Decimal Currency Act, 1970
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Registered stock transferable in multiples of one penny. |
12.—(1) Any registered stock which immediately before decimal day is transferable in multiples of one penny shall, on and after decimal day, be transferable instead in multiples of one new penny except in so far as, in the exercise of any power in that behalf, other provision is or has been made as to the amounts in which that stock is to be transferable as from that or any later day. | |
(2) In any prospectus or other document issued before decimal day that sets out the terms on which any such registered stock is to be issued or held, any reference to one penny as the amount in multiples of which the stock is to be transferable shall, on and after decimal day, be read as a reference to one new penny. | ||
(3) Where the amount of the balance of any such registered stock standing in the name of any person immediately before decimal day in an account in the register is not a whole number of pounds, somuch of that amount as is in shillings or pence shall, on and after decimal day, be treated as the corresponding amount in the new currency calculated in accordance with the provisions of the Schedule to this Act. | ||
(4) In this section “registered stock” includes inscribed stock and “the register”, in relation to any registered stock, means any register or book in which that stock is registered or inscribed. |