Stamp Duty Consolidation Act, 1999 (Number 31 of 1999)
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69 Operator-instruction deemed to be an instrument of conveyance or transfer.
[FA1996 s102]
(1) Where a transfer of title to securities through a relevant system is effected by an operator-instruction, that operator-instruction shall, for all purposes of this Act, be deemed to be an executed instrument of conveyance or transfer of such securities and the date of execution shall be taken to be the date the operator-instruction is generated.
(2) Where an operator-instruction is generated in connection with the transfer through a relevant system of an equitable interest in securities, that transfer shall be deemed for the purposes of subsection (1) to have been effected by that operator-instruction.
(3) Where no operator-instruction is generated in connection with the transfer through a relevant system of an equitable interest in securities, that transfer shall, for the purposes of this Part, be deemed to have been effected by an operator-instruction generated on the date of the transfer.
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(4) Where a transfer of title to securities through a relevant system is effected by an operator-instruction relating to a single netted settlement in a relevant system of two or more contracts for sale of the same type of securities of a company that operator-instruction shall not be treated as an operator-instruction falling within subsection (1) and shall, instead, be deemed to be a separate operator-instruction generated in respect of each contract for sale included in that single netted settlement and each such operator-instruction shall be deemed to be an executed instrument of conveyance or transfer of the securities which are the subject of the contract for sale concerned and the date of execution of each such conveyance or transfer shall be taken to be the date the operator-instruction relating to the single netted settlement is generated.
(5) Where no operator-instruction is generated in connection with a single netted settlement in a relevant system of two or more contracts for sale of the same type of securities of a company, a separate operator-instruction shall be deemed to have been generated on the date of the single netted settlement in respect of each contract for sale included in that single netted settlement and each such operator-instruction shall be deemed to be an executed instrument of conveyance or transfer of the securities which are the subject of the contract for sale concerned and the date of execution of each such conveyance or transfer shall be taken to be the date the deemed operator-instruction is generated.
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