HC Deb 03 March 1925 vol 181 c277W

asked the Chancellor of the Exchequer whether he is aware that in the case where trustees and executors desire to convert Government stock the demand form and mandate for payment of interest has to be signed by all the trustees and executors; and whether he will introduce legislation to give Scottish trustees, in dealing with all such transactions, the benefit of Sections 3 and 7 of the Trusts (Scotland) Act, 1921, whereby a quorum consisting of a majority of the trustees is sufficient?


The point is already met. The War Loan (Extension of Securities) Rules made in connection with each conversion operation contain a provision that, where a holding stands in the joint name of more than two persons or is at the disposal of more than two joint executors or administrators, the signature of a majority of such persons shall be a sufficient authority for the conversion and for the application to the new account of dividend instructions registered in respect of the old holding.