Orders of the Day — Financial Powers (U.S.a. Securities) Bill.

Part of the debate – in the House of Commons at on 25 July 1941.

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Photo of Mr Donald Somervell Mr Donald Somervell , Crewe

My right hon. Friend will certainly look into that case. If you take the ordinary case where a share certificate has been deposited with a bank, the owner would have to get it out of the bank in order to be able to deliver it to the Treasury. Normally he might have to pay off the loan in order to get it out of the bank, and that, of course, might be inequitable. I do not think, however, that this problem is likely to arise in practice, but my right hon. Friend will certainly look into it, with a view to seeing how the position might be met within the words of the Bill. It really comes to this: when the shares are called for, it is the duty of the owner to deliver them, and, of course, if he holds them free of any lien or charge, no difficulty arises, but if there is a charge upon them, and if he has not got them to deliver and cannot obtain them without paying off a loan, that would be a case to be specially considered. Naturally, there is no desire to put such burdens on people, and the position will therefore be specially considered.