| Description | The Exchange Control Act 1947 stated that all 'bearer' securities held in the United Kingdom (UK) or controlled outside the UK by UK residents must be deposited with Authorised Depositary 'Tainted' bonds - coupons from British Government Stocks presented for payment alleged to have been looted by the enemy - and proceeds of coupons paid into Court. This file includes discussion relating to looted bearer bonds and a basis agreed with HM Treasury (HMT) upon which Bank may replace bonds or coupons under the indemnity of a London clearing bank. |