(a) by inserting after paragraph (1) the following - 

    " (1A) There shall be kept in the office of the Chief Registrar of the Bank of England, in respect of each description of strips, registers wherein shall be entered the name and address of each person who is for the time being a holder of a strip of that description and the amount payable thereunder.

    (1B) Where the terms subject to which the relevant strips are held provide for the members of any class of strips described therein (or in accordance therewith) to be indistinguishable one from another, or to become so indistinguishable on the happening of some contingency, each such class the members of which are for the time being required to be so indistinguishable in accordance with those terms shall be treated as a separate description of strips for the purposes of paragraph (1A) of this Regulation and, accordingly - 


(a) separate registers shall not be kept in respect of different categories of strips comprised within any such description, whether by reference to the description of the parent stock or any other circumstance; and

(b) where, in accordance with those terms, strips of any description are required to become indistinguishable from strips of any other description, the registers for those descriptions shall be amalgamated and a single register kept thenceforth in respect of the new description.";



(b) in paragraph (2), by substituting for the words "such register" the words "register kept under paragraph (1) or (1A) of this Regulation"; and

(c) in paragraph (4), by inserting "or (1A)" after "(1)".

      -  for the keeping of registers of strips (regulations 3 and 6(a));      -  for strips to be transferable only through the CGO Service (regulation 4);      -  for the Exchange of Securities (General) Rules 1979 not to apply to the exchange of stock for strips or the exchange of strips for stock (regulations 5 and 6(b)); and      -  extending the definition of stock to include strips for the purposes of the 1965 Regulations (except in certain cases), and defining "strip" for the purpose of those Regulations (regulations 6(c) and (d) and 7).

The other amendments take into account recent changes in Scots law. The amendments to regulation 14 of the 1965 Regulations reflect the reform of Scots law relating to legal capacity and age, whereby a person of sixteen years or more now has legal capacity to enter into any transaction. The amendments also take account of the fact that Scots law no longer makes a distinction between minors and pupils, in that a person under the age of sixteen years generally does not have legal capacity. Moreover, a person entitled to act as a child's legal representative (within the meaning of Part I of the Children (Scotland) Act 1995) now has the powers and duties which a tutor previously had in relation to a pupil. These amendments to Scots law were made by the Age of Legal Capacity (Scotland) Act 1991 (c. 50) and the Children (Scotland) Act 1995.

The amendments made to regulation 16 of the 1965 Regulations reflect the changes made to Scots law by the Requirements of Writing (Scotland) Act 1995, regarding the subscription of writings where the granter is blind or unable to write.