Section 42 — LOCAL GOVERNMENT ACT 1976

(2)

The conditions of issue of mortgages, charges and debenture stock shall be—

36

(a)

subject to the approval of the State Authority;

(b)

declared at the time of such issue;

(c)

entered in the register of such security, and a printed copy of such conditions shall be supplied to every owner of such security requiring the same.

(3)

The local authority shall make in respect of debenture stock issued by it under the provisions of this Act regulations providing for—

(a)

the form of the prospectus to be issued;

(b)

the form of such debenture stock or any of them;

(c)

the establishment and maintenance in such form as may be prescribed of a register or registers of such debenture stock and the owners for the time being thereof;

(d)

the inspection of any such register by members of the public and the obtaining of certified copies thereof or extracts therefrom;

(e)

the transfer of any such debenture stock;

(f)

the transmission of the title to any such securities on death, bankruptcy or otherwise by operation of law;

(g)

the rectification of any such register;

(h)

the fees to be paid by any person in respect of the issue, registration, transfer or transmission of any such security or for the inspection of any such register or the obtaining of any copy thereof or extract therefrom; and

(i)

the appointment of, and the fees payable to, the Registrars and underwriters.

Local Government 37

(4)

All such regulations shall be submitted to the State Authority for approval and shall when so approved be published in the Gazette.

(5)

Any register maintained under the provisions of any such regulations shall be evidence of any matters thereby directed or authorized to be inserted therein and, as regards persons entered therein as owners of debenture stock, of the title of each person to such debenture stock.

Notice of trust, charge or other interest not receivable