Stock Transfer Act 1982

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, the Greater London Council, a district council, a London borough council, the Common Council of the City of London 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 [1972 c. 9 (N.I.).] Local 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).