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COLONIAL STOCK ACT 1877

COLONIAL STOCK ACT 1877 - LONG TITLE

An Act to amend the Law with respect to the Transfer of Stock
forming part of the Public Debt of any Colony, and the Stamp Duty
on such Transfer.{1}
[14th August 1877]
Application of ActRegistration by colony with Commissioners of Inland
Revenue of colonial stock to which this Act applies.

COLONIAL STOCK ACT 1877 - SECT 1

1. Where provision has been made by the legislature of a colony
and otherwise for the inscription and transfer in a register kept
in the United Kingdom by some bank, colonial officer, or person
(which bank, officer or person is in this Act referred to as the
registrar) of any stock forming the whole or part of the public
debt of such colony, and the government of such colony cause a
declaration under the seal of such colony, or by some person in
that behalf authorised under that seal, stating such provision, and
identifying the stock with respect to which it has been made, to
be left with the Commissioners of Inland Revenue, those
Commissioners, upon payment of the proper fee, shall record the
same; and such record and declaration shall be open to inspection
at all reasonable times, in manner directed by the said
Commissioners, upon payment of the proper fee.

Upon such declaration being recorded, this Act shall apply to the
stock specified in the declaration, and this Act shall not apply to
any colonial stock not specified in a declaration recorded as
provided by this section.

The proper fee for the purposes of this section shall be such fee
not exceeding, in the case of recording a declaration, five pounds,
and in the case of inspection [25p], as the ... Treasury from time
to time fix, and shall be paid into the Exchequer.

S.2 rep. by 1891 c.39 s.123 sch.3

COLONIAL STOCK ACT 1877 - SECT 3
Information to Inland Revenue Commissioners.

3. ... The registrar shall from time to time give to the
Commissioners of Inland Revenue such information as they may require
respecting the stock of any colony inscribed in the register kept
by him.

Transfer of colonial stock to which this Act applies.

COLONIAL STOCK ACT 1877 - SECT 4

4. Colonial stock to which this Act applies, while inscribed in a
register kept in the United Kingdom, shall be transferred as
follows:

(1)The transfer shall be made only in the register, and shall be
signed by the transferoror, if he is absent, by his attorney
thereunto lawfully authorised by some writing executed under his hand
and seal and attested:

(2)The transferee may, if he thinks fit, underwrite his acceptance
of the transfer:

(3)The executors or administrators of a deceased stockholder shall
alone be recognised by the registrar as having any title to the
stock or any dividend thereon:

(4)The person becoming entitled to any stock or dividend thereon in
consequence of the death, bankruptcy or marriage of the stockholder,
or of any devolution in law from the stockholder, or otherwise than
by transfer of the stock, shall produce such evidence of his title
as may be reasonably required by the registrar, but the person so
becoming entitled to any stock may transfer such stock to another
person without being registered himself.

COLONIAL STOCK ACT 1877 - SECT 5
Closing of register for dividend.

5. The registrar may, for such period not exceeding fourteen days
as he may from time to time fix previous to each payment of
dividend on any colonial stock to which this Act applies, close the
register of that stock as regards transfers, upon giving not less
than seven days notice of such closing by advertisement in some
newspaper circulating generally in the place where the register is
kept.

The persons who on the day of such closing are inscribed as
stockholders shall as between them and their transferees of colonial
stock be entitled to the dividend then next payable thereon.

COLONIAL STOCK ACT 1877 - SECT 6
Dividends in case of infancy, &c., of a joint stockholder.

6. Where colonial stock to which this Act applies is standing in
the name of an infant or person of unsound mind jointly with any
person not under legal disability, a letter of attorney for the
receipt of the dividends on the stock shall be sufficient authority
in that behalf, if given under the hand and seal of the person
not under disability, and attested.

The registrar, before acting on the letter of attorney, may require
proof to his satisfaction of the alleged infancy or unsoundness of
mind, by the declaration of competent persons made under the
Statutory Declarations Act, 1835, or in such other manner as he may
reasonably require.

Stock certificate to bearer.

COLONIAL STOCK ACT 1877 - SECT 7

7. The registrar, if so authorised by the government of a colony
issuing stock to which this Act applies, shall on application and
payment of the fees and stamp duty, if any, chargeable in respect
of the certificate, grant to a stockholder a certificate (in this
Act called a stock certificate to bearer) which shall entitle the
bearer to the stock therein described, and shall be transferable by
delivery.

There shall be attached to such certificate coupons entitling the
bearer of or person named in the coupons to the dividends on the
stock for a limited period.

Any stock in respect of which a stock certificate to bearer has
been so issued shall, so long as such certificate is outstanding,
cease to be dealt with through the medium of the register.

A coupon so issued shall be deemed to be a cheque on a banker
within the meaning of any law or enactment for the time being in
force relating to cheques other than any enactment relating to stamp
duties.

S.8 rep. by 1963 c.22 (NI) s.21 sch.3 Pt.II

COLONIAL STOCK ACT 1877 - SECT 9
Renewal of coupons or certificate.

9. On the expiration of the period for which the coupons attached
to a stock certificate to bearer have been issued under this Act,
the certificate may be exchanged for another certificate with coupons
for a further period: Provided, that the certificate issued in
exchange, if the stamp duty has not been compounded, shall be duly
stamped, but in such case the Commissioners of Inland Revenue shall,
on production to them of both certificates duly stamped, and subject
to such regulations as they may from time to time make, grant
allowance for the stamp on the former certificate.

COLONIAL STOCK ACT 1877 - SECT 10
Conversion into nominal stock of stock in certificate to bearer.

10. On delivery to the registrar of a stock certificate to bearer
issued under this Act, and of all unpaid coupons belonging thereto,
the registrar shall enter the bearer in the register as proprietor
of the stock described in the certificate, and thereupon that stock
shall become transferable and the dividends thereon payable as if no
stock certificate to bearer had been issued in respect of that
stock.

COLONIAL STOCK ACT 1877 - SECT 11
Conversion of stock certificate to bearer into nominal certificate.

11. If the bearer of a stock certificate to bearer issued under
this Act insert therein the name, address, and quality of some
person, such certificate shall cease to be transferable, and the
person so named, or some person deriving title from him by
devolution in law, shall alone be recognised by the registrar as
entitled to the stock described in the certificate, and shall be
entitled to be entered in the register as proprietor of that stock
in like manner as if he were the bearer of a stock certificate to
bearer, but if deriving his title by devolution in law he shall
produce such evidence of his title as the registrar may reasonably
require.

S.12 rep. by 1893 c.53 s.51 sch.

COLONIAL STOCK ACT 1877 - SECT 13
Loss of stock certificate to bearer.

13. If any stock certificate to bearer issued under this Act is
lost, mislaid, or destroyed, the registrar shall, on such indemnity
being given as he may reasonably require, and on payment of the
expense of the issue, issue a fresh stock certificate to bearer in
the place of the certificate so lost, mislaid or destroyed.

COLONIAL STOCK ACT 1877 - SECT 14
Incidents of stock in certificate to bearer.

14. Stock described in a stock certificate to bearer issued under
this Act shall, save as relates to the mode of transfer and
payment of dividends, be subject to the same incidents in all
respects as if it had continued to be transferable in the register.

Notice of trust not receivable.

COLONIAL STOCK ACT 1877 - SECT 15

15. No notice of any trust in respect of any colonial stock, or
of any certificate thereof, or of any coupon annexed to such
certificate, shall be entered in the register or receivable by the
registrar or by the government of the colony.

COLONIAL STOCK ACT 1877 - SECT 16
Entry in register of conditions and regulations.

16. The registrar may, before the inscription of any stock, make
with respect to the transfer of such stock, or otherwise in
relation to such stock, reasonable regulations not inconsistent with
the provisions of this Act.

A printed copy of the documents containing the authority for and
conditions of the issue of stock to which this Act applies, and of
all regulations with respect to the transfer of such stock or
otherwise in relation to such stock, shall be entered in the
register of the stock.

COLONIAL STOCK ACT 1877 - SECT 17
Register to be evidence.

17. The register kept in pursuance of this Act shall on its mere
production from the custody of the registrar be evidence of all
matters entered therein, and, as regards persons entered therein as
proprietors of colonial stock to which this Act applies, of the
title of those persons to that stock.

COLONIAL STOCK ACT 1877 - SECT 18
Information to be given respecting register.

18. The registrar shall keep in a separate book a list of the
stockholders on whose stock the dividends have been unclaimed for
ten years, together with their registered addresses and description,
and such list shall be open for inspection at the usual hours of
transfer upon payment of such fee, not exceeding [12p], as may be
fixed by the regulations.

The registrar shall give within a reasonable time after application
a certificate stating the following particulars in relation to any
colonial stock, of which he is registrar, or any part of such
stock or such of those particulars as may be required by the
applicant, namely

(a)The total amount issued by the colony, and the total inscribed
in the register; and

(b)The total number of the persons in whose names the stock or
part is originally inscribed, or after the register of such stock
or part has been once closed as regards transfers, the total number
of the stockholders at the last preceding date at which the
transfer books were closed; and

(c)The total number of each class of persons in whose names the
stock or part is originally inscribed, or after the register of the
stock or part has been once closed as regards transfers of each
class of stockholders at the last preceding date at which the
transfer books were closed, the classification being according to the
amount held, omitting fractions of two hundred pounds; and

(d)A copy or extract certified by the registrar or by some officer
appointed for the purpose to be a true copy or extract of any
conditions or regulations required by this Act to be entered in the
register.

Provided, that the registrar shall not be required to give any such
certificate in relation to any colonial stock, or part of such
stock, until after the expiration of one month after the stock or
part of the stock to which the certificate relates has been
inscribed.

Within a reasonable time after the application of any person who is
a stockholder of any colonial stock to which this Act applies, the
registrar shall give him a list of the registered names and
addresses of the stockholders of such stock at the last preceding
date at which the register was closed as regards transfers.

The registrar before giving a certificate or list under this section
may require payment of such fee not exceeding [25p] and a further
sum of twopence for every folio of seventy-two words, or in the
case of a list of names and addresses of [2p] for each name and
address, as the registrar may from time to time fix.

Any certificate or list given under this section shall be admissible
in evidence.

Particulars to be contained in prospectus, certificates, &c.

COLONIAL STOCK ACT 1877 - SECT 19

19. The declaration respecting colonial stock to which this Act
applies, recorded with the Commissioners of Inland Revenue, and the
document containing the conditions of the issue of the stock, and
every prospectus and notice inviting persons to subscribe for or
take the stock, and every stock certificate to bearer, and every
coupon and dividend warrant and every other certificate and document
issued to a stockholder in relation to stock held by him, shall
state that the revenues of the colony alone are liable in respect
of the stock and the dividends thereon, and that the Consolidated
Fund of the United Kingdom and the Treasury are not directly or
indirectly liable or responsible for the payment of the stock or of
the dividends thereon, or for any matter relating thereto, and if
the Treasury require the statement to be made in any particular
terms, those terms shall be adopted.

A declaration not in conformity with this section shall not be
recorded, and every person publishing or issuing or entering in the
register any such document, prospectus, notice, stock certificate,
coupon, warrant, certificate or document as aforesaid not in
conformity with this section shall be liable to a penalty not
exceeding fifty pounds.

COLONIAL STOCK ACT 1877 - SECT 20
Jurisdiction of courts as to colonial stock.

20. In any legal proceeding in a court in the United Kingdom in
relation to the register of colonial stock to which this Act
applies, or to an entry in or omission from such register, or to
a right or title to or interest in any such colonial stock, or
any dividend thereon, the jurisdiction of such court shall not be
objected to on the ground only that the registrar is the agent of
a colonial government, and the registrar, whether a party or not to
such proceeding, shall comply with any order made by such court in
relation to the matters aforesaid.

Any person claiming to be interested in colonial stock to which
this Act applies, or in any dividend thereon, may present a
petition of right in England in relation to such stock or dividend,
and the like proceedings may be had upon such petition as in the
case of any other petition of right, subject to this qualification,
that the certificate of the judgment decree rule or order of the
court may be left with the registrar instead of with the Treasury,
and such judgment decree rule or order shall be complied with by
the registrar or other agent of the colonial government having
possession in England of moneys of such government instead of by
the Treasury.

S.21 rep. by 1969 c.16 (NI) s.31(2) sch.3 Pt.II

COLONIAL STOCK ACT 1877 - SECT 22
Stock to which Act applies to be personal estate.

22. Colonial stock to which this Act applies shall be personal
estate, and shall not be liable to any foreign attachment by the
custom of London or otherwise.

COLONIAL STOCK ACT 1877 - SECT 23
Fees.

23. The registrar may charge such fees (if any) in respect of any
certificate issued under this Act with reference to colonial stock
and in respect of any transfer thereof in the register, and
otherwise in respect of any act done by the registrar with respect
to such stock, as may be fixed by the government issuing the
stock, not exceeding in any case [25p].

All fees charged by the registrar in pursuance of this Act may be
retained by him for his own use.

COLONIAL STOCK ACT 1877 - SECT 24
Control of discretion of registrar.

24. Any discretion or power vested by this Act in the registrar
shall, subject to any agreement between the registrar and the
government of the colony issuing the stock inscribed in the register
kept by such registrar, be exercised subject to and in accordance
with the directions of that government.

COLONIAL STOCK ACT 1877 - SECT 25
Saving for transfer of stock to colony.

25. Nothing in this Act shall prevent any colonial stock inscribed
in the register being transferred upon the application of the
stockholder to a register in the colony or elsewhere.

COLONIAL STOCK ACT 1877 - SECT 26
Definitions.

26. In this Act, unless the context otherwise requires

The expression "colony" means any dominion, colony, island, territory,
province or settlement situate within Her Majesty's dominions, but
not within the United Kingdom, the Channel Islands, or Isle of Man,
... and for the purposes of this Act the whole of the dominion,
colonies, islands, territories, provinces and settlements under one
central legislature and also such part of the said dominion and
such of the said colonies, islands, territories, provinces and
settlements as is under a local legislature is deemed to be a
colony:

The expression "legislature" means any bodies or body of persons or
person who can exercise legislative authority in a colony, and where
there are local legislatures as well as a central legislature,
includes both each of the local legislatures and the central
legislature:

The expression "colonial stock" includes any share or interest in
colonial stock:

The expression "register" includes any books kept by the registrar
for the purpose of colonial stock in which the names and addresses
of the several persons for the time being entitled to such stock,
and the amounts to which they are entitled, and the transfers
thereof, are entered:

The expression "stockholder" means a person holding colonial stock,
being entered as proprietor thereof in the register kept under this
Act:

The expression "person" includes a corporation.

Definition rep. by SLR 1894

COLONIAL STOCK ACT 1877 - SECT 27
Short title.

27. This Act may be cited as the Colonial Stock Act, 1877.