The Government Stock Regulations 2004

Stock held on trust subject to the law of Scotland

26.—(1) Where any stock is transferred by persons who are trustees of a trust the execution of which is governed by the law of Scotland, the requirements of regulation 15 above shall, so far as those persons are concerned, be deemed to have been complied with if the transfer is executed by a quorum of those persons: but the Registrar may decline to recognise a transfer by the said persons unless the stock is standing on an account as respects which there has been furnished to the Registrar a statutory declaration, or such other evidence as the Registrar may require, that the stock from time to time standing thereon forms part of such a trust as aforesaid.

(2) Where there has been furnished to the Registrar a statutory declaration or other evidence acceptable to the Registrar that the stock from time to time standing on a particular account forms part of a trust the execution of which is governed by the law of Scotland, the following provisions shall have effect—

(a) the Registrar may give effect to a written dividend mandate relating to that stock or written directions as to the payment of money attributable to that stock or any part thereof which becomes payable by reason of the redemption (whether wholly or in part) of that stock, if the instrument is executed by a quorum of the persons who are for the time being trustees of the said trust;

(b) in the event of the appointment of a new trustee by deed of assumption, or by the court, the Registrar shall accept as sufficient evidence of transmission to the new trustee (whether in conjunction or not with any trustee remaining in office)—

(i) a deed of assumption executed in pursuance of section 21 of the Trusts (Scotland) Act 1921(1) with a minute of acceptance by the assumed trustee, or an official or duly authenticated extract of such deed and minute; or

(ii) a certified copy of the interlocutor of the court,

as the case may be;

(c) in the event of the resignation of a trustee the Registrar shall accept as sufficient evidence of the divestiture of the resigning trustee a minute of resignation executed in pursuance of section 19 of the Trusts (Scotland) Act 1921 with an acceptance of intimation of resignation by the continuing trustees, or an official or duly authenticated extract of such minute and acceptance;

(d) in the event of the removal of a trustee by the court, the Registrar shall accept as sufficient evidence of the removal and divestiture a certified copy of the interlocutor of the court.

(3) In this regulation the expressions “trust”, “trustee” and “the court” have the same meaning as in the Trusts (Scotland) Act 1921.

(1)

1921 c. 58.