The National Savings Stock Register (Closure of Register to Gilts) Order 1998

Applications to transfer gilts pending on the specified day

11.—(1) Any qualifying application to make a transfer in the Register of any gilts which is received before the specified day but not carried into effect before that day shall, on and after that day, be carried into effect by the Bank in its books in accordance with applicable Bank legislation as if—

(a) the application were an instrument falling within regulation 4(1) of the Government Stock Regulations 1965(1), and

(b) the conditions required to be fulfilled by regulation 8 of those Regulations were fulfilled.

(2) For the purposes of paragraph (1), regulation 10 of the Government Stock Regulations 1965 (which provides that the Bank shall not be required to give effect to a transfer until the expiration of ten clear days after the day on which the Bank receives the instrument of transfer) shall, subject to paragraph (3) below, apply as if the Bank had received the application on the specified day.

(3) Where the Director of Savings receives the application during the transitional weekend and forwards it to the Bank in accordance with article 28(4) to (6) below, the Bank shall not be treated (whether by virtue of article 25(2)(a) below or otherwise) as receiving it earlier than the day on which the Bank did in fact receive it.

(1)

S.I. 1965/1420; relevant amending instruments are S.I. 1981/1004, 1985/1146, 1990/2253, 1997/1709.