http://www.legislation.gov.uk/ukpga/1976/47Stock Exchange (Completion of Bargains) Act 1976An Act to amend and clarify the law relating to the transfer of securities and to companies, trustees and personal representatives with a view to simplifying the activities connected with the periodic completion of bargains made on stock exchanges; and for purposes connected therewith.1978-10-31texttext/xmlenStatute Law Database2018-02-13Expert Participation2017-11-28
Stock Exchange (Completion of Bargains) Act 19761976 c.47An Act to amend and clarify the law relating to the transfer of securities and to companies, trustees and personal representatives with a view to simplifying the activities connected with the periodic completion of bargains made on stock exchanges; and for purposes connected therewith.[12th October 1976]. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . <CommentaryRef Ref="c7223511"/>151A trustee or personal representative shall not be chargeable with breach of trust or, as the case may be, with default in administering the estate by reason only of the fact that—ahe has, for the purpose of acquiring securities which he has power to acquire in connection with the trust or estate, paid for the securities under arrangements which provide for them to be transferred to him from a financial institution but not to be so transferred until after payment of the price; orbhe has, for the purpose of disposing of securities which he has power to dispose of in connection with the trust or estate, transferred the securities to such a financial institution under arrangements which provide that the price is not to be paid to him until after the transfer is made. . .2“Financial institution” means—aa recognised clearing house or a recognised CSD acting in relation to a recognised investment exchange; orba nominee of—ia recognised clearing house or a recognised CSD acting in that way; oriia recognised investment exchange.3No person may be a nominee for the purposes of this section unless he is a person designated for those purposes in the rules of the recognised investment exchange in question.4Expressions used in subsections (2) and (3) have the same meaning as in the Part 18 of the Financial Services and Markets Act 2000. Forms for transfer of securities.61In section 3 of the Stock Transfer Act 1963 (which among other things provides that the Treasury may by order amend the Schedules to that Act by altering the transfer forms set out in those Schedules or substituting different forms for those forms or adding forms for use as alternatives to those forms) after subsection (4) there shall be inserted the following subsection—5An order under subsection (2) of this section may—aprovide for forms on which some of the particulars mentioned in subsection (1) of section 1 of this Act are not required to be specified;bprovide for that section to have effect, in relation to such forms as are mentioned in the preceding paragraph or other forms specified in the order, subject to such amendments as are so specified (which may include an amendment of the reference in subsection (1) of that section to an instrument under hand);cprovide for all or any of the provisions of the order to have effect in such cases only as are specified in the order.2The subsection (5) inserted in the said section 3 by the preceding subsection shall extend to Northern Ireland in accordance with the provisions of section 5(1) and (2) of the said Act of 1963. Short title, interpretation, commencement and extent.71This Act may be cited as the Stock Exchange (Completion of Bargains) Act 1976.2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4This Act shall come into force on such date as the Secretary of State may appoint by an order made by statutory instrument.5Except as provided by section 6(2) of this Act, this Act does not extend to Northern Ireland.Ss. 1–4 repealed by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), ss. 21, 23, 29, 31(8), Sch. 1By Financial Services Act 1986 (c. 60, SIF 69), s. 194(2), the provisions of s. 5 (as amended) become subsection (1) of that sectionWords in s. 5(1)(a) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 289(2)Words substituted by Financial Services Act 1986 (c. 60, SIF 69), s. 194Words in s. 5(1)(b) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 289(3)Words in s. 5(1) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 289(4)S. 5(2)-(4) substituted (1.12.2001) for s. 5(2) by S.I. 2001/3649, arts. 1, 289(5)The text of s. 6(1) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.1963 c. 18 S. 7(2) repealed by Financial Services Act 1986 (c. 60, SIF 69), s. 212(3), Sch. 17S. 7(3) repealed by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), ss. 21, 23, 29, 31(8), Sch. 1Power of appointment conferred by s. 7(4) fully exercised: 12.2.1979 appointed by S.I. 1979/55Words in s. 5(2)(a)(b)(i) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 2 (with regs. 7(4), 9(1))