Stock Exchange (Completion of Bargains) (Isle of Man) Act 1979

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AT 5 of 1979

STOCK EXCHANGE (COMPLETION OF

BARGAINS) (ISLE OF MAN) ACT 1979

Stock Exchange (Completion of Bargains) (Isle of Man) Act 1979 Index


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STOCK EXCHANGE (COMPLETION OF BARGAINS)

(ISLE OF MAN) ACT 1979

Index Section Page

1 Exemption from obligation to prepare share certificates, etc ................................... 5
2 Official seals for sealing share certificates, etc ............................................................ 5
3 Acquisition and disposal of securities by trustees and personal
representatives ................................................................................................................ 6
4 Forms for transfer of securities ..................................................................................... 6
5 Interpretation ................................................................................................................... 6
6 Short title and commencement ..................................................................................... 7
ENDNOTES 9

TABLE OF LEGISLATION HISTORY 9
TABLE OF RENUMBERED PROVISIONS 9
TABLE OF ENDNOTE REFERENCES 9

Stock Exchange (Completion of Bargains) (Isle of Man) Act 1979 Section 1


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STOCK EXCHANGE (COMPLETION OF BARGAINS)

(ISLE OF MAN) ACT 1979

Received Royal Assent: 14 March 1979
Passed: 10 April 1979
Commenced: 18 April 1979
AN ACT
to amend and clarify the law relating to the transfer of securities and
to companies, trustees and personal representatives with a view to simplifying
the activities connected with the periodic completion of bargains made on stock
exchanges; and for purposes connected therewith.
1 Exemption from obligation to prepare share certificates, etc

[P1976/47/1]
A company of which shares or debentures are allotted or debenture stock is
allotted to a recognised clearing house or a nominee of a recognised clearing
house or of a recognised investment exchange, or with which a transfer is
lodged for transferring any shares, debentures or debenture stock of the
company to such a clearing house or nominee, shall not be required in
consequence of the allotment or the lodging of the transfer to complete and have
ready for delivery, in pursuance of section 68(l) of the Companies Act 1931, the
certificates of the shares or the debentures or the certificates of the debenture
stock, as the case may be.1

2 Official seals for sealing share certificates, etc

[P1976/47/2]
(1) A company which has a common seal may have, for use for sealing
securities issued by the company and for sealing documents creating or
evidencing securities so issued, an official seal which is a facsimile of the
common seal of the company with the addition on its face of the word
“Securities”. The official seal when duly affixed to a document has the
same effect as the company’s common seal.2

(2) A company which was incorporated before the date when this Act comes
into force and which has such an official seal as is mentioned in the
preceding subsection may use the seal for sealing such securities and
Section 3 Stock Exchange (Completion of Bargains) (Isle of Man) Act 1979


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documents as are there mentioned notwithstanding anything in any
instrument constituting or regulating the company or in any instrument
made before that date which relates to any securities issued by the
company; and any provision of such an instrument which requires any
such securities or documents to be signed shall not apply to the securities
or documents if they are sealed with that seal.
(3) [Amends section 69 of, and Schedule 1 to, the Companies Act 1931.]
3 Acquisition and disposal of securities by trustees and personal

representatives

[P1976/47/5]
A trustee or personal representative shall not be chargeable with breach of trust
or, as the case may be, with default in administering the estate by reason only of
the fact that —
(a) he has, for the purpose of acquiring securities which he has power
to acquire in connection with the trust or estate, paid for the
securities under arrangements which provide for them to be
transferred to him from a recognised clearing house or a nominee
of a recognised clearing house or of a recognised investment
exchange but not to be so transferred until after payment of the
price; or3

(b) he has, for the purpose of disposing of securities which he has
power to dispose of in connection with the trust or estate,
transferred the securities to such a clearing house or nominee
under arrangements which provide that the price is not to be paid
to him until after the transfer is made.4

4 Forms for transfer of securities

P1976/47/6 & XIX p. 1505
(1) [Amends section 3 of the Stock Transfer Act 1965.]
(2) [Repealed]5

5 Interpretation

(1) In this Act —
“recognised clearing house
” means any body declared by an order of the
Secretary of State for the time being in force to be a recognised clearing
house for the purposes of the Financial Services Act 1986 (an Act of
Parliament);
“recognised investment exchange
” means any body declared by an order of the
Secretary of State for the time being in force to be a recognised
investment exchange for the purposes of that Act.
Stock Exchange (Completion of Bargains) (Isle of Man) Act 1979 Section 6


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(2) A person is a nominee for the purposes of this Act if he is a person
designated for the purposes of section 5 of the Stock Exchange
(Completion of Bargains) Act 1976 (an Act of Parliament) in the rules of
the recognised investment exchange in question.6

6 Short title and commencement

(1) This Act may be cited as the Stock Exchange (Completion of Bargains)
(Isle of Man) Act 1979.
(2) This Act shall come into operation on such day as the Finance Board may
by order appoint.7

Stock Exchange (Completion of Bargains) (Isle of Man) Act 1979 Endnotes


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ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
S 1 amended by Financial Supervision Act 1988 Sch 2. 2
Subs (1) amended by Companies Act 1992 Sch 2. 3
Para (a) amended by Financial Supervision Act 1988 Sch 2. 4
Para (b) amended by Financial Supervision Act 1988 Sch 2. 5
Subs (2) repealed by Treasury Act 1985 Sch 3. 6
S 5 substituted by Financial Supervision Act 1988 Sch 2. 7
ADO (whole Act) 18/4/1979 (GC67/79).