
1 
These regulations shall apply to each of the
superannuation schemes specified in the schedule to these regulations, being
schemes or other arrangements for the provision of pensions, gratuities or
other like benefits in favour of—
(a) persons to whom subsection (2) of section thirty-sevenof
the Coal Industry
Nationalisation Act, 1946, as amended by section four of the Coal Industry Act, 1949,
applies; or
(b) persons, other than
as aforesaid, taken into the employment of the Board before the commencement
of the Coal Industry Act, 1949,
being persons who had been in employment in, or in connection with, coal industry
activities or transferred allied activities.
2 

(1) Subject to the provisions
of this and the next following regulation, all property and rights vested
at the commencement of these regulations in any person, being property or
rights available for the purposes of any scheme to which these regulations
apply, and not being any foreign investment as defined in regulation seven, are hereby transferred
without further assurance to the appropriate person specified in the next
following paragraph (at the place, if any, specified in that paragraph), who
shall hold the same to the order of the trustees of the principal scheme.

(2) The said appropriate
person is—
(a) in the case of
any security or obligation issued or guaranteed by any government or municipal
corporation, and of any debenture or debenture stock issued by, or share or
stock of, any body corporate, Lloyds Bank (Grosvenor) Nominees Limited;
(b) in the case of
any credit on current or deposit account at any bank, Lloyds Bank Limited,
at their Belgravia branch; and
(c) in the case of
any other property or right, Coal Industry (Nominees) Limited.
(3) A certificate, signed
by the secretary of the principal scheme and by any person in whom was vested
any property or right transferred by virtue of this regulation, that that
property or right was so transferred, or a copy of any such certificate certified
by the said secretary to be a true copy thereof, shall be received by all
persons responsible for the registration or inscription of the title to that
property, or by all persons obligated in respect of that right, as the case
may be, as evidence that the property or right was transferred as aforesaid.

(4) In the case of any
property or right vested in two or more persons jointly, a certificate for
the purposes of the last foregoing paragraph may be signed by any one of those
persons on behalf of them all.
(5) Every person in whom
was vested any property or right transferred as aforesaid shall do all such
things as are necessary, or as the appropriate person may require to be done,
for the purpose of ensuring—
(a) the due registration
or inscription of the title of the appropriate person to that property;
(b) the delivery
to the appropriate person of any document constituting evidence of the said
registration or inscription;
(c) the performance
for the benefit of the appropriate person of all obligations due in respect
of that right; and
(d) the receipt by
the appropriate person of all dividends, rent, interest or other benefits
in respect of that property or right due for payment after the commencement
of these regulations.
3 

(1) Subject to the provisions
of the following paragraph, every liability or obligation outstanding immediately
before the commencement of these regulations, being a liability or obligation
governed by the law of some part of Great Britain, and incurred by any trustee,
manager or other person on behalf of, or for the purposes of, a scheme to
which these regulations apply, shall vest in the trustees of the principal
scheme to the exclusion of that person:Provided that nothing in
this paragraph shall relieve any trustee from any liability for any breach
of trust, except in so far as under any instrument creating the trust he would,
but for the operation of these regulations, have been entitled to an indemnity
in respect thereof from assets available for the purposes of the scheme concerned.

(2) The exclusion of
each trustee, manager or other person to whom the foregoing paragraph applies
from liability as aforesaid shall, without prejudice to the vesting in the
trustees of the liability in question, take effect only after signature of
all certificates required to be made for the due registration or inscription
of the title of the appropriate person to all property and rights transferred
with respect to the scheme concerned by virtue of the last foregoing regulation,
and after completion of the audit of the accounts for that scheme prescribed
by regulation six.
4 

(1) Each person, in whom,
at the commencement of these regulations, there is vested any interest in
any foreign investment for the purposes of any scheme to which these regulations
apply, shall, forthwith or as soon as requisite, as the case may be, take
all steps necessary to transfer the said interest to Coal Industry (Nominees)
Limited, who shall hold the same to the order of the trustees of the principal
scheme.
(2) The obligation imposed
by the foregoing paragraph shall include an obligation to do all such things
as are necessary, or as the company aforesaid may require to be done, for
the purpose of ensuring—
(a) the due registration
or inscription of the title of the said company;
(b) the delivery
to the said company of any documents constituting evidence of the said registration
or inscription;
(c) the performance
for the benefit of the said company of any obligation due in respect of the
said interest; and
(d) the receipt by
the said company of all dividends, rent, interest or other benefits in respect
thereof due for payment after the commencement of these regulations.
(3) Where any liability
or obligation, governed otherwise than by the law of any part of Great Britain,
has been or is incurred by any person—
(a) by virtue of
any interest, to which the foregoing paragraphs of this regulation apply,
having been vested in him, or
(b) on behalf of,
or for the purposes of, any scheme to which these regulations apply,the trustees aforesaid shall indemnify that person against discharge
thereof:Provided that the operation
of the said indemnity shall be suspended if the person concerned fails to
do anything necessary or required for the purposes of the last foregoing paragraph.

5 
The trustees aforesaid shall not cause or allow
the disposal of any property, right or interest transferred by virtue of the
foregoing regulations, or the application of any proceeds of any such property,
right or interest, otherwise than—
(a) for the discharge
of any liability or obligation, or the payment of any expense, imposed upon
them by these regulations; or
(b) for the purposes
of the principal scheme.
6 

(1) Each scheme to which
these regulations apply shall at the commencement of these regulations cease
to have effect:Provided that—
(a) the
proviso to paragraph (1) of regulation three
 shall apply in relation to this paragraph
as it applies in relation to that paragraph; and
(b) nothing
in this paragraph shall affect the operation of paragraph (2) of regulation three
.
(2) In the case of each
such scheme the Board shall prepare accounts (in the form normally used for
the accounts of that scheme) for the period beginning at the date to which
the last audited accounts for that scheme were made up and ending at the commencement
of these regulations, accounting for all sums received and expended for the
purposes of the scheme during that period.
(3) The Board shall cause
the said accounts to be audited by the auditor by whom were audited the accounts
for the relevant scheme, or, if that person is unable or unwilling to act,
by any person for the time being appointed as the auditor of the principal
scheme.
7 

(1) In these regulations
the following expressions have the meanings hereby assigned to them respectively:—

 “the Board” means the National Coal Board;
 “the Board's part” in relation to any superannuation scheme mentioned in the schedule
to these regulations means the Board's part of that scheme within the meaning
of paragraph (1) of regulation five
 of the Coal Industry Nationalisation (Superannuation) Regulations, 1950
;

 “foreign investment”
means any asset the transfer of which is governed otherwise
than by the law of any part of Great Britain;
 “the principal scheme”
means the superannuation scheme established by the Board
by resolution dated the eighteenth day of July, nineteen hundred and forty-seven,
as amended from time to time, and references thereto shall be construed as
including any scheme established by the Board and approved by the Minister
of Fuel and Power in replacement of it.
(2) The Interpretation Act, 1889,
shall apply to the interpretation of these regulations as it applies to the
interpretation of an Act of Parliament.
8 
These regulations shall come into operation
on the fifteenth day of March, nineteen hundred and fifty-six, and may be
cited as the Coal Industry (Superannuation Scheme) (Winding Up, No. 10) Regulations,
1956.
Dated this twenty-fourth day of February, nineteen hundred and
fifty-six.
Aubrey Jones
Minister of Fuel and Power

SCHEDULE
Regulation 1


 The Board's part of The P.D. Superannuation Scheme.
 The Board's part of the Powell Duffryn Group Superannuation
Fund.
 The Board's part of the superannuation fund of The United
Collieries Limited.
 The Board's part of the women's deposit fund of The United
Collieries Limited.
