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The Coal Industry (Superannuation Scheme) (Winding Up, No. 1) Regulations 1949

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Transfer of property, rights, etc

2.—(1) Subject to the provisions of this regulation, all property and rights vested at the coming into operation of these regulations in any person, being property or rights available for the purpose of any scheme to which these regulations apply, are hereby transferred without further assurance to the appropriate person specified in the next following paragraph; and shall be held upon trust to apply the same and any proceeds thereof for the purpose of the provision by the National Coal Board (in these regulations referred to as “the Board”) of pensions, gratuities and other like benefits as specified in paragraphs (a) and (b) of subsection (1) of section thirty-seven of the Act.

(2) The appropriate person aforesaid is—

(a)in the case of any security or obligation issued or guaranteed by any government or municipal corporation at home or abroad, and of any debenture or debenture stock issued by, or share or stock of, any body corporate in Great Britain or Northern Ireland, Lloyds Bank (Branches) Nominees Limited;

(b)in the case of any credit on current or deposit account at any bank, Lloyds Bank Limited; and

(c)in the case of any other property or right, Coal Industry (Nominees) Limited.

(3) A certificate, signed by the Secretary of the National Coal Board Superannuation Scheme (in these regulations referred to as “the Secretary”) and by any person in whom was vested any property or right transferred by virtue of this regulation, that that property or right was so transferred, or a copy of any such certificate certified by the Secretary to be a true copy thereof, shall be received by all persons responsible for the registration or inscription of the title to that property, or by all persons obligated in respect of that right, as the case may be, as evidence that the property or right was transferred as aforesaid.

(4) Every person in whom was vested any property or right transferred as aforesaid shall do all such things as are necessary, or as the appropriate person may direct to be done, for the purpose of ensuring—

(a)the due registration or inscription of the title of the appropriate person to that property;

(b)the delivery to the appropriate person of any document constituting evidence of the said registration or inscription;

(c)the performance for the benefit of the appropriate person of all obligations due in respect of that right; and

(d)the receipt by the appropriate person of all dividends, rent or interest in respect of that property or right due for payment after the coming into operation of these regulations.

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