Effect of, and time for, striking balance.
2
1
Any person who, at the time of the balance being struck for a dividend on stock, is
entered in a relevant register
as a stockholder shall, as between himself and any transferee of the stock, be entitled to the then current half-year’s or quarter’s dividend.
2
Subject to subsections (3) and (4) below, the
Registrar of Government Stock
may—
a
strike the balance for a dividend on stock before the day on which the dividend is payable, and
b
strike the balances for dividends on stock at times such that the interval between—
i
the time at which the balance for a dividend is struck, and
ii
the day on which the dividend is payable,
is different in different cases.
3
The balance for a dividend on any stock shall not be struck at different times for different holdings of that stock unless—
a
the case is one where the use of different times for different holdings of the same stock is authorised by order made by the Treasury; and
b
such requirements (if any) as may be imposed by an order so made are complied with in relation to the striking of that balance.
4
The time at which the balance for a dividend on any stock is struck shall not fall before—
a
the beginning of the tenth business day before the day on which the dividend is payable; or
b
such later time (if any) as may be determined, in accordance with an order made by the Treasury, to be the earliest time at which that balance may be struck.
5
In this section “
business day
” means any day other than—
a
a Saturday or Sunday;
b
Good Friday or Christmas Day;
c
a day which, in any part of the United Kingdom, is a bank holiday under the
Banking and Financial Dealings Act 1971;
d
a day specified in an order under section 2(1) of that Act (days on which financial dealings are suspended) and declared by that order to be a non-business day for the purposes of this section; or
e
a day appointed by Royal proclamation as a public fast or thanksgiving day.
6
An order made by the Treasury for the purposes of subsection (3) or (4) above—
a
shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament; and
b
may make different provision for different cases and contain such exceptions and exclusions, and such incidental, supplemental, consequential and transitional provision, as the Treasury may think fit.
S. 2 substituted (19.3.1997) by 1997 c. 16, s. 108(1)(2)
Words in s. 2(1) substituted (26.11.2001) by S.I. 2001/3755, reg. 51, Sch. 7 Pt. I para. 2 (with regs. 39, 45)
1971 c. 80.
Words in s. 2(2) substituted (1.7.2004) by Government Stock (Consequential and Transitional Provision) (No.2) Order 2004 (S.I. 2004/1662), art. 1, Sch. para. 7(2) (with art. 3)