Related Commentary  

403(1)  In sections 401 and 402 “strip”, in relation to a gilt-edged security, means a security issued under the National Loans Act 1968 (c. 13) which meets conditions A, B and C.

403(2)  Condition A is that the security is issued for the purpose of representing the right to or of securing–

(a)a payment corresponding to a payment of interest or principal remaining to be made under the gilt-edged security, or

(b)two or more payments each corresponding to a payment to be so made.

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