HC Deb 11 December 1911 vol 32 c2098

(1) Notwithstanding anything in Section twenty-two of the National Debt Act, 1870, any stock belonging to a stockholder shall, if registered for the time being as stock transferable by deed in manner provided by regulations made under this section, be transferable by deed instead of in the manner provided by that section.

The Treasury shall provide by regulations for a separate stock register being kept for stock which is for the time being transferable by deed, for the conditions upon which stock is to be entered in or removed from that register, for the mode in which the transfer by deed is to be carried out, and for the payment of any fees in respect of the entry or removal of stock from the register and the carrying out of any transfer of stock by deed.

(2) No stamp duty shall be payable in respect of any deed of transfer of the stock.

(3) In this section the expression "stock" means any stock which is for the time being transferable in the books of the Banks of England and Ireland under the National Debt Act, 1870.

Amendments made: In Sub-section (1), after the word "section" ["manner provided by that section"], insert the words, "the Banks of England and Ireland, respectively, with the concurrence of."

At end of Sub-section (1) insert the words, "The provisions of The National Debt Act, 1870, and any Act amending the same, shall apply to stock transferable by deed in pursuance of this Section as they apply to stock transferable in the books of the Banks of England or Ireland, except so far as express provision is made to the contrary by this Section or by the regulations made thereunder."—[Mr. McKinnon Wood.]

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