- Latest available (Revised)
- Original (As enacted)
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)Any person who, at the time of the balance being struck for a dividend on stock, is [F2entered in a relevant register] as a stockholder shall, as between himself and any transferee of the stock, be entitled to the then current half-year’s or quarter’s dividend.
(2)Subject to subsections (3) and (4) below, the [F3Registrar of Government Stock] may—
(a)strike the balance for a dividend on stock before the day on which the dividend is payable, and
(b)strike the balances for dividends on stock at times such that the interval between—
(i)the time at which the balance for a dividend is struck, and
(ii)the day on which the dividend is payable,
is different in different cases.
(3)The balance for a dividend on any stock shall not be struck at different times for different holdings of that stock unless—
(a)the case is one where the use of different times for different holdings of the same stock is authorised by order made by the Treasury; and
(b)such requirements (if any) as may be imposed by an order so made are complied with in relation to the striking of that balance.
(4)The time at which the balance for a dividend on any stock is struck shall not fall before—
(a)the beginning of the tenth business day before the day on which the dividend is payable; or
(b)such later time (if any) as may be determined, in accordance with an order made by the Treasury, to be the earliest time at which that balance may be struck.
(5) In this section “ business day ” means any day other than—
(a)a Saturday or Sunday;
(b)Good Friday or Christmas Day;
(c)a day which, in any part of the United Kingdom, is a bank holiday under the M1Banking and Financial Dealings Act 1971;
(d)a day specified in an order under section 2(1) of that Act (days on which financial dealings are suspended) and declared by that order to be a non-business day for the purposes of this section; or
(e)a day appointed by Royal proclamation as a public fast or thanksgiving day.
(6)An order made by the Treasury for the purposes of subsection (3) or (4) above—
(a)shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament; and
(b)may make different provision for different cases and contain such exceptions and exclusions, and such incidental, supplemental, consequential and transitional provision, as the Treasury may think fit.]
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: