STATUTE LAW REVISION: SIXTEENTH ... - Law Commission

PART IV
FINANCE
22 Group 1 - Colonial Stock
23 The Colonial Stock Acts
4.1 The Colonial Stock Acts 1877 to 1948 1 provided for the registration in the United
Kingdom of stock forming part of the public debt of a colony. This procedure,
available only where permitted by the laws of the colony, had the effect of
admitting colonial government securities into the category of trustee investments
and provided a means whereby they could borrow on the London money market.
The main provisions are set out in the Colonial Stock Act 1877 whilst later Acts
developed and extended those provisions. The Colonial Stock Act 1892 provided
for stock issued under the 1877 Act to be transferable by deed in prescribed
form. The Colonial Development Act 1929 enabled the 1877 Act to be extended
by Order in Council to stock issued by other territories including protectorates.
The Colonial Stock Act 1948 made further provision for amending the procedures
of the 1877 Act and extending its application.
4.2 Governments of colonies and former colonies to which the Colonial Stock Acts
apply no longer need to use the Acts for the purpose of raising loans. Indeed,
nearly all the dated stock registered under the Acts has now been redeemed.
Accordingly the Acts may be considered obsolete and ripe for repeal. The only
exception to this relates to certain undated stock issued by the Government of
South Australia before 1900. Schedule 2 to the draft Bill contains the necessary
saving provision to preserve the position of this stock. Since there are
references to these Acts in a number of later Acts, particularly in Acts
establishing former colonies as independent states, a number of consequential
repeals will be necessary at the same time. 2
4.3 The Inland Revenue, the Treasury, the Bank of England (in their capacity as
former registrars of stock) and the Foreign and Commonwealth Office have been
consulted on these repeal proposals and have no objection to them.
24 Group 2 - Land Commission
25 Land Commission Act 1967
4.1 The Land Commission Act 1967 introduced betterment levy the purpose of which
was to recover for the community part of the profit that might accrue to an owner
of land by reason of its development potential. Having acquired the land, the
owner might see its value soar once he had successfully applied for planning
permission to develop it. Equally the value might rise sharply in the mere
1 The Acts so cited include the Acts of 1877, 1892 and 1948. They formerly included the
Acts of 1900 (repealed by the Statute Law (Repeals) Act 1977) and 1934 (repealed by the
Trustee Investments Act 1961).
2 For example, the Cyprus Act 1960, the Bahamas Independence Act 1973, the Solomon
Islands Act 1978, the Tuvalu Act 1978, the Kiribati Act 1979 and the Belize Act 1981 all
refer to the 1877 Act. Similarly, the Forged Transfers Act 1891, the Government and other
Stocks (Emergency Provisions) Act 1939, the Stock Transfer Act 1982 and the Mental
Health Act 1983 all contain specific references to the 1877 Act.
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