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CONSOLIDATED FUND (PERMANENT CHARGES REDEMPTION) ACT 1883 - SECT 2

Advance of redemption money by National Debt Commissioners and repayment by terminable annuity.

2.(1) The Treasury may from time to time borrow from the National Debt
Commissioners, and those Commissioners may lend out of the funds in their
hands on account of [trustee savings banks and National Savings Bank], such
capital sum or such Government securities as may be necessary for the purpose
of carrying into effect any contract made in pursuance of the
Consolidated Fund (Permanent Charges Redemption) Act, 1873, for the redemption
of any annuity as defined by that Act.

(2) For the purpose of repaying any such loan, the Treasury may create, in
favour of the National Debt Commissioners, a terminable annuity for the period
of ten years from the date of the loan, to be calculated with interest at the
rate of not less than three and a quarter per cent. per annum.

(3) Such annuity shall be notified by certificate under the hand of the
Comptroller or Assistant Comptroller, and the Actuary of the National Debt
Office, and shall be charged upon the Consolidated Fund....

S.3 rep. by SLR 1898

© 1883 Crown Copyright

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