Joint Committee on Statutory Instruments Eighth Report


APPENDIX IV


Memorandum by HM Treasury

EXCHANGE OF SECURITIES (GENERAL) (AMENDMENT) RULES 1998
(S.I. 1998/2505)

The Committee has requested a memorandum on the following point:

    Rule 6 of the 1979 Rules is amended by rule 5(a) of these Rules to refer to paragraph (4) of that rule 6. Verify this reference to paragraph (4) (giving its derivation). Is it meant to refer to the new paragraph (1A)?

The reference to paragraph (4) was an error and should indeed have referred to paragraph (1A). In the first draft of the instrument, the substance of what eventually became paragraph (1A) was inserted as a new paragraph (4). When this was changed in the final version, the cross-reference ought to have been changed but was overlooked. The Treasury apologise for this defect in the drafting. The Treasury consider that the intended relationship between paragraphs (1) and (1A) is nevertheless clear, and the Treasury propose to correct the reference when the Rules are next amended.

2nd February 1999


 
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