Local Government (Scotland) Act 1973

92 Transfer of securities on alteration of area, etc. U.K.

(1) Where any securities are standing in the books of a company in the name of a local authority the following provisions shall have effect—

(a) if the name of the authority is changed, then at the request of the authority and on production of a statutory declaration by the proper officer of the authority specifying the securities and verifying the change of name and identity of the authority, the company shall enter the securities in the new name of the local authority in like manner as if the securities had been transferred to the authority under that name;

(b) if by virtue of anything done under any provision of this Act or any enactment similar to any such provision (whenever passed), any other local authority have become entitled to the securities or any dividends or interest thereon, as the case may be, a certificate of the proper officer of the council of that other authority or the scheme, order or award under which that other authority have become so entitled, shall be a sufficient authority to the company to transfer the securities into the name of the local authority specified in that behalf in the certificate, or in the scheme, order or award, as the case may be, and to pay the dividends or interest to that authority;

(c) if in any other case any other local authority have become entitled to the securities or any dividends or interest thereon, as the case may be, the Court of Session may on the petition of that other authority make an order vesting in that other authority the right to transfer the securities or to receive the dividends or interest, as the case may be.

(2) In this section, the expression—

• “company” includes the Bank of England and any company or person keeping books in which any securities are registered or inscribed;

• F1 . . .

[F2 (3) “Securities” means—

(a) shares;

(b) instruments creating or acknowledging indebtedness;

(c) government and public securities;

(d) instruments giving entitlements to investments;

(e) certificates representing securities;

(f) units in a collective investment scheme;

(g) rights to, or interests in, any security of the kind mentioned in paragraphs (a) to (f);

(h) rights (whether actual or contingent) to money lent to, or deposited with—

(i) a society registered under the Industrial and Provident Societies Act 1965, or

(ii) a building society within the meaning of the Building Societies Act 1986.

(4) Subsection (3) must be read with—

(a) section 22 of the Financial Services and Markets Act 2000;

(b) any relevant order under that section; and

(c) Schedule 2 to that Act.]

Textual Amendments

F1 Words in s. 92(2) repealed (1.12.2001) by S.I. 2001/3649, art. 220(2)

F2 s. 92(3)(4) inserted (1.12.2001) by S.I. 2001/3649, art. 220(3)

Modifications etc. (not altering text)

C1 S. 92(3) extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), reg. 15, Sch. 2 para. 8(2)(c)