Transport Act 1962

36 Treasury to take over liability for Transport Stock. U.K.

(1) Subject to this section, all the rights and liabilities which, under the terms of issue of the stock created and issued under section eighty-nine of the M1 Transport Act 1947, were immediately before the vesting date rights and liabilities of the Commission shall, as from the vesting date, be rights and liabilities of the Treasury and as from the vesting date the said stock (which consists of the issues set out in the first column of the following Table and which is in this and the next following section referred to as “the Stock”) shall be renamed as shown in the second column of that Table.

Table

Old n ame	Ne w name
British Transport 3% Guaranteed Stock, 1967—72.	British Transport 3% Stock, 1967—72.
British Transport 3% Guaranteed Stock, 1968—73.	British Transport 3% Stock, 1968—73.
British Transport 4% Guaranteed Stock, 1972—77.	British Transport 4% Stock, 1972—77.
British Transport 3% Guaranteed Stock, 1978—88.	British Transport 3% Stock, 1978—88.

(2) Notwithstanding anything in this section, the Stock shall be regarded on and after the vesting date as the same stock and held in the same right and on the same trusts and subject to the same powers, privileges, charges, restraints and liabilities as before, and any provision of any deed, will, disposition or other instrument which immediately before the vesting date was applicable to any such Stock shall continue to be applicable to the same Stock as re-named under this section.

(3) As from the vesting date the Stock shall, subject to this section, be deemed for all purposes to have been created and issued under the M2 National Loans Act 1939, and that Act and any other enactment, regulation or rule relating to securities issued under that Act shall apply accordingly to the Stock.

[F1 (4) Not later than the vesting date the Commission shall pay to the Treasury an amount equal to the interest (without any deduction for income tax) which has accrued on the Stock in the period from the date when the last instalment of interest became payable on the Stock down to the vesting date (making separate calculations for any issues of the Stock with different interest dates), and that maount shall be paid into the Exchequer and shall be issued out of the Consolidated Fund at such times as the Treasury may direct and shall be applied towards meeting such part of the annual charges for the National Debt as represents interest.

Any question arising between the Commission and the Treasury as to the manner in which interest accrued on the Stock is to be calculated shall be determined by the Treasury.]

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

The Bank of England shall deal with the money so paid to them, and with the money already in their hands which represents such unclaimed interest, as money entrusted to them for payment to holders of the Stock and section five of the M3 Miscellaneous Financial Provisions Act 1955 (which relates to unclaimed dividends on Government Stock), shall apply accordingly.

(6) Any unclaimed Stock which is held by the Commission immediately before the vesting date on behalf of persons who became entitled thereto in substitution for securities of the bodies whose undertakings were transferred to the Commission by the M4 Transport Act 1947, shall be held on and after that date on behalf of those persons by the National Debt Commissioners; and each of the Boards shall give to the Commissioners such information and such assistance as the Commissioners may reasonably require in connection with any claim to that Stock.

(7) The transitional provisions set out in Part I of the Seventh Schedule to this Act shall apply in relation to the Stock.

(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

Textual Amendments

F1 S. 36(4) repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt. I but not so as to affect any money borrowed before 1.4.1968 or any requirement as respects any account or statement for the year ending on 31.3.1968 or any earlier year

F2 Words repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. VI

F3 S. 36(8) repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. VI

Modifications etc. (not altering text)

C1 The text of ss. 13(4), 20(4), 36(4), 37, 61(2), 68(1), 84(2)(4), the reference in Sch. 2 to London Passenger Transport Act 1933 and Sch. 11 Pt. II para 8, (which para. is now spent), is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Marginal Citations

M1 1947 c. 49.

M2 1939 c. 117.

M3 1955 c. 6 (4 & 5 Eliz. 2).

M4 1947 c. 49.