(1)The Treasury may by regulations made by statutory instrument make provision in connection with the operation of the system referred to in section 1(1) above.
(2)Without prejudice to the generality of subsection (1) above, but subject to any express provision made by or by virtue of any amendment contained in Schedule 2 to this Act, regulations under subsection (1) above may provide—
(a)that, for the purposes of any provision made by or under any enactment or contained in any prospectus or other document and requiring or relating to the lodging or deposit of any instrument of transfer, notification of an exempt transfer in the manner required by the regulations is to be regarded as lodging or depositing an instrument of the transfer concerned; and
(b)that, in such circumstances as may be specified in the regulations, certificates or other documents of or evidencing title to specified securities are or are not to be issued to persons who (by virtue of their participation in the system referred to in section 1(1) above) are or have been able to transfer such securities by exempt transfers.
(3)The amendments specified in Schedule 2 to this Act shall have effect in consequence of the preceding provisions of this Act.
(4)The Secretary of State may by order made by statutory instrument repeal or amend any provision of—
(a)any local Act passed before or in the same session as this Act (including an Act confirming a provisional order), or
(b)any order or other instrument made under an Act so passed,
if it appears to him that the provision has become unneccessary or requires alteration in consequence of any of the preceding provisions of this Act.
(5)A statutory instrument made in the exercise of the power conferred by subsection (1) or subsection (4) above shall be subject to annulment in pursuance of a resolution of either House of Parliament.
Modifications etc. (not altering text)
C1The text of ss. 3(3) and 5(2) is in the form in which it was originally enacted : it was not reproduced in Statutes in Force and does reflect any amendments or repeals which may have been made prior to 1.2.1991.