The National Savings Stock Register Regulations 1976

TRANSFER AND EXCHANGE OF STOCK

Transfers

15.—(1) Application to make a transfer in the register of any stock shall be made by sending to the Director of Savings not less than ten days before the transfer is required to be completed an application in writing in the approved form together with any certificate or subscription book relating to the stock.

(2) No instrument of transfer in connection with the transfer of stock shall be required to be under seal.

(3) The transferor of an amount of stock shall be deemed to remain the holder thereof until the Director of Savings has given effect to the transfer and the death of the applicant shall not of itself determine the authority given by the applicant for the transfer to be made; but if the Director of Savings receives notice before the transfer is effected that the applicant has died, the transfer shall not be made.

(4) Stock which is not of a description corresponding to stock or securities transferable in the books of the Bank of England shall not be transferable except with the consent of the Director of Savings.

Exchange of stock on register for stock on books of Bank of England or Ireland

16.—(1) The holder of any stock on the register may, if the stock is of a description corresponding to stock or securities transferable in the books of the Bank of England or of the Bank of Ireland, and subject to the terms of any prospectus relating to the issue of that stock or those securities, exchange the stock for stock or securities of a corresponding amount and description on the books of the Bank of England or the Bank of Ireland.

(2) An application for an exchange of stock under this Regulation shall be made by sending to the Director of Savings an application in writing in the approved form together with any certificate or subscription book relating to the stock.

(3) For the purpose of any such exchange, the Director of Savings shall, after writing off from the register the stock to be exchanged, send particulars thereof to the Bank of England or the Bank of Ireland, as the case may be, and the Bank shall thereupon register stock or securities of a corresponding amount and description in the name of the holder or issue to him bearer bonds representing such stock or securities, as the case may require.

(4) Where stock is held by two or more persons as joint holders, an exchange may be effected under this Regulation notwithstanding that one of the joint holders is a minor.

Exchange of stock on books of Bank of England or Ireland for stock on register

17.—(1) Subject to the terms of the prospectus relating to the issue of any stock on the register, and subject to the provisions of this Regulation, any stock on the books of the Bank of England or of the Bank of Ireland may, if the stock is of a description corresponding to any stock of that issue, be exchanged by the holder thereof for stock on the register of a corresponding amount and description.

(2) Notwithstanding anything in paragraph (1) of this Regulation, no stock of any one description in the beneficial ownership of any particular person shall be exchanged under this Regulation at any time in a calendar year, if, immediately after the completion of the exchange, the aggregate nominal amount of the stock of that description so exchanged in that year, while in the beneficial ownership of that person, would exceed £5,000:

Provided that the foregoing prohibition shall not apply to an exchange of any stock which is in the beneficial ownership of a friendly society entitled under section 331 or 332 of the Income and Corporation Taxes Act 1970 to exemption from income tax.

(3) Every application for an exchange of stock under this Regulation shall be made by sending to the Bank of England or the Bank of Ireland, as the case may be, an application in writing in the approved form, and every such application shall contain a statement, and, if the Bank so requires, be accompanied by a statutory declaration, specifying the name and address of the person who is the beneficial owner of the stock.

(4) For the purpose of effecting any such exchange, the Bank shall, after writing off from its books the stock to be exchanged, send particulars thereof to the Director of Savings, who shall thereupon register stock of a corresponding amount and description in the name of the holder.

(5) For the purposes of this Regulation, stock shall be deemed to be in the beneficial ownership of a person if, and only if, he is beneficially entitled in possession to the income, or to a proportion of the income, derived therefrom, and where a person is so entitled to a proportion of the income, such proportion only of the stock as corresponds to that proportion of the income shall be treated as being in his beneficial ownership.

(6) In this Regulation the expression “stock” includes securities.

(7) Nothing done in pursuance of this Regulation shall be taken to affect the Bank of England or the Bank of Ireland with notice of any trust or of the fiduciary character of any holder, or of any fiduciary obligation attaching to the holding, of any stock.

Transfer of stock from one part of the National Savings Stock Register to another

18.—(1) If the holder of any stock on the register desires to transfer the stock to such part of the National Savings Stock Register as is kept by a trustee savings bank, he shall send to the Director of Savings an application in writing in the approved form, together with any certificate or subscription book relating to the stock.

(2) For the purpose of such a transfer, the Director of Savings shall, after writing off from the register the stock to be transferred, send particulars thereof to the trustee savings bank, which shall thereupon register stock or securities of a corresponding amount and description in the name of the holder in the part of the National Savings Stock Register kept by it.

(3) If the holder of any stock or securities on such part of the National Savings Stock Register as is kept by a trustee savings bank desires to transfer the stock or securities to the register, he shall send to the trustee savings bank an application in writing, together with any certificate or subscription book relating to the stock or securities.

(4) For the purpose of such a transfer, the trustee savings bank shall, after writing off from the part of the National Savings Stock Register kept by it the stock or securities to be transferred, send particulars thereof to the Director of Savings, who shall thereupon register stock or securities of a corresponding amount and description in the name of the holder in the register.

Transfer to register of small holdings in names of deceased persons

19.  The transfer of any stock under section 6 of the National Debt Act 1972 (which enables government stock of an amount not exceeding £1,500 to be transferred on the death of the holder from the books of the Bank of England or Bank of Ireland to the register) shall, subject to any necessary modifications be effected in like manner as an exchange of stock or securities under Regulation 17 of these Regulations, and any dividends accrued on stock transferred under the said section may be remitted to the Director of Savings in pursuance of that section by sending the dividend warrants by post to him.

Transfer of stock to Commissioners of Inland Revenue in payment of duties or tax

20.  For the purpose of carrying into effect any arrangements made by the Commissioners of Inland Revenue under the enactments relating to the transfer to them of stock in payment of duties or tax, the Director of Savings may require the holder of the stock proposed to be surrendered or his personal representative to forward to him an application for transfer in respect of the stock, together with all documents relating thereto.