National Debt Act 1870

55 Re-transfer and payment to person showing title. U.K.

[F1 The Registrar of Government Stock may re-transfer any stock transferred under this Part to any person showing his right to it to the satisfaction of the Registrar of Government Stock, and pay the dividends due on it, as if the stock or dividends had not been transferred or paid to the National Debt Commissioners.]

But in case the [F2 Registrar of Government Stock] is not satisfied of the right of any person claiming to be entitled to any such stock or dividends, the claimant may, by petition in a summary way, state and verify his claim to the Court of Chancery.

The petition shall be served on Her Majesty’s Attorney General and on the National Debt Commissioners, and the Court shall make such order thereon (either for re-transfer of the stock to which the petition relates and payment of the dividends accrued thereon, or otherwise), and touching the costs of the application, as to the Court seems just.

All costs and expenses incurred by or on behalf of the Attorney General, or the National Debt Commissioners, in resisting or appearing on any such petition, if not ordered by the Court to be paid out of the stock and dividends thereby claimed, shall be paid by the National Debt Commissioners, out of unclaimed dividends.

Where any re-transfer or payment is made to any such claimant, either with or without the authority of the Court, the[F3 Registrar of Government Stock] F4 . . . shall give notice thereof to the National Debt Commissioners, within three days after making the same.

Textual Amendments

F1 Words in s. 55 substituted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. paras. 1, 3(7)(a) (with art. 3)

F2 Words in s. 55 substituted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. paras. 1, 3(7)(b) (with art. 3)

F3 Words in s. 55 substituted (1.7.2004) by The Government Stock (Consequential and Transitional Provision) (No. 2) Order 2004 (S.I. 2004/1662), art. 1, Sch. paras. 1, 3(7)(c) (with art. 3)

F4 Words in s. 55 repealed (28.10.2002) by The Irish Registers of Government Stock (Closure and Transfer) Order 2002 (S.I. 2002/2521), arts. 1(2), 2(1), Sch. 2 Pt. 1 (with art. 9)

Modifications etc. (not altering text)

C1 S. 55 amended (1.6.1998) by 1998 c. 11, s. 9(2); S.I. 1998/1120, art. 2

C2 S. 55 amended by Finance Act 1937 (c. 54), s. 28