Local Government Act 1948

125 Transfer of stock issued by certain authorities.

(1) The Minister may, by regulations, provide that stock issued, whether before or after the passing of this Act, by any authority to which this section applies, other than—

(a) stock which by virtue of any statutory provision contained in or made under a private or local Act and passed or made after the passing of the [2 & 3 Geo. 6. c. 100.] Government and other Stocks (Emergency Provisions) Act, 1939, and before the making of the regulations, is transferable by deed and in no other manner ; and

(b) stock in respect of which a stock certificate to bearer is for the time being outstanding, or any other bearer security,

shall be transferable in law by instrument in writing and in no other manner. .

(2) Regulations made under this section may contain any incidental, supplementary or transitional provisions, and in particular—

(a) provisions as to the keeping of the registers relating to the holders of the stock and as to the matters to be entered therein, and provisions enabling those registers to be closed for such periods and in such circumstances as may be prescribed by the regulations ;

(b) provision for striking the balance for a dividend on the stock ;

(c) provisions as to the issue of documents of title relating to the stock and as to evidence of title thereto, and as to the manner in which a transfer of stock is to be completed ;

(d) provisions varying, revoking or repealing any statutory provision passed or made before the making of the regulations and inconsistent therewith, being a statutory provision which is contained in or made under a local or private Act or made under section thirty of the [38 & 39 Vict. c. 83.] Local Loans Act, 1875 (which enables a local authority to make rules as to securities issued by them under that Act) or section two hundred and four of the Local Government Act, 1933 (which relates to stock issued under that Act) ; and

(e) provision enabling the Minister by order to exempt from the operation of all or any of the provisions of the regulations such stock as may be specified in the order.

(3) Regulations made under this section varying or revoking any regulations made under the said section two hundred and four may, so far as they relate to stock to which that section applies, be varied or revoked by further regulations made under that section.

(4) The power to make regulations under this section shall be exercisable by statutory instrument, and a draft of any such instrument shall be laid before Parliament.

(5) This section applies to any authority who—

(a) are, within the meaning of the Local Loans Act, 1875, an authority having power to levy a rate ; or

(b) are a body which, under any enactment relating to harbours, are entitled to levy tolls or dues, being a body who are neither statutory undertakers carrying on business for profit nor a company within the meaning of the [19 & 20 Geo. 5. c. 23.] Companies Act, 1929.

(6) For the purposes of this section, the expression " stock " includes debenture stock and annuity certificates.

(7) In the application of this section to Scotland—

(a) for any reference to the Minister there shall be substituted a reference to the Secretary of State ; and

(b) for any reference to section two hundred and four of the Local Government Act, 1933, there shall be substituted a reference to section two hundred and seventy-one of the Local Government (Scotland) Act, 1947.