The Exchange of Securities (General) (Amendment) Rules 1998

• Citation: S.I. 1998/2505
• Sections: 6

Section 1 Title and commencement

These Rules may be cited as the Exchange of Securities (General) (Amendment) Rules 1998 and shall come into force on 21st October 1998.

Section 2 Amendment of principal Rules

The Exchange of Securities (General) Rules 1979 shall be amended in accordance with the following provisions of these Rules.

Section 3 Notices and forms etc to be issued by the Treasury or an agent of the Treasury

(1) In rule 3–

(a) in the definitions of “acceptance”, “new securities” and “old securities”, for the words “the Bank or the Director of Savings” there shall, wherever they occur, be substituted the words “the Treasury or an agent of the Treasury”; and

(b) the definition of “appropriate authority” shall be omitted.

(2) In rule 6(1)(a), for the words “the appropriate authority” there shall be substituted the words “the Treasury or an agent of the Treasury”.

Section 4 Lodgment of acceptance forms with the Treasury

In rule 5–

(a) for “ 5 Acceptances” there shall be substituted “ 5 —(1) Subject to paragraph (2) of this Rule, acceptances”; and

(b) at the end there shall be inserted the following new paragraph–

(2) An acceptance form may be lodged with the Treasury for onward transmission to the person to whom the acceptance is required to be lodged by paragraph (1) of this Rule, and where the terms of issue of the old security or, as the case may be, the notice offering exchange or inviting applications for exchange require an acceptance to be lodged by any particular time it shall be sufficient if the acceptance is lodged with the Treasury by that time.

Section 5 Electronic acceptance by CGO Service members

In rule 6–

(a) for the word “An” at the beginning of paragraph (1) there shall be substituted the words “Subject to paragraph (4) of this Rule, an”;

(b) in paragraph (1)(c), the words from “except where” to “exempt transfer,” shall be omitted; and

(c) after paragraph (1), there shall be inserted the following new paragraph–

(1A) Where the acceptance relates to a holding entered in the registers of the Bank of England in the name of a CGO Service member and which at the time of such acceptance is transferable by means of an exempt transfer–

(a) paragraph 1(c) of this Rule shall not apply, and

(b) the acceptance may be made by such means of electronic communication, and subject to such conditions, as the Treasury may approve for that purpose.

Section 6 Revocation of provisions relating to the National Debt Commissioners

(1) In rule 3, the definition of “the Commissioners” shall be omitted.

(2) Rule 4 shall be omitted.