Versions

 

30. Holding and disposal of securities: supplemental

(1) Rules may make provision about how securities are to be held and disposed of.
(2) In this Schedule 1, references to disposal include, in relation to securities, realising the sums secured or made payable by them, suing for the recovery of those sums or assigning the right to sue for their recovery.
(3) Rules may in particular make provision for purposes corresponding to those for which provision is made in this Schedule 1 in relation to the disposal of other controlled goods.
(4) The power to make rules under this paragraph is subject to sub-paragraphs (5) to (12).
(5) The creditor may sue in the name of the debtor, or in the name of any person in whose name the debtor might have sued, for the recovery of any sum secured or made payable by securities, when the time of payment arrives.
(6) Before any proceedings under sub-paragraph (5) are commenced or the securities disposed of, the enforcement agent must give notice of the disposal to the debtor and any co-owner.
(7) Rules must state —
(a) the minimum period of notice;
(b) the form of the notice;
(c) what it must contain;
(d) how it must be given.
(8) The enforcement agent may replace a notice with a new notice, subject to any restriction in rules.
(9) Any notice must be given within the permitted period.
(10) Unless extended the permitted period is 12 months beginning with the time of payment.
(11) Any extension must be by agreement in writing between the creditor and debtor before the end of the period.
(12) The permitted period may be extended more than once.