BANK OF ENGLAND ACT 1861 - SECT 5 Regulations as to balances on the dividend account at the Bank.

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BANK OF ENGLAND ACT 1861 - SECT 5

Regulations as to balances on the dividend account at the Bank.

5. Whenever the balances in the hands of the Governor and Company of the Bank
of England of sums issued for the payment of dividends and terminable
annuities on account of the National Debt due and not demanded are reduced to
a less sum than one hundred thousand pounds, the said Governor and Company
shall certify the amount of deficiency to the Commissioners of the Treasury,
and the Commissioners shall as often as they may judge expedient direct the
issue out of the [National Loans Fund] of a sum not exceeding the amount
required to raise the said balances to the sum of one hundred thousand pounds;
and within thirty days after the expiration of every quarter an account shall
be taken of the lowest amount of the balances in the hands of the said
Governor and Company on the same account; and it shall be lawful for the
Treasury, if they think fit, to require the Bank of England to repay to the
account of the Comptroller of the Exchequer opened in the books of the said
Bank any sum by which the said balances may exceed one hundred thousand
pounds.

Ss.68 rep. by 1892 c.48 s.8(3) sch. Pt.I. S.9 rep. by SLR 1966. S.10 rep. by
1937 c.14 s.12 sch.2

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Northern Irish Legislation

BANK OF ENGLAND ACT 1861 - SECT 5