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FINANCE (NO. 2) ACT (NORTHERN IRELAND) 1946 - SECT 27

Supplemental provisions.

27.(1) In section sixteen of the Stamp Act, 1891 (which requires public
officers to permit inspection of documents by persons authorised by the
Ministry) the expression "public officer" shall, as respects rolls, books,
records, papers, documents or proceedings relating to a unit trust scheme, be
deemed to include the trustees and the managers under that scheme, any agent
of the said trustees or the said managers, and any officer of or servant of
the said trustees or the said managers or of any such agent.

(2) In sub-section (1) of section one hundred and nine of the said Act (which
relates to the cancellation of stock certificates to bearer in certain cases)
the reference to the register of the local authority shall, in relation to
units under a unit trust scheme, be construed as a reference to any register
kept under the scheme.

(3) The Ministry may, for the purpose of securing the stamp duties payable by
virtue of this Part of this Act, by regulations require the trustees and the
managers under unit trust schemes to keep such records of units thereunder, of
the persons entitled to units thereunder, of transfers of units thereunder,
and of the issue of certificates to bearer in respect of units thereunder, as
may be specified in the regulations in relation to the trustees and the
managers respectively, and if the trustees or managers under any such scheme
fail to comply with any requirement of any such regulations, they shall incur
a fine of ten pounds in respect of each matter which ought to have been but
was not recorded.

(4) Notwithstanding anything in the trust instrument of a unit trust scheme,
it shall not be lawful for the trustees or managers under the scheme to
register a transfer of units thereunder unless an instrument of transfer has
been delivered to them:

Provided that nothing in this sub-section shall prejudice any power of the
trustees or managers to register as entitled to a unit any person to whom the
right to that unit has been transmitted by operation of law.

© 1946 Crown Copyright

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