Finance Act 1999, Paragraph 10 is up to date with all changes known to be in force on or before 03 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
10(1)In this Schedule a “bearer instrument by usage” means an instrument —U.K.
(a)which is used for the purpose of transferring the right to stock, and
(b)delivery of which is treated by usage as sufficient for the purposes of a sale on the market, whether that delivery constitutes a legal transfer or not.
(2)A bearer instrument by usage is treated—
(a)as transferring the stock on delivery of the instrument, and
(b)as issued by the person by whom or on whose behalf it was first issued, whether or not it was then capable of being used for transferring the right to the stock without execution by the holder.
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