BAILII [Home] [Databases] [World Law] [Search] [Feedback]

Northern Irish Legislation

You are here:  BAILII >> Databases >> Northern Irish Legislation >> CONSOLIDATED FUND (PERMANENT CHARGES REDEMPTION) ACT 1873

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]


CONSOLIDATED FUND (PERMANENT CHARGES REDEMPTION) ACT 1873 - SECT 2

Contract for redemption of annuity.

2. Where any annuity (as defined by this Act) is charged on and payable out of
the Consolidated Fund of the United Kingdom, or moneys provided by Parliament,
either in perpetuity or for a period not determinable with the life of the
individual to whom the same is for the time being payable, the Treasury may at
any time contract for the redemption of the same or any part thereof by
payment out of moneys provided by Parliament of a capital sum not exceeding
such sum as would, according to the average price of Government securities at
the date of such contract, purchase an amount of Government securities
yielding annual dividends equal to the amount of such annuity.

In entering into any such contract, the Treasury shall have regard to the
contingency (if any) of the determination of the annuity, and may surrender
such contingency upon such terms as they may think reasonable.

Where the person to whom such annuity is for the time being payable is a
limited owner. the contract made for the redemption of the annuity shall not
be valid unless it is assented to, ... by the [High Court] but when so
assented to shall be binding on the heirs, successors, executors, and
administrators of such limited owner, and all other persons interested in the
annuity.


[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

© 1873 Crown Copyright

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/cfcra1873431/s2.html