Its a simple vacuum operated cut off, There is a capsule atop the fuel pump which is connected to a valve on the back of the ignition/steering lock via 4mm nylon pipes with rubber couplings at each junction.
The vac comes off engine pump (where the servo connects) and a nylon pipe takes it to the "switch" then another pipe takes it to the stop capsule.
To stop the engine the "switch" puts vacuum onto the capsule, in the run position it is open to atmosphere at the "switch".
It may be one of the rubber joints gone dry and split, it could be the valve or the capsules diaphragm could be split (this failed on mine).
What do you mean by cut off valve at the top of the engine? Is it the ~30mm diameter steel can that fits into the fuel pump about halfway back/level with no3 cylinder, if so that's the stop capsule.
If the vacuum does not reach 20"hg the capsule will not stop the engine.
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