PART III SPECIFIED INVESTMENTS

Instruments creating or acknowledging indebtedness77

1

Subject to paragraph (2), such of the following as do not fall within F1article F2... 78—

a

debentures;

b

debenture stock;

c

loan stock;

d

bonds;

e

certificates of deposit;

f

any other instrument creating or acknowledging indebtedness.

2

If and to the extent that they would otherwise fall within paragraph (1), there are excluded from that paragraph—

a

an instrument acknowledging or creating indebtedness for, or for money borrowed to defray, the consideration payable under a contract for the supply of goods or services;

b

a cheque or other bill of exchange, a banker’s draft or a letter of credit (but not a bill of exchange accepted by a banker);

c

a banknote, a statement showing a balance on a current, deposit or savings account, a lease or other disposition of property, or a heritable security; and

d

a contract of insurance.

F3e

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3

An instrument excluded from paragraph (1) of article 78 by paragraph (2)(b) of that article is not thereby to be taken to fall within paragraph (1) of this article.