SCHEDULE 1Specified Securities
7
(1)
Securities issued by—
(a)
any local authority in. the United Kingdom;
(b)
any authority all or the majority of the members of which are appointed or elected by one or more local authorities in the United Kingdom ; or
(c)
the Receiver for the Metropolitan Police District.
(2)
In sub-paragraph (1) above " local authority " means—
(a)
any of the following authorities in England and Wales, namely, a county council, the Greater London Council, a district council, a London borough council, the Common Council of the City of London or the Council of the Isles of Scilly;
(b)
any of the following authorities in Scotland, namely, a regional council, an islands council or a district council; or
(c)
a council, within the meaning of the M1Local Government Act (Northern Ireland) 1972 ;
and any reference to a security issued by a local authority includes a reference to a security the liability for which is for the time being vested in a local authority (being a security issued by an authority which has ceased to exist).