SCHEDULE 1
PART 1ELIGIBLE TREASURY BILLS
Modification of the Treasury Bills Act 1877
1
For the purposes of regulation 14, and the definition of “eligible Treasury bill” in the principal regulations, the 1877 Act is modified as set out in paragraphs 2 to 6, and the 1968 Regulations are modified as set out in paragraphs 7 to 13.
2
In section 2–
a
before the definition of “prescribed”, insert–
The expression “the 2001 Regulations” means the Uncertificated Securities Regulations 20019, as amended from time to time.
b
after the definition of “prescribed”, add–
“The expressions “issue”, “relevant system”, “unit” and “uncertificated” have the same meaning as in the 2001 Regulations, as amended from time to time.”.
3
In section 4, for the words from “in the prescribed form” to “the bill”, substitute, “for the payment of a principal sum to the holder of one or more uncertificated units of the bill at a date not more than twelve months from the date of issue of that unit or those units”.
4
In section 5, for “of and interest on”, substitute “and interest payable in respect of”.
5
For section 8(2), substitute–
2
Each Treasury bill (and each uncertificated unit of such bill) shall be for the payment of such a principal sum or sums as may be directed by the Treasury.
6
In section 9–
a
in subsection (1), omit “mode of payment,”;
b
omit subsections (2) and (4);
c
in subsection (3), omit the words from “, by the use” to “otherwise,”;
d
at the end, add–
No regulation under this Act applies in relation to uncertificated units of a Treasury bill to the extent that it is inconsistent with–
- a
the holding of such units in uncertificated form;
- b
the transfer of title to such units by means of a relevant system; or
- c
the 2001 Regulations.