NATIONAL DEBT (CONVERSION OF STOCK) ACT 1884

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NATIONAL DEBT (CONVERSION OF STOCK) ACT 1884 - SECT 1



1.Subs.(1) rep. by 1887 c.16 s.21 sch.3

(2) The two and three-quarters per cent. stock, and two and a half per cent.
stock, shall not be redeemable until the fifth day of January one thousand
nine hundred and five, but on and after such day shall be redeemable by
Parliament after not less than one month's notice at the rate of one hundred
pounds sterling for every hundred pounds of the capital sums in respect of
which the annuities are payable, together with the payment of all arrears of
such annuities, including a proportionate part accrued since the last date for
the payment of dividends.

(3) Such notice shall be a resolution of the House of Commons signified by the
Speaker in writing and printed in the London Gazette; and the portion of stock
redeemed at one time shall not be less, in the case of two and three-quarters
per cent. stock, than five million pounds capital stock, and in the case of
two and a half per cent. stock, than fourteen million pounds capital stock;
but subject as aforesaid, the mode of redemption shall be determined by an Act
to be hereafter passed.

(4) The two and three-quarters per cent. stock of annuities shall form part of
the National Debt, and shall be payable by equal quarterly dividends on the
fifth day of January, the fifth day of April, the fifth day of July, and the
fifth day of October in every year.

(5) The annuities created in pursuance of this Act shall be charged on [the
National Loans Fund with recourse to] the Consolidated Fund of the United
Kingdom,..., and the provisions of the National Debt Act, 1870, shall apply in
the same manner, so far as may be consistently with the tenour of this Act, as
if the stocks of annuities created in pursuance of this Act were part of the
stocks of perpetual annuities described in the First Schedule to the
National Debt Act, 1870; and the two and a half per cent. stock created under
this Act shall be consolidated with the two and a half per cent. stock
mentioned in the said Schedule; and the Treasury may by warrant declare that
the two and three-quarters per cent. stock shall be subject to Part Five of
the said Act.

Ss.25 rep. by 1887 c.16 s.21 sch.3; 1929 c.27 s.20(4) sch.; SLR 1950

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Northern Irish Legislation

NATIONAL DEBT (CONVERSION OF STOCK) ACT 1884 - SECT 1