The Stock Transfer (Substitution of Forms) Order 1990

Statutory Instruments

1990 No. 18

SECURITIES

The Stock Transfer (Substitution of Forms) Order 1990

Made

8th January 1990

Laid before Parliament

10th January 1990

Coming into force

31st January 1990

The Treasury, in exercise of the powers conferred on them by section 3(2) of the Stock Transfer Act 1963(1) and of all other powers enabling them in that behalf, hereby make the following Order:

1.  This Order may be cited as the Stock Transfer (Substitution of Forms) Order 1990 and shall come into force on 31st January 1990.

2.  Schedule 1 to the Stock Transfer Act 1963(2) (“the Act”) shall be amended by substituting for the form entitled “Talisman Sold Transfer” the form set out in the Schedule to this Order.

3.  Section 1(3) of the Act shall apply in relation to the form for which the form set out in the Schedule to this Order is substituted as it applies to any form which was common or usual before the commencement of the Act with the modification that for the words “which was common or usual before the commencement of this Act” there shall be substituted the words “for which the form set out in the Schedule to the Stock Transfer (Substitution of Forms) Order 1990 is substituted”.

4.  Section 1 of the Act shall have effect in relation to the form set out in the Schedule to this Order subject to the amendment that that form need not specify

(a) particulars of the consideration;

(b) the address of the transferee.

Stephen Dorrell

Kenneth Carlisle

Two of the Lords Commissioners of Her Majesty’s Treasury.

8th January 1990

Article 2

SCHEDULE

Explanatory Note

(This note is not part of the Order)

This Order substitutes a new form for the Talisman Sold Transfer form set out in Schedule I to the Stock Transfer Act 1963. The previous form made provision for the transfer of securities to a nominee of the Stock Exchange only by a member of the Stock Exchange. The form substituted by this Order provides for such a transfer by non-members (article 2).

The Order also provides for the continuing use of the previous form (article 3) and provides, as was done for the previous form, that neither particulars of the consideration nor the address of the transferee need to be inserted in the form (article 4).

(1)

1963 c. 18; section 3(2) was extended by section 6 of the Stock Exchange (Completion of Bargains) Act 1976 (c. 47).

(2)

Schedule 1 was amended by S.I. 1974/1214, 1979/277.