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Electricity Act 1947

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5Where the holder of any securities becomes, under this Part of this Schedule, instead the holder of British Electricity Stock, he shall hold that stock in the same right and on the same trusts and subject to the same powers', privileges, charges, restraints and liabilities as those in, on or subject to which he held those securities, and any provision of any deed, will, disposition or other instrument, and any statutory provision as to what is to be done by the holder of the securities or the redemption moneys thereof, shall, with any necessary modifications, have effect in relation to the said stock- as it would have had effect in relation to the securities if they had not been extinguished:

Provided that—

(a)any beneficial interest of any body to whom Part II of this Act applies in any of the said securities shall be treated as having passed to the Central Authority and the foregoing provisions of this paragraph shall have effect accordingly ;

(b)nothing in this paragraph shall limit the powers of the Minister under Part III of this. Act as respects the making, with the approval of the Treasury, of regulations in relation to British . Electricity Stock.

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