Section 2.
Modifications etc. (not altering text)
C1Sch. 1 amended (further specified securities added) by S.I. 1991/340, art.2 Sch.
1(1)Securities issued by Her Majesty’s Government in the United Kingdom or the Government of Northern Ireland, not being excluded securities.U.K.
(2)In sub-paragraph (1) above “excluded securities” means—
(a)securities in respect of which a stock certificate issued under Part V of the M1National Debt Act 1870 is for the time being outstanding;
(b)any other bearer securities; and
(c)any securities for the time being registered on the National Savings Stock Register.
Marginal Citations
2U.K.Securities the payment of interest on which is guaranteed by Her Majesty’s Government in the United Kingdom or the Government of Northern Ireland.
3U.K.Securities issued in the United Kingdom by any public authority or nationalised industry or undertaking in the United Kingdom.
4(1)Securities issued in the United Kingdom by the government of any overseas territory, being securities registered in the United Kingdom.U.K.
[F1(2)For this purpose—
(a)“overseas territory” means any territory or country outside the United Kingdom, and
(b)the reference to the government of any overseas territory includes a reference to a government constituted for two or more overseas territories, and to any authority established for the purpose of providing or administering services which are common to, or relate to matters of common interest to, two or more such territories.]
Textual Amendments
F1Sch. 1 para. 4(2) substituted (17.6.2002) by 2002 c. 1, s. 19, Sch. 3 para. 8; S.I. 2002/1408, art. 2
5U.K.Securities issued in the United Kingdom by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the European Investment Bank or [F2the European Union] being, in each case, securities registered in the United Kingdom.
[F3Securities issued in the United Kingdom by the African Development Bank, the Asian Development Bank, Caisse Centrale de Coopération Economique, Crédit Foncier de France, Electricité de France (E.D.F.), Service National or Hydro-Québec, being, in each case, securities registered in the United Kingdom.]
Textual Amendments
F2Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 4 (with art. 3(2)(3), 4(2), 6(4)(5))
F3Securities added to the list in Schedule 1 by S.I. 1988/231, art. 2, Sch.
6(1)Debentures issued by the Agricultural Mortgage Corporation PLC, the Commonwealth Development Finance Company Limited, Finance for Industry Public Limited Company or the Scottish Agricultural Securities Corporation Limited.U.K.
(2)In sub-paragraph (1) above “debentures” includes debenture stock and bonds, whether constituting a charge on assets or not, and loan stock or notes.
7(1)Securities issued by—U.K.
(a)any local authority in the United Kingdom;
(b)any authority all or the majority of the members of which are appointed or elected by one or more local authorities in the United Kingdom; [F4or]
[F5(ba)any police and crime commissioner.]
F6(bb). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F7(c)the Receiver for the Metropolitan Police District.]
(2)In sub-paragraph (1) above “local authority” means—
(a)any of the following authorities in England and Wales, namely, [F8the Greater London Authority]a county council . . . F9, a district council, a London borough council, the Common Council of the City of London [F10, a functional body (within the meaning of the Greater London Authority Act 1999),][F11 . . . F12 a joint authority established by Part IV of the Local Government Act 1985] [F13, [F14an economic prosperity board established under section 88 of the Local Democracy, Economic Development and Construction Act 2009, a combined authority established under section 103 of that Act [F15, a combined county authority established under section 9(1) of the Levelling-up and Regeneration Act 2023] F16...]] or the Council of the Isles of Scilly;
[F17(b)any council constituted under section 2 of the Local Government etc. (Scotland) Act 1994]
(c)a council, within the meaning of the M2Local Government Act (Northern Ireland) 1972;
and any reference to a security issued by a local authority includes a reference to a security the liability for which is for the time being vested in a local authority (being a security issued by an authority which has ceased to exist).
Textual Amendments
F4Word in Sch. 1 para. 7(1)(b) inserted (1.4.2006) by Serious Organised Crime and Police Act 2005 (c. 15), s. 178(8), Sch. 4 para. 41(a); S.I. 2006/378, art. 4(1), Sch. para. 10
F5Sch. 1 para. 7(1)(ba) substituted (22.11.2012) by Police Reform and Social Responsibility Act 2011 (c. 13), s. 157(1), Sch. 16 para. 158; S.I. 2012/2892, art. 2(i)
F6Sch. 1 para. 7(1)(bb) and word repealed (1.4.2006) by Serious Organised Crime and Police Act 2005 (c. 15), s. 178(8), Sch. 4 para. 41(b), Sch. 17 Pt. 2; S.I. 2006/378, art. 4(1), Sch. paras. 1013(p)
F7S. 7(1)(c) and the word “or”immediately preceding it cease to have effect (3.7.2000) by virtue of 1999 c. 29, s. 392(2) (with Sch. 12 para. 9(1)); S.I. 2000/801, art. 2(2)(c), Sch. Pt. 3
F8Words in Sch. 1 para. 7(2)(a) inserted (8.5.2000) by 1999 c. 29, s. 392(1)(3)(a) (with Sch. 12 para. 9(1)); S.I. 1999/3434, art. 3
F9Words repealed by Local Government Act 1985 (c. 51, SIF 81:1), s. 102, Sch. 17
F10Words in Sch. 1 para. 7(2)(a) inserted (3.7.2000) by 1999 c. 29, s. 392(1)(3)(b) (with Sch. 12 para. 9(1)); S.I. 1999/3434, art. 4
F11Words inserted by Local Government Act 1985 (c. 51, SIF 81:1), s. 84, Sch. 14 para. 62
F12Words repealed by Education Reform Act 1988 (c. 40, SIF 41:1), ss. 231(7), 235(6), 237, Sch. 13
F13Words in Sch. 1 para. 7(2)(a) inserted (1.4.2008) by Local Government and Public Involvement in Health Act 2007 (c. 28), s. 245(5), Sch. 13 para. 39; S.I. 2008/917, art. 2(1)(p)
F14Words in Sch. 1 para. 7(2)(a) inserted (17.12.2009) by Local Democracy, Economic Development and Construction Act 2009 (c. 20), s. 148(6), Sch. 6 para. 57; S.I. 2009/3318, art. 2(c)
F15Words in Sch. 1 para. 7(2)(a) inserted (26.12.2023) by Levelling Up and Regeneration Act 2023 (c. 55), s. 255(2)(c), Sch. 4 para. 73 (with s. 247)
F16Words in Sch. 1 para. 7(2)(a) omitted (26.5.2015) by virtue of Deregulation Act 2015 (c. 20), s. 115(7), Sch. 13 para. 6(17); S.I. 2015/994, art. 6(g)
F17Sch. 1 para. 7(2)(b) substituted (S.) (1.4.1996) by 1994 c. 39, s. 180(1), Sch. 13 para. 127; S.I. 1996/323, art. 4(1)(c)
Modifications etc. (not altering text)
C2Sch. 1 para. 7 amended by Local Government Act 1985 (c. 51, SIF 81:1), s. 57(7), Sch. 13 para. 13(k)
Sch. 1 para. 7 extended (5.7.1994) by 1994 c. 19, s. 39, Sch. 13 para. 20(j) (with ss. 54(5)(7), 55(5), Sch. 17 para. 22(1), 23(2))
C3Sch. 1 para. 7(2)(a) extended by S.I. 1985/1884, art. 4(v)
C4Sch. 1 para. 7(2)(a) amended by S.I. 1987/2110, art. 2, Sch. 1 para. 8(p)
Marginal Citations