Stock Transfer Act 1982

Section 3.

SCHEDULE 2 Consequential Amendments

Forged Transfers Act 1891

1 (1) In subsection (1) of section 1 of the [1891 c. 43.] Forged Transfers Act 1891 (power for companies and local authorities to make compensation for losses arising from forged transfers)—

(a) after the words " transferable by an instrument in writing " there shall be inserted the words " or by an exempt transfer, within the meaning of the Stock Transfer Act 1982 " ; and

(b) for the words " forged transfer " there shall be substituted the words " forged instrument " ; and

(c) for the words " transfer or power " there shall be substituted the words " instrument or power ".

(2) At the end of that subsection there shall be added the following subsection: —

“(1A) In subsection (1) above " instrument" has the same meaning as in Part I of the Forgery and Counterfeiting Act 1981.”

Finance Act 1942

2 In subsection (1) of section 47 of the [1942 c. 21.] Finance Act 1942 (Treasury regulations governing the transfer and registration of Government stock)—

(a) in paragraph (a), after the words " by instrument in writing " there shall be inserted the words " or otherwise " ; and

(b) in paragraph (c), after the word " issue " there shall be inserted the words " except in such cases as appear to the Treasury to be appropriate ".

Exchange Control Act 1947

3 In section 20(2) of the [1947 c. 14.] Exchange Control Act 1947 (time and place of transfers) for the words following "if" there shall be substituted the following:—

“(a) he executes any instrument of transfer thereof, whether effective or not, or

(b) he does any act which, by virtue of regulations under section 3 of the Stock Transfer Act 1982, falls to be treated for the purposes of this Part of this Act as the equivalent, in relation to an exempt transfer (within the meaning of that Act), of the execution of an instrument of transfer,

and shall be deemed to transfer the security at the place where he executes that instrument or, as the case may be, does that act”.

Companies Act 1948

4 In section 75 of the [1948 c. 38.] Companies Act 1948 (companies not to register transfers unless instrument of transfer is delivered) after the words " delivered to the company " there shall be inserted the words "or the transfer is an exempt transfer within the meaning of the Stock Transfer Act 1982 ".

5 (1) In subsection (1) of section 80 of that Act (issue of share certificates etc.) in the definition of " transfer" after the words " otherwise valid " there shall be inserted the words " or an exempt transfer within the meaning of the Stock Transfer Act 1982 ".

(2) After that subsection there shall be inserted the following subsection : —

“(1A) Subsection (1) above does not apply in the case of a transfer to any person where, by virtue of regulations under section 3 of the Stock Transfer Act 1982, he is not entitled to a certificate or other document of or evidencing title in respect of the securities transferred ; but if in such a case the transferee—

(a) subsequently becomes entitled to such a certificate or other document by virtue of any provision of those regulations, and

(b) gives notice in writing of that fact to the company,

this section shall have effect as if the reference in subsection (1) above to the date of the lodging of the transfer were a reference to the date of that notice.”

Colonial Stock Act 1948

6 (1) In subsection (1) of section 1 of the [1948 c. 1. (12, 13 & 14 Geo. 6).] Colonial Stock Act 1948 (stock may be made transferable in writing) for the words " and in no other manner " there shall be substituted the words " or by an exempt transfer, within the meaning of the Stock Transfer Act 1982, but in no other manner ".

(2) In subsection (2) of that section, after the words "passing of this Act", in each place where they occur, there shall be inserted the words " or the Stock Transfer Act 1982 ".

Companies Act (Northern Ireland) 1960

7 In section 75(1) of the [1960 c. 22 (N.I.).] Companies Act (Northern Ireland) 1960 (companies not to register transfers unless instrument of transfer is delivered) after the words " delivered to the company " there shall be inserted the words " or the transfer is an exempt transfer within the meaning of the Stock Transfer Act 1982 ".

8 (1) In subsection (1) of section 80 of that Act (issue of share certificates etc.) in the definition of " transfer" after the words " otherwise valid " there shall be inserted the words " or an exempt transfer within the meaning of the Stock Transfer Act 1982 ".

(2) After that subsection there shall be inserted the following subsection : —

“(1A) Subsection (1) above does not apply in the case of a transfer to any person where, by virtue of regulations under section 3 of the Stock Transfer Act 1982, he is not entitled to a certificate or other document of or evidencing title in respect of the securities transferred ; but if in such a case the transferee—

(a) subsequently becomes entitled to such a certificate or other document by virtue of any provision of those regulations, and

(b) gives notice in writing of that fact to the company,

this section shall have effect as if the reference in subsection (1) above to the date of the lodging of the transfer were a reference to the date of that notice.”