STATUTORY INSTRUMENTS.

S.I. No. 206 of 2000.

STOCK TRANSFER (FORMS) REGULATIONS, 2000.

S.I. No. 206 of 2000

STOCK TRANSFER (FORMS) REGULATIONS, 2000.

I, CHARLIE McCREEVY, Minister for Finance, in exercise of the powers conferred on me by section 5 (as amended by section 8 of the Companies (Amendment) Act, 1977 ( No. 31 of 1977 )) of the Stock Transfer Act, 1963 (No. 34 of 1963) , hereby make the following regulations:

1. These Regulations may be cited as the Stock Transfer (Forms) Regulations, 2000.

2. Section 2 of the Stock Transfer Act, 1963 ( No. 34 of 1963 ), is amended--

(a)  by the insertion in the proviso to subsection (1), after paragraph (f) (inserted by the Stock Transfer (Forms) Regulations, 1994 ( S.I. No. 173 of 1994 )), of the following paragraph:

“(g)  designated stock held by any company or other body corporate (whether incorporated in the State or elsewhere) may be transferred by means of an instrument in the form set out in the First Schedule to this Act, which--

(i) is or has been produced by fax in the Bank by or on behalf of such company or body corporate, and

(ii)  bears a representation purporting to be the signature of a person duly authorised by such company or body corporate to sign, on its behalf the instrument.”,

(b)  in subsection (5) (inserted by the Stock Transfer (Forms) Regulations, 1991 ( S.I. No. 77 of 1991 )), by the insertion--

(i)  after the definition of “the Bank” of the following definition:

“‘company’ means--

(a)  a company within the meaning of the Companies Acts, 1963 to 1999, or

(b)  a body established under the laws of a state other than the State and corresponding to a body referred to in paragraph (a) of this definition;”, and

(ii)  in paragraph (a) of the definition of “designated stock” after “Gilts Settlement Office” of “or for the purpose of paragraph (g) of the proviso to subsection (1) of this section”.

EXPLANTORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

The Regulations amend the forms for the purpose of stock transfers, into the schedule of the Stock Transfer Act, 1963 . The purpose of the Regulation is to facilitate the use of faxed stock transfer forms in order to provide a speedier mechanism for the transfer of securities used as collateral.