http://www.legislation.gov.uk/uksi/1990/2253/signature/made

The Government Stock (Amendment)Regulations 1990

Legislation

King's Printer of Acts of Parliament

2011-07-04

NATIONAL DEBT

These Regulations make three groups of amendments to the Government Stock Regulations 1965 (S.I. 1965/1420—“the principal Regulations”). First, they insert a new regulation 3B, which deals with the procedure to be followed by the Bank of England when redeeming stock. A notice is to be sent to the registered holder of stock which is to be redeemed, not later than eight weeks before the redemption date (regulation 3B(2) ). This notice must contain particulars of the redemption date and inform the holder that, unless a request to the contrary signed by the holder is received by the Bank by a date specified in the notice (which date cannot be more than four weeks before the redemption date) a warrant in respect of the redemption monies drawn in favour of the holder will be sent to him at the address recorded on the register (regulation 3B(3) ). Where any stock which is to be redeemed is registered in the names of more than one person as joint holders, the notice is to be addressed to all joint holders, and is to state that, unless a request to the contrary signed by each registered joint holder is received by the Bank, the warrant in respect of the redemption monies will be drawn in favour of, and sent to, the first named holder. The right of the Bank of England to require the written consent of the stockholder in any case where it considers it appropriate is, however, preserved.