The Local Authority (Stocks and Bonds) Regulations 1974

18.—(1) Unless the holder of any stock or bonds otherwise requests in writing the local authority or, where the local authority is not the registrar, the local authority by the registrar shall pay interest and any redemption money due on any stock or bonds by sending a cheque or warrant to the holder by post to his registered address and the posting of that cheque or warrant in a pre-paid letter directed to his address shall be a sufficient discharge to the local authority and the registrar for that interest or redemption money.

(2) Before sending any cheque or warrant in payment of redemption money the registrar may, if he thinks fit, require the holder of any stock or bonds upon which redemption money is to be paid to specify in writing the person to whom the redemption money is to be paid and the address to which the cheque or warrant is to be sent and upon receipt of that specification the registrar shall make the payment of redemption money in accordance therewith.

(3) Before making any payment the registrar may, if he thinks fit, require evidence of the title of any person claiming a right to receive such payment and in particular may require the surrender of the certificate representing the stock or bonds upon which redemption money is to be paid or such indemnity as he may require if the certificate is lost or destroyed.

(4) If any cheque or warrant has not been encashed and has become defaced, lost or destroyed the registrar shall, on receipt of such evidence and indemnity as he may require, and on the surrender of the cheque or warrant where it is defaced, pay the money due.

(5) Every warrant so sent by post shall be deemed to be a cheque and the local authority and the registrar shall, in relation thereto, be deemed a banker within the Bills of Exchange Act 1882.

(6) For the purpose of this regulation the holder means the person whose name is recorded as the holder of the stock or bonds at the date on which the interest or redemption money is payable, or if the register was closed or a balance struck under regulation 16 above, at the date on which the register was closed or the balance struck, and in the case of joint holders the registrar may treat as holder that one of them who is first named in the register or such other of them as they all may in writing direct, but any request or specification in writing given under paragraphs (1) or (2) above must be given by all of the joint holders.

(7) Where the person who would otherwise be the holder of any stock or bonds is deceased his personal representative or personal representatives shall, for the purposes of this regulation, be deemed to be the holder or joint holders of that stock or those bonds.

(8) Where two or more joint holders of any stock or bonds have given a request as to the payment of interest thereon and one of them becomes of unsound mind, such request shall not thereby become void.

(9) Nothing in the preceding provisions of this regulation shall prevent the registrar and any banker from making special arrangements for the payment of any interest or redemption money payable to the holder of any stock or bonds which is receivable by that banker, either on his own behalf, or as nominee of the holder, or otherwise.