Stock Exchange (Completion of Bargains) (Northern Ireland) Order 1977
The Order gives trustees and personal representatives limited protection from being charged with breach of trust or estate default when they use certain securities-transfer arrangements with a financial institution. It also transfers specified Treasury functions to the Department of Finance and defines “financial institution” and “nominee” for this Article.
Stock Exchange (Completion of Bargains) (Northern Ireland) Order 1977 This Order may be cited as the Stock Exchange (Completion of Bargains) (Northern Ireland) Order 1977 … Commencement … The Interpretation Act (Northern Ireland) 1954 shall apply to Article 1 and the following provisions of this Order as it applies to a Measure of the Northern Ireland Assembly. Para. (2) rep. by 1986 c. 60 Para. (3) rep. by 1978 NI 12 Arts. 3‐6 rep. by 1978 NI 12 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— 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 financial institution but not to be so transferred until after payment of the price; or 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 financial institution under arrangements which provide that the price is not to be paid to him until after the transfer is made.... “Financial institution” means— a recognised clearing house acting in relation to a recognised investment exchange; or a nominee of— a recognised clearing house acting in that way, or a recognised investment exchange. No person may be a nominee for the purposes of this Article unless he is a person designated for those purposes in the rules of the recognised investment exchange in question. Expressions used in paragraphs (2) and (3) have the same meaning as in Part 18 of the Financial Services and Markets Act 2000. The functions, immediately before the day of the coming into operation of this Order, of the Treasury under sections 3 and 4 of the Stock Transfer Act (Northern Ireland) 1963 are hereby transferred to the Department of Finance. The Stock Transfer (Amendment of Forms) Order (Northern Ireland) 1974 (additional provisions as to transfer forms) shall have effect, and be deemed always to have had effect, as if Schedule 3 to the Northern Ireland (Modification of Enactments—No.1) Order 1973 (Acts relating to functions transferred to the Treasury) had not included a reference to sections 3 and 4 of the said Act of 1963. Para.(3) inserts s.3(2A) in 1963 c.24 (NI) 1954 c.33 1963 c.24 SR 1974/266 SI 1973/2163 1986 c. 60 SI 2001/3649