594.Section 392, by amending the Stock Transfer Act 1982, provides that any securities issued by the GLA or the functional bodies may be settled through the Central Gilts Office (CGO) of the Bank of England. That Act gives the Treasury power to make provision permitting the transfer of specified securities through the CGO system established by the Bank of England and the Stock Exchange. Responsibility for the CGO was transferred from the Bank of England to CRESTCo (the private sector company responsible for the settlement of equities and corporate bonds) on 24 May 1999. Full integration is planned to take place in 2000.
Commentary on Sections Part Xi: Miscellaneous and General Provisions Section 392: The Stock Transfer Act 1982