National Debt Act 1972

3 Power to make regulations with respect to the register

(1) The appropriate authority may make regulations with respect to the keeping of the register and stock registered therein, and in particular with respect to—

(a) investments in and sales of stock so registered and the receipt and payment of interest thereon ;

(b) the manner in which and the conditions subject to which stock may be transferred either from the name of the holder registered in the register to that of any other person registered or to be registered therein, or from the register to the books of the Bank of England or the Bank of Ireland, and vice versa;

(c) the commissions and fees payable in respect of dealings in stock registered in the register ;

(d) the maximum amount of stock which may be registered in the register in any one holding in any one year or at any one time and the exceptions which are to be allowed from any such limits in the case of friendly societies, trade unions or other similar bodies;

and separate regulations may, with the consent of the National Debt Commissioners, be made with respect to any part of the register kept by the trustees of a trustee savings bank.

(2) Regulations under this section—

(a) may provide for the total amount of stock registered in the register being held by the National Debt Commissioners ;

(b) may provide, in connection with any stock registered in the register, for the issue by the Director of Savings of bearer bonds for such amounts as may be provided by the regulations, with coupons annexed entitling the bearer of the coupons to the interest on the stock;

(c) may apply with such modifications as appear necessary or expedient, to stock registered in the register or to bearer bonds issued under this section, any of the provisions of the National Debt Act 1870, subsections (1) to (6) of section 5 of the Miscellaneous Financial Provisions Act 1955 or any Act, regulation or warrant relating to savings banks ;

(d) may direct that all or any of the provisions of the regulations shall, with such modifications as appear necessary or expedient, apply and be deemed always to have applied to stock issued before the date on which the regulations come into force as they apply to stock issued after that date ;

(e) may contain such consequential and supplemental provisions as appear necessary or expedient for giving full effect to the regulations.

(3) In this section " the appropriate authority" means the Treasury except in the case of regulations relating to the National Debt Commissioners and in that case means the Treasury in conjunction with those Commissioners.