- Latest available (Revised)
- Point in Time (01/02/1991)
- Original (As enacted)
Version Superseded: 22/07/2004
Point in time view as at 01/02/1991. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
There are currently no known outstanding effects for the Forged Transfers Act 1891, Section 1.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)Where a company or local authority issue or have issued shares, stock, or securities transferable by an instrument in writing [F1or by an exempt transfer, within the meaning of the Stock Transfer Act 1982]or by an entry in any books or register kept by or on behalf of the company or local authority, they shall have power to make compensation by a cash payment out of their funds for any loss arising from a transfer of any such shares, stock, or securities, in pursuance of a [F2forged instrument]or of a transfer under a forged power of attorney, [F3whether such loss arises, and whether the [F4instrument or power]of attorney was forged before or after the passing of this Act, and whether the person receiving such compensation, or any person through whom he claims, has or has not paid any fee or otherwise contributed to any fund out of which the compensation is paid].
[F5(1A)In subsection (1) above “instrument” has the same meaning as in Part I of the Forgery and Counterfeiting Act 1981.]
(2)Any company or local authority may, if they think fit, provide, either by fees not exceeding the rate of [F65p.] on every one hundred pounds transferred [F7with a minimum charge equal to that for twenty-five pounds] to be paid by the transferee upon the entry of the transfer in the books of the company or local authority, or by insurance, reservation of capital, accumulation of income, or in any other manner which they may resolve upon, a fund to meet claims for such compensation.
(3)For the purpose of providing such compensation any company may borrow on the security of their property, and any local authority may borrow with the like consent and on the like security and subject to the like conditions as to repayment by means of instalments or the provision of a sinking fund and otherwise as in the case of the securities in respect of which compensation is to be provided, but any money so borrowed by a local authority shall be repaid within a term not longer than five years. Any expenses incurred by a local authority in making compensation, or in the repayment of, or the payment of interest on, or otherwise in connexion with, any loan raised as aforesaid, shall, except so far as they may be met by such fees as aforesaid, be paid out of the [F8revenues]on which the security in respect of which compensation is to be made is charged.
(4)Any such company or local authority may impose such reasonable restrictions on the transfer of their shares, stock, or securities, or with respect to powers of attorney for the transfer thereof, as they may consider requisite for guarding against losses arising from forgery.
(5)Where a company or local authority compensate a person under this Act for any loss arising from forgery, the company or local authority shall, without prejudice to any other rights or remedies, have the same rights and remedies against the person liable for the loss as the person compensated would have had.
Textual Amendments
F1Words inserted by Stock Transfer Act 1982 (c. 41, SIF 69), ss. 3, 6(2), Sch. 2 para. 1(1)(a)
F2Words substituted by Stock Transfer Act 1982 (c. 41, SIF 69), ss. 3, 6(2), Sch. 2 para. 1(1)(b)
F3Words added by Forged Transfers Act 1892 (c. 36), s. 2
F4Words substituted by Stock Transfer Act 1982 (c. 41, SIF 69), ss. 3, 6(2), Sch. 2 para. 1(1)(c)
F5S. 1(1A) added by Stock Transfer Act 1982 (c. 41, SIF 69), ss. 3, 6(2), Sch. 2 para. 2
F6Words substituted by virtue of Decimal Currency Act 1969 (c. 19), s. 10(1)
F7Words inserted by Forged Transfers Act 1892 (c. 36), s. 3
F8Word substituted by S.I. 1990/1285, art. 2, Sch. Pt. I, para. 1
Modifications etc. (not altering text)
C1S. 1 amended by Forged Transfers Act 1892 (c. 36), s. 4
C2S. 1(1)(2)(4)(5) extended by S.I. 1955/1752 (1955 I, p. 778), reg. 41(2), and 1957/2228 (1957 I, p. 801), reg. 32(3)
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: