The Court Funds Rules 1987

Conversion and allotment of securities

53.—(1) Where a security in court has been converted into another security the Accountant General shall write-off the original security from the account to which it is standing and shall place to that account the whole, or where appropriate a proportionate part, of the substituted security and shall, so far as practicable and unless otherwise directed by the court, deal with the substituted security and any interest on it in the same manner as the original security and interest.

(2) Where a security in court is paid off and the money received is invested or placed to an interest bearing account, the security purchased or money in the account and any interest on it shall, unless the court otherwise directs, be dealt with by the Accountant General in the same manner as the original security and interest.

(3) Where an allotment is made in respect of a security in court the Accountant General may:—

(i) credit the whole, or where appropriate a proportionate part, of the allotment to the account of the original security if the allotment is fully paid; or

(ii) sell the allotment and credit the whole, or a proportionate part, of the proceeds of sale to that account or otherwise as the court may direct if the allotment is not fully paid;

(iii) sell any non-apportionable shares and apportion such proceeds as nearly as practicable to the appropriate account.