—
(a)securities have been issued by a public body under a prospectus under which no securities were issued before 14th March 1989,
(b)some of the securities issued under the prospectus are gilt-edged securities which are would-be deep discount securities,
(c)some of the securities issued under the prospectus are gilt-edged securities which are not would-be deep discount securities, and
(d)there is a time when the aggregate nominal value of the securities falling within paragraph (b) above (at that time) exceeds the aggregate nominal value of the securities falling within paragraph (c) above (at that time),
sub-paragraph (2) below shall apply in relation to any gilt-edged security which has been or is issued under the prospectus at any time (whether before, at or after the time mentioned in paragraph (d) above).
(2)As regards any event occurring in relation to the security after the time mentioned in sub-paragraph (1)(d) above, paragraphs 4, 7, 8, 11A, 12 and 14 to 18 above shall have effect as if—
(a)the security were a deep discount security,
(b)it had been issued as such (whatever the time it was issued), and
(c)it had been acquired as such (whatever the time it was acquired).
(3)For the purposes of sub-paragraph (1) above a would-be deep discount security is a security which would be a deep discount security apart from paragraph 1(6) above.
(4)For the purposes of sub-paragraph (2) above events, in relation to a security, include anything constituting a disposal for the purposes of the 1979 Act, the death of a person competent to dispose of the security, a disposal mentioned in paragraph 18(3) above, and an acquisition mentioned in paragraph 18(4) above.