Colonial Stock Act 1892

1892 CHAPTER 35

An Act to amend the Colonial Stock Act, 1877, so far as regards the mode of transfer of Stock to which that Act applies.

[27th June 1892]

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:

1 Short title.

This Act may be cited as the Colonial Stock Act, 1892, and this Act and the [40 & 41 Vict. c. 59.] Colonial Stock Act, 1877, may be cited together as the Colonial Stock Acts, 1877 and 1892.

2 Amendment of 40 & 41 Vict. c.59 as respects mode of transfer of stock.

(1) Any stock issued after the passing of this Act to which the Colonial Stock Act, 1877, applies may, if so provided by regulations under section sixteen of that Act (which regulations the registrar is hereby authorised to make), be transferred by deed according to the form in the schedule to this Act, or to the like effect, and such deed, when duly executed by all parties, shall be delivered to the registrar and kept by him, and a memorial thereof shall be entered in the register.

(2) On demand of the holder of any stock transferable by deed the registrar shall cause a certificate of the proprietorship thereof to be delivered to each holder, and such certificate shall be prima facie evidence of the title of the holder to the stock therein specified ; nevertheless the want of such certificate shall not prevent the holder of any stock from disposing thereof.

(3) Where stock of a colony has been issued before the passing of this Act, and the regulations for the transfer of such stock provide for its transfer in like manner as is authorised by this Act, the Government of the colony, if desirous that the Colonial Stock Act, 1877, as amended by this Act, should apply to the said stock, may, by a declaration made, deposited, and recorded in like manner as a declaration adopting that Act, declare such desire, and identify the stock with reference to which the declaration is made and thereupon this Act shall apply as if it had been enacted before the issue of the stock and the said regulations had been made in pursuance of section sixteen of the Colonial Stock Act, 1877.

(4) Section nineteen of the Colonial Stock Act, 1877, shall not apply to any stock in respect to which the provisions of that section have not been observed before the passing of that Act.

(5) A declaration under this Act may be made whether there has or has not been a prior declaration applying to the stock the Colonial Stock Act, 1877.

3 Application of Act to Isle of Man.

This Act shall apply to the Isle of Man in like manner as if section six of the [43 & 44 Vict. c. 8.] Isle of Man Loans Act, 1880, referred to the Colonial Stock Act, 1877, as amended by this Act, and that section shall be deemed to have authorised the Government of the Isle of Man to provide for the transfer of stock in manner provided by this Act.

SCHEDULE