The Government Stock Regulations 2004

Sale of stock on application to the Registrar

13.—(1) Stock in the register may be sold on application to the Registrar in accordance with the provisions of this regulation.

(2) The Treasury may from time to time indicate the descriptions of stock available for sale under this regulation by—

(a) notice in writing which shall be sent to each person who is for the time being registered as a holder of stock and which—

(i) shall be sent to his address for the time being recorded on a register referred to in regulation 11(2) above; and

(ii) where stock is registered in the names of more than one person being joint holders, shall be sent to all such persons; or

(b) notice published in the London, Edinburgh and Belfast Gazettes.

(3) An application to sell stock under this regulation shall be made by sending to the Registrar an application in the approved form accompanied, except where the Registrar otherwise directs, by any certificate relating to the stock.

(4) Subject to paragraph (5) below—

(a) as soon as practicable after receiving such an application, the Registrar shall in accordance with it give instructions to the Treasury; and

(b) as soon as practicable after receiving such instructions from the Registrar, the Treasury shall effect the sale of the stock.

(5) The Registrar may decline to give instructions to the Treasury in accordance with paragraph (4)(a) above, unless there is furnished to him such evidence as he may require of the right of the applicant to authorise the sale.

(6) On completion of the sale of any stock under this regulation, the Registrar shall, before paying the proceeds of the sale to the person entitled to it, deduct the amount payable under regulation 14 below by way of commission on the sale.

(7) The Registrar may pay the net proceeds of the sale by means of a warrant sent by post and, in the absence of special instructions, any such warrant may be sent to any address given in the application to sell the stock or to the address specified in the register in relation to the person who, immediately before the sale was effected, was registered as the holder of the stock.

(8) Paragraph (7) above does not affect the right of the Registrar to pay the net proceeds of sale by any other means of payment for which the approved form may provide or which may otherwise be agreed between the applicant and the Registrar.