Stock Transfer Act 1982

1 Transfer of certain securities through a computerised system. U.K.

(1) In the exercise of the appropriate power (as defined in subsection (3) below) provision may be made permitting a transfer in certain cases of specified securities to which the power extends through the medium of a computer-based system to be established by the Bank of England and The Stock Exchange.

(2) A transfer which (pursuant to any provision made under the appropriate power) is effected as mentioned in subsection (1) above is in this Act referred to as an “exempt transfer” and, notwithstanding anything in any enactment or in any prospectus or other document relating to the terms of issue, holding or transfer of specified securities, an exempt transfer shall be effective without the need for an instrument in writing.

(3) In this section “the appropriate power” means the power to make regulations or orders under—

(a) section 47 of the M1 Finance Act 1942 (Government stock) or section 11(1)(c) of the M2 Exchequer and Financial Provisions Act (Northern Ireland) 1950 (Northern Ireland Exchequer stock); or

(b) [F1 paragraph 4 of Schedule 13 to the M3 Local Government Act 1972][F1 section 43 of the Local Government and Housing Act 1989 (borrowing powers)], paragraph 5 of Schedule 3 to the M4 Local Government (Scotland) Act 1975 or section 70 of the M5 Local Government Act (Northern Ireland) 1972 (local authority stocks); or

(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2 F3 . . .(electricity stock); or

[F4 (d) section 21(2) of the M6 Gas Act 1972 (British Gas Stock); or]

(e) subsection (4) below.

(4) Subject to subsection (5) below, with respect to any specified securities to which none of the provisions referred to in paragraphs (a) to (d) of subsection (3) above applies, the Treasury may by regulations under this subsection make the provision referred to in subsection (1) above; and any such regulations shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.

(5) No provision shall be made, in the exercise of the appropriate power, for the application of the procedure of an exempt transfer to any securities or securities of any class except with the agreement of the person issuing the securities or, as the case may be, securities of that class or, if the liability for those securities or securities of that class has vested in another person, of that other person.

Subordinate Legislation Made

P1 S. 1: for previous exercises of this power see Index to Government Orders.

P2 S. 1(1)(4): power exercised by S.I. 1991/1145.

Textual Amendments

F1 Words commencing “section 43” substituted (E.W.S.) for words commencing “paragraph 4” by Local Government and Housing Act 1989 (c. 42, SIF 81:1), s. 194(1), Sch. 11 para. 59

F2 Words repealed by Electricity Act 1989 (c. 29, SIF 44:1), s. 112(4), Sch. 18

F3 Words in s. 1(3)(c) repealed (N.I.) (1.4.1992) by S.I. 1992/231 (N.I. 1), art. 95(4), Sch.14; S.R. 1992/117, art. 3(1).

F4 S. 1(3)(d) repealed (E.W.S.) by Gas Act 1986 (c. 44, SIF 44:2), s. 67(3)(4), Sch. 8 Pt. I para. 17, Sch. 9 Pt. II

Marginal Citations

M1 1942 c. 21.

M2 1950 c. 3 (N.I.)

M3 1972 c. 70.

M4 1975 c. 30.

M5 1972 c. 9 (N.I.)

M6 1972 c. 60.