NATIONAL DEBT ACT 1870 - SECT 55 Re-transfer and payment to person showing title.

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NATIONAL DEBT ACT 1870 - SECT 55

Re-transfer and payment to person showing title.

55. The Governor or Deputy Governor of the Bank of England or of Ireland may
direct the accountant general or deputy accountant general or secretary or
deputy or assistant secretary of that Bank to re-transfer any stock
transferred under this part of this Act to any person showing his right
thereto to the satisfaction of the Governor or Deputy Governor, and to pay the
dividends due thereon, as if the same had not been transferred or paid to the
National Debt Commissioners.

But in case the Governor or Deputy Governor is not satisfied of the right of
any person claiming to be entitled to any such stock or dividends, the
claimant may, by petition in a summary way, state and verify his claim to
the Court of Chancery.

The petition shall be served on Her Majesty's Attorney General and on the
National Debt Commissioners, and the Court shall make such order thereon
(either for re-transfer of the stock to which the petition relates and payment
of the dividends accrued thereon, or otherwise), and touching the costs of the
application, as to the Court seems just.

All costs and expenses incurred by or on behalf of the Attorney General, or
the National Debt Commissioners, in resisting or appearing on any such
petition, if not ordered by the Court to be paid out of the stock and
dividends thereby claimed, shall be paid by the National Debt Commissioners,
out of unclaimed dividends.

Where any re-transfer or payment is made to any such claimant, either with or
without the authority of the Court, the Bank of England or of Ireland (as the
case requires) shall give notice thereof to the National Debt Commissioners
within three days after making the same.

Ss.56, 57 rep. by 1937 c.54 s.34(6) sch.6 Pt.II

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Northern Irish Legislation

NATIONAL DEBT ACT 1870 - SECT 55