§ 73. Dr. DRUMMOND SHIELSasked the Chancellor of the Exchequer if he is aware that the Bank of England refuse to accept a transfer of Government stock standing in the names of the trustees under a Scottish trust signed by a quorum of the trustees, notwithstanding that under the Trusts (Scotland) Act, 1921, any transfer or conveyance of stock or other property belonging to a Scottish trust is valid if executed by a quorum of the trustees; and if he is prepared to consider an alteration of the law to meet this difficulty?
§ Mr. CHURCHILLThe position is that where a general authority, signed by all the trustees and enabling a majority to act, has been lodged with the bank, any transfers of Government stock are carried out on the application of the majority of the trustees. This rule, which does not correspond precisely with the ordinary 603 provisions of either English or Scottish law, was made under Section 37 of the Finance Act, 1917, and the Government Stock Regulations, 1918. All proper steps were taken before the Regulations were made to consult authorities on the subject, including representatives of the legal profession in Scotland, and I am not prepared to reopen the question.
§ Dr. SHIELSIn view of the great amount of trouble that is involved by the present arrangement and the great expense to which estates are put will not the right hon. Gentleman consider dealing with the matter in the next Finance. Bill?
§ Mr. CHURCHILLI cannot refuse such a request as that.