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Amendment of section 87 (stock borrowing) of Principal Act.
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128.—(1) Section 87 of the Principal Act is amended—
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(a) in subsection (1)—
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(i) by the deletion of the definition of “stock” and the definition of “stock borrower”, and
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(ii) by the substitution of the following definition for the definition of “stock borrowing”:
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“‘stock borrowing’ means a transaction in which a person other than an individual (in this section referred to as the ‘stock borrower’)—
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(a) obtains stock from another person other than an individual (in this section referred to as the ‘lender’), and
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(b) gives an undertaking to provide to the lender, not later than 6 months after the date on which the said stock borrower obtained the stock referred to in paragraph (a), equivalent stock;”,
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(b) in subsection (3) by the substitution of “6 months” for “3 months” in both places where it occurs, and
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(c) in subsection (4)—
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(i) by the insertion of “, for a period of 3 years from the date of the stock borrowing,” after “maintain”, and
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(ii) by the deletion of paragraph (a).
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(2) (a) Paragraphs (a) and (b) of subsection (1) shall apply to stock borrowing transactions entered into on or after 6 April 1999, and
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(b) Subsection (1)(c) shall apply to stock borrowing transactions entered into on or after 10 February 2000.
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