S.I. No. 77/1991 - Stock Transfer (Forms) Regulations, 1991.

S.I. No. 77 of 1991.

STOCK TRANSFER (FORMS) REGULATIONS, 1991.

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

1. These Regulations may be cited as the Stock Transfer (Forms) Regulations, 1991.

2. These Regulations shall come into operation on the 31st day of March, 1991.

3. In these Regulations "the Act of 1963" means the Stock Transfer Act, 1963 (No. 34 of 1963).

4. Section 2 of the Act of 1963 is hereby amended by—

( a ) the insertion in the proviso to subsection (1) after paragraph (c) of the following paragraphs:

"(d ) designated stock may be transferred by means of—

(i) an instrument in the form set out in Part II of the Second Schedule to this Act that—

(I) is produced by fax in the Gilts Settlement Office by, or by a person acting on behalf of, a person authorised to transfer designated stock (referred to subsequently in this subsection as 'a member of the Gilts Settlement Office'),

(II) bears a representation purporting to be of—

(A) the signature of the member of the Gilts Settlement Office entitled to transfer the stock concerned, or

(B) the signature or signatures of a person or persons authorised to sign, on behalf of the member aforesaid, the document of which the instrument is a facsimile,

and

(III) specifies (in addition to the particulars of the consideration and of the description and number or amount of the securities) the full name of the transferee or, if an abbreviation thereof has been specified by the Gilts Settlement Office, the abbreviation,

(ii) an instrument of which the instrument specified in subparagraph (i) of this paragraph is a facsimile and which is received in the Gilts Settlement Office from a member of that Office,

( e ) designated stock may be transferred by means of an instrument in the form set out in Part III of the said Second Schedule that—

(i) is produced by telex in the Gilts Settlement Office by a member of that Office,

(ii) bears the name of the member of the Gilts Settlement Office entitled to transfer the stock concerned together with the tested code number allocated to the member for the purpose, pursuant to an agreement between the Bank and the member of the Gilts Settlement Office, and

(iii) specifies (in addition to the particulars of the consideration and of the description and number or amount of the securities) the full name of the transferee or, if an abbreviation thereof has been specified by the Gilts Settlement Office, the abbreviation.",

and

( b ) the insertion after subsection (4) of the following subsection:

"(5) In this section and in the Second Schedule to this Act 'the Bank' means the Central Bank of Ireland; 'designated stock' means—

( a ) such registered securities created by the Minister as for the time being stand specified by the Bank in relation to the Gilts Settlement Office, and

( b ) such other registered securities (if any) as for the time stand specified by the Minister in relation to the Gilts Settlement Office and as respect which the specification has been communicated in writing to the Bank;

'fax' means the system whereby a facsimile of a document is produced by telecommunication at a place other than that at which the document is located;

'Gilts Settlement Office' means the office managed by the Bank that provides a settlement service in designated stock for its members".

5. The Act of 1963 is hereby further amended by the insertion in the Second Schedule thereto of the Parts set out in the Table to this Regulation.

TABLE

PART II

FORM FOR DESIGNATED STOCK TRANSFER (FAX)

(For use only by members of gilts settlement office)

Member:

Settlement Bank:

Date:

Designation:

Page......................... of ..................

Item No.

Stock title

Nominal

P/S

Counterparty

Consideration £

GSO use only

Registrar use only

Match

APPR

VER

Transferor

Transferee

Transfer No.

Net Payment (-)/Receipt(+) in respect of Member Transactions £

I/We, the undersigned, hereby transfer the sale stock (as indicated by an "S" in the column headed "P/S") listed above to the counterparties specified opposite the appropriate item number.

_________________

(Signature of member of GSO or authorised signature or signatures as appropriate)

Notes on Form for Designated Stock Transfer by Fax.

This form lists the transactions to be settled through the Gilts Settlement Office (the GSO) and the stock to be transferred on the day the form is transmitted by fax or otherwise sent. Forms will be typed or written in black ink and must be clearly legible. Members of the GSO transmitting completed forms by fax must ensure that each document which originates a transmitted form is signed as indicated on the form. It should be completed as follows:

Fax	The word 'FAX' in the heading to the form is to be crossed out when the form is used to transfer stock other than by the use of fax.
member	Name of GSO member.
Date	Settlement date.
Designation	This will be used by the GSO members who operate designated accounts to indicate the designated account involved. A separate form will be completed for each designation.
Settlement Bank	Name of member's settlement bank.
Page ......... of .......	This item should be completed whenever there is more than one form to ensure that all forms are received by the GSO. If blank, it will be assumed that there is only one form (i.e. page 1 of 1).
Item No.	Each purchase or sale will be numbered in the manner specified by the GSO. The number will be used for reference purposes.
Stock Title	Transactions should be listed on a stock by stock basis. An abbreviation of the stock title as supplied by the GSO may be used.
Nominal	The nominal amount of stock purchased or sold.
P/S	Purchase (P) or Sale (S) by the member.
Counterparty	The name of the counterparty to each transaction. The counterparty must be a GSO member. See note below where counterparty is not a GSO member. If the counterparty is a GSO member who operates designated accounts, the appropriate designation should also be given, Abbreviations specified by the GSO may be used.
Consideration	The total cash amount to be paid in respect of the transaction (including accrued interest and commission).
Net payment (-)/Receipt (+) in respect of member transactions	The total cash amount for sales to members minus the total cash amount for purchases from members. If the figure is nil, the word 'NIL' should be entered. Cash in respect of transactions with non-members should not be included.

Non-member transactions

N.B.: The appropriate stock transfer form must be used for each transaction with a non-member of the GSO.

In addition, it is requested that the following be included in this form for reference and statistical purposes:

Where the GSO member purchases stock from another GSO member through the GSO for sale to a non-member on the same settlement day, then, as the last item number within each stock heading, there should be entered as a single item the gross figure for those sales which relate to that stock heading and opposite the appropriate item number there should be entered—

( a ) under the heading 'CONSIDERATION', the word 'NIL', and

( b ) under the heading 'COUNTERPARTY', the word 'NON-MEMBER'.

In addition to using the appropriate stock transfer form, details of such individual sales to non-members should be provided on a separate sheet specified by the GSO for checking purposes.

PART III

FORM FOR DESIGNATED STOCK TRANSFER (TELEX)

(For use only by members of the Gilts Settlement Office)

Member:

Settlement Bank:

Date:

Designation:

Item

No.

Stock

Title

Nominal

P/S

Counterparty

Consideration

Net Payment (-)/Receipt (+) in respect of Member Transactions £

I/We, named hereunder, hereby transfer the sale stock (As indicated by an 'S' in the column headed 'P/S') listed above to the counterparties specified opposite the appropriate item number.

_______________________________________

Notes on form for designated stock transfer by telex.

This form lists the transactions to be settled through the Gilts Settlement Office (the GSO) and the stock to be transferred on the day the form is transmitted by telex. Members must ensure that each form is authenticated by agreed tested code. The form shall only be used where transmission by telex is used and such transmission shall be commenced with the telex call signals of the receiver and sender and concluded with the telex call signals of the sender and receiver. It should be completed as follows:

Member	Member's name.
Settlement Bank	Name of Member's settlement bank.
Date	Settlement date.
Designation	This will be used by the GSO members who operate designated accounts to indicate the designated account involved. A separate form will be completed for each designation.
Item No.	Each purchase or sale will be numbered in the manner specified by the GSO. The number will be used for reference purposes.
Stock Title	Transactions should be listed on a stock by stock basis. An abbreviation of the stock title as supplied by the GSO may be used.
Nominal	The nominal amount of stock purchased or sold.
P/S	Purchase (P) or Sale (S) by the member.
Counterparty	The name of the counterparty to each transaction. The counterparty must be a GSO member. See note below where counterparty is not a GSO member. If the counterparty is a GSO member who operates designated accounts, the appropriate designation should also be given. Abbreviations specified by the GSO may be used.
Consideration	The total cash amount to be paid in respect of the transaction (including accrued interest and commission).
Net payment (-)/Receipt (+) in respect of member transactions	The total cash amount for sales to members minus the total cash amount for purchases from members. If the figure is nil, the word 'NIL' should be entered. Cash in respect of transactions with non-members should not be included.
Test	A number or series of numbers calculated in accordance with procedures agreed between each member or group of members and the Central Bank.

Non-member transactions.

N.B.: The appropriate stock transfer form must be used for each transaction with a non-member of the GSO.

In addition, it is requested that the following be included on this form for reference and statistical purposes:

( a ) under the heading 'CONSIDERATION' the word 'NIL' and

( b ) under the heading 'COUNTERPARTY', the word 'NON-MEMBER' or such abbreviation thereof as the GSO may specify.

In addition to using the appropriate stock transfer form, details of such individual sales to non-members should be listed separately for checking purposes.

GIVEN under my Official Seal, this 28th day of March, 1991.

ALBERT REYNOLDS,

Minister for Finance.

EXPLANATORY NOTE.

The Regulations incorporate new forms, for the purpose of stock transfers, into the schedule of the Stock Transfer Act, 1963 . Such forms may only be used by members of the Gilts Settlement Office, which is managed by the Central Bank of Ireland, for transfers of stock between members. The Regulations enable the use of a schedule of transfers of stock instead of several individual stock transfer forms. The Regulations permit the transmission of forms by fax and telex and also permit the use of an abbreviation of the transferee name.