SCHEDULE 1U.K. 

PART IIU.K.Controlled Investments

Instruments creating or acknowledging indebtednessU.K.

15.—(1) Subject to sub-paragraph (2), such of the following as do not fall within [F1paragraph F2... 16]—

(a)debentures;

(b)debenture stock;

(c)loan stock;

(d)bonds;

(e)certificates of deposit;

(f)any other instrument creating or acknowledging a present or future indebtedness.

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

(a)any 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 saving account, a lease or other disposition of property, a heritable security; and

(d)a contract of insurance.

F3(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) An instrument excluded from sub-paragraph (1) of paragraph 16 by paragraph 16(2)(b) is not thereby to be taken to fall within sub-paragraph (1) of this paragraph.

Textual Amendments