Section 2.
Modifications etc. (not altering text)
C1Sch. 1 amended (further specified securities added) by S.I. 1991/340, art.2 Sch.
1(1)Securities issued by Her Majesty’s Government in the United Kingdom or the Government of Northern Ireland, not being excluded securities.U.K.
(2)In sub-paragraph (1) above “excluded securities” means—
(a)securities in respect of which a stock certificate issued under Part V of the M1National Debt Act 1870 is for the time being outstanding;
(b)any other bearer securities; and
(c)any securities for the time being registered on the National Savings Stock Register.
Marginal Citations
2U.K.Securities the payment of interest on which is guaranteed by Her Majesty’s Government in the United Kingdom or the Government of Northern Ireland.
3U.K.Securities issued in the United Kingdom by any public authority or nationalised industry or undertaking in the United Kingdom.
4(1)Securities issued in the United Kingdom by the government of any overseas territory, being securities registered in the United Kingdom.
(2)The reference in sub-paragraph (1) above to the government of an overseas territory shall be construed as if it occurred in Part III of the M2Overseas Development and Co-operation Act 1980.
Marginal Citations
5U.K.Securities issued in the United Kingdom by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the European Investment Bank or the European Coal and Steel Community being, in each case, securities registered in the United Kingdom.
[F1Securities issued in the United Kingdom by the African Development Bank, the Asian Development Bank, Caisse Centrale de Coopération Economique, Crédit Foncier de France, Electricité de France (E.D.F.), Service National or Hydro-Québec, being, in each case, securities registered in the United Kingdom.]
Textual Amendments
F1Securities added to the list in Schedule 1 by S.I. 1988/231, art. 2, Sch.
6(1)Debentures issued by the Agricultural Mortgage Corporation PLC, the Commonwealth Development Finance Company Limited, Finance for Industry Public Limited Company or the Scottish Agricultural Securities Corporation Limited.U.K.
(2)In sub-paragraph (1) above “debentures” includes debenture stock and bonds, whether constituting a charge on assets or not, and loan stock or notes.
7(1)Securities issued by—
(a)any local authority in the United Kingdom;
(b)any authority all or the majority of the members of which are appointed or elected by one or more local authorities in the United Kingdom; or
(c)the Receiver for the Metropolitan Police District.
(2)In sub-paragraph (1) above “local authority” means—
(a)any of the following authorities in England and Wales, namely, a county council . . . F2, a district council, a London borough council, the Common Council of the City of London [F3 . . . F4 a joint authority established by Part IV of the Local Government Act 1985] or the Council of the Isles of Scilly;
(b)any of the following authorities in Scotland, namely, a regional council, an islands council or a district council; or
(c)a council, within the meaning of the M3Local Government Act (Northern Ireland) 1972;
and any reference to a security issued by a local authority includes a reference to a security the liability for which is for the time being vested in a local authority (being a security issued by an authority which has ceased to exist).
Textual Amendments
F2Words repealed by Local Government Act 1985 (c. 51, SIF 81:1), s. 102, Sch. 17
F3Words inserted by Local Government Act 1985 (c. 51, SIF 81:1), s. 84, Sch. 14 para. 62
F4Words repealed by Education Reform Act 1988 (c. 40, SIF 41:1), ss. 231(7), 235(6), 237, Sch. 13
Modifications etc. (not altering text)
C2Sch. 1 para. 7 amended by Local Government Act 1985 (c. 51, SIF 81:1), s. 57(7), Sch. 13 para. 13(k)
Sch. 1 para. 7 extended (5.7.1994) by 1994 c. 19, s. 39, Sch. 13 para. 20(j) (with ss. 54(5)(7), 55(5), Sch. 17 para. 22(1), 23(2))
C3Sch. 1 para. 7(2)(a) extended by S.I. 1985/1884, art. 4(v)
C4Sch. 1 para. 7(2)(a) amended by S.I. 1987/2110, art. 2, Sch. 1 para. 8(p)
Marginal Citations