161(1) Subject to the following provisions of this section, any gilt-edged security issued before 6th April 1998 without FOTRA conditions shall be treated in relation to times on or after that date as if–
(a)it were a security issued with the post-1996 Act conditions; and
(b)those conditions had been authorised in relation to the issue of that security by virtue of section 22 of the Finance (No. 2) Act 1931.
161(2) Where a gilt-edged security falls to be treated as mentioned in subsection (1) above that treatment shall have effect–