Purchase of stock on application to the RegistrarU.K.
12.—(1) Stock in the register may be purchased on application to the Registrar in accordance with the provisions of this regulation.
(2) The Treasury may from time to time indicate the descriptions of stock available for purchase under this regulation by—
(a)notice in writing which shall be sent to each person who is for the time being registered as a holder of stock and which—
(i)shall be sent to his address for the time being recorded on a register referred to in regulation 11(2) above; and
(ii)where stock is registered in the names of more than one person being joint holders, shall be sent to all such persons; or
(b)notice published in the London, Edinburgh and Belfast Gazettes.
(3) An application to purchase stock under this regulation shall be made by delivering to the Registrar an application in the approved form accompanied, except where the Registrar otherwise directs, by a sum sufficient to include the purchase price of the stock and the proper amount payable under regulation 14 below by way of commission on the purchase.
(4) As soon as practicable after receipt by the Registrar of such an application he shall in accordance with it give instructions to the Treasury, which, subject to paragraph (5) below, shall effect the purchase of the stock.
(5) If the sum received by the Registrar in respect of an application to purchase stock under this regulation is insufficient to defray the aggregate of the purchase price of the stock and the commission payable under regulation 14 below, the Treasury shall not be required to effect the purchase of the stock but, if the Treasury do so, the Registrar shall send to the applicant a notification of the amount of the deficiency, and, if that amount is not received within seven days after the day on which the notification was sent, the Treasury may effect the sale of the stock and may, before paying the proceeds of that sale to the applicant, deduct from those proceeds—
(a)the amount of the deficiency, and
(b)the amount payable under regulation 14 below by way of commission on the sale.
(6) If the sum received by the Registrar in respect of an application to purchase stock under this regulation exceeds the sum required to defray the amount of the purchase price of the stock and the commission payable under regulation 14 below in respect of the purchase, the Registrar shall return to the applicant the amount of the excess.
(7) The Registrar may return any such excess by means of a warrant sent by post and, in the absence of special instructions, any such warrant may be sent to any address given in the application to purchase the stock.
(8) Paragraph (7) above does not affect the right of the Registrar to return the excess by any other means of payment for which the approved form may provide or which may otherwise be agreed between the applicant and the Registrar.
Commencement Information
I1Reg. 12 in force at 1.7.2004, see reg. 1