Local Government (Scotland) Act 1947

271 Stock regulations.

(1) The Secretary of State may make regulations with respect to the creation and issue of stock under this Part of this Act by a county council or a town council or by any such authority, commissioners or trustees as are mentioned in the immediately preceding section, the redemption and extinction of such stock, the payment of dividends thereon, the manner in which such stock may be transferred and dealt with and generally for the purpose of regulating any matter relating to such stock (including without prejudice to the said generality the investment of money raised by stock and not for the time being required), and such regulations may provide—

(a) with a view to the consolidation of debt, for extending or varying the period of repayment of sums borrowed by a council; and

(b) for the application of the enactments relating to stamp duties and to cheques.

(2) Regulations made under this section may apply to and in the case of any such authority, commissioners or trustees as aforesaid so far as respects stock issued under this Part of this Act, subject to such modifications and adaptations as may be prescribed, any of the provisions of sections two hundred and seventy-two to two hundred and seventy-four and sections two hundred and seventy-eight to two hundred and ninety-one of this Act, so however that any such application shall not be contrary to the express provisions of any enactment relating to the authority, commissioners or trustees.

(3) Regulations made under this section shall be laid before each House of Parliament as soon as may be after they are made.