Commentary on Sections Overview Chapter 2: Accrued income profits and losses Section 674: Meaning of “the settlement day”
1996.This section defines the “settlement day” in relation to any particular transaction for the purposes of this Chapter. It is based on section 712 of ICTA.
1997.The main rule is set out in subsection (1) and applies where securities are transferred under the rules of a recognised market (such as a stock exchange). Three other rules are set out in subsections (3), (4) and (6), which apply where a transfer is not made under the rules of a recognised stock exchange.