The Local Authorities (Borrowing) Regulations 1990

Keeping of the register

9.—(1) The registrar shall not be required to enter in the register particulars of the person to whom payments are due after a transfer of the rights and obligations in respect of a loan unless there is produced to him such evidence as he may require of the right of the transferor to make the transfer, and, in the case of a transfer by instrument in writing in accordance with the Stock Transfer Act 1963, either—

(a) the instrument of transfer is accompained by a certificate, issued in accordance with paragraph (7) below or in accordance with any other statutory requirement, demonstrating that the transferor is the person who is entitled to payments in respect of the loan; or

(b) there is produced to the registrar such evidence as he may require that a certificate such as is referred to in sub-paragraph (a) above has been lost or destroyed and such indemnity in respect thereof as he may require.

(2) The registrar shall not be required to enter in the register particulars of the person to whom payments are due after a transfer of the rights and obligations in respect of a loan in relation to which a deceased person is shown in the register as the person to whom payments are due unless—

(a) where the deceased person has two or more personal representatives, a request to the registrar to do so is made by all the personal representatives; and

(b) there is produced to the registrar any document which is by law sufficient evidence of probate of the will, or letters of administration of the estate, of the deceased person having been granted.

(3) The registrar shall not be required to enter in the register particulars of the person to whom payments are due after a transfer of the rights and obligations in respect of a loan until the expiration of fifteen clear days after the day on which he receives—

(a) a written instrument of transfer; and

(b) such other evidence as he may require under these Regulations.

(4) Where a person becomes entitled, by any lawful means other than by the transfer of the rights and obligations under a loan instrument in accordance with regulation 5 or the death of the holder of a loan instrument, to any payments in respect of a loan particulars of which are required to be registered under section 46 of the Act, the registrar shall, on production of such evidence of the person’s entitlement as he may require—

(a) enter in the register particulars of the person; or

(b) at the request of that person after a transfer by him of the rights and obligations in respect of that loan, enter in the register particulars of another person as the person to whom payments are due.

(5) Where a written instrument of transfer or written instructions for payment are produced to the registrar, and the document has not been signed by the transferor or, as the case may be, the person to whom payments are due, the registrar shall not be required to take any account of the document unless there is produced to him such evidence as he may require that the effect of the document was intended by the transferor or, as the case may be, the person to whom payments are due.

(6) The registrar, with the approval of the local authority where the registrar is not the local authority, may—

(a) close the register in relation to a loan during the whole or part of the period of one month preceding any day on which payments are due to be made in relation to that loan; or

(b) strike the balance for interest in relation to a loan on any day not more than 37 days before a day on which any payment by way of interest in respect of that loan falls to be made.

(7) Subject to paragraphs (9) to (11) below, the registrar shall, as soon as reasonably practicable after the particulars with respect to a loan are entered in the register, or particulars are entered after the transfer of the rights and obligations in respect of a loan, issue a certificate to the person to whom payments are due in the case of that loan.

(8) A certificate issued in respect of a loan in accordance with paragraph (7) above shall—

(a) contain the matters stated in the entry relating to the loan; and

(b) specify a serial number or other means of identifying the entry.

(9) The registrar shall not be required to issue a certificate to a person in the case of a loan the rights and obligations in respect of which are only transferable by or with the agreement of the local authority to which the loan was made.

(10) Where more than two persons are shown in the register as the persons to whom payments are due in connection with a loan, it shall be a sufficient compliance with paragraph (7) above by the registrar if he issues a certificate to one of those persons.

(11) The registrar shall not be required to issue a certificate after entering in the register the particulars of any outstanding loans in accordance with section 46(2) of the Act.

(12) If a certificate is defaced, lost or destroyed, the registrar may, on receipt of such evidence and indemnity as he may require, and on the surrender of the certificate in a case where it is defaced, issue a replacement.