HC Deb 17 July 1986 vol 101 c1223

Amendments made: No. 159, in page 62, line 29 at beginning insert Subject to subsection (7A) below,'. No. 160, in page 62, line 31, leave out 'registered' and insert 'incorporated'.

No. 209, in page 63, line 1, leave out 'subsection (4)' and insert 'subsections (4) and (4A)'.

No. 161, in page 63, leave out lines 6 to 12 and insert—

  1. '(a) at the time of the transfer the transferor is a qualified dealer in securities of the kind concerned or a nominee of such a qualified dealer,
  2. (b) the transfer is made for the purposes of the dealer's business,
  3. (c) at the time of the transfer the dealer is not a market maker in securities of the kind concerned, and
  4. (d) the instrument contains a statement that paragraphs a) to (c) above are fulfilled.'.

No. 210, in page 63, line 12, at end insert— '(4A) In a case where—

  1. (a) securities are issued, or securities sold are transferred, and (in either case) they are to be paid for in instalments,
  2. (b) the person to whom they are issued or transferred holds them and transfers them to another person when the last instalment is paid,
  3. (c) the transfer to the other person is effected by an instrument in the case of which subsection (3) above applies,
  4. (d) before the execution of the instrument mentioned in paragraph (c) above an instrument is received by a person falling (at the time of the receipt) within subsection (5), (6) or (7) below,
  5. (e) the instrument so received evidences all the rights which (by virtue of the terms under which the securities are issued or sold as mentioned in paragraph (a) above) subsist in respect of them at the time of the receipt, and
  6. (f) the instrument mentioned in paragraph (c) above contains a statement that paragraphs (a), (b) and (e) above are fulfilled,
subsection (3) above shall have effect as if the reference to the value there mentioned were to an amount (if any) equal to the total of the instalments payable, less those paid before the transfer to the other person is effected.'.

No. 162, in page 63, line 29, leave out 'and'.

No. 163, in page 63, line 33, at end insert `and (c) he holds relevant securities as nominee or agent for such a person, for the purposes of such part of that person's business as consists of the provision of clearance services for the purchase and sale of relevant securities (in a case where that business does not consist exclusively of that).'.

No. 224, in page 63, line 33, at end insert— `(7A) Where an instrument transfers relevant securities of a company incorporated in the United Kingdom—

  1. (a) to a company which at the time of the transfer falls within subsection (5) above and is resident in the United Kingdom, and
  2. (b) from a company which at that time falls within that subsection and is so resident.
subsections (2) to (4A) above shall not apply and the maximum stamp duty chargeable on the instrument shall be 50p.'—[Mr. Ian Stewart.]

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