HC Deb 17 July 1986 vol 101 c1217

'.—(1) Section 86 above shall not apply as regards an agreement to transfer a unit under a unit trust scheme to the managers under the scheme. (2) Section 86 above shall not apply as regards an agreement to transfer a unit under a unit trust scheme if at the time the agreement is made—

  1. (a) all the trustees under the scheme are resident outside the United Kingdom, and
  2. (b) the unit is not registered in a register kept in the United Kingdom by or on behalf of the trustees under the scheme.
(3) Section 86 above shall not apply as regards an agreement to transfer securities constituted by or transferable by means of—
  1. (a) an overseas bearer instrument, within the meaning of the heading "Bearer Instrument" in Schedule 1 to the Stamp Act 1891;
  2. (b) an inland bearer instrument, within the meaning of that heading, which does not fall within exemption 3 in that heading (renounceable letter of allotment etc. where rights are renounceable not later than six months after issue).
 (4) Section 86 above shall not apply as regards an agreement which forms part of an arrangement falling within section 90(1) or 92(1) below. (5) Section 86 above shall not apply as regards an agreement to transfer securities which the Board are satisfied are held, when the agreement is made, by a person whose business is exclusively that of holding chargeable securities—
  1. (a) as nominee or agent for a person whose business is or includes the provision of clearance services for the purchase and sale of chargeable securities, and
  2. (b) for the purposes of such part of the business mentioned in paragraph (a) above as consists of the provision of such clearance services (in a case where the business does not consist exclusively of that).'. —[Mr. Ian Stewart.]

Brought up, read the First and Second time, and added to the Bill.

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