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WAR LOAN ACT 1919 - SECT 3

Issue of new War Loan.

3.Subs.(1) rep. by SL(R) 1978

(2) The Treasury may by regulation provide

(a)for the opening of an account by the National Debt Commissioners and for
the transference to such account of securities issued under the War Loans
Acts, 1914 to 1918, and this Act, and accepted by the Commissioners of Inland
Revenue in payment of death duties; and

(b)for the manner in which any such securities are to be held, cancelled, or
dealt with;

(3) Any sums received by way of interest or repayment of principal in respect
of securities so transferred shall be applied by the National Debt
Commissioners to the above payments, and so far as the amounts thus available
are insufficient to meet such payments the Treasury may issue out of and
charge on the [National Loans Fund] ... such sums as may be required to meet
the deficiency; and any balance in the hands of the National Debt
Commissioners shall be paid into the [National Loans Fund] as and when the
Treasury direct.

(4) The National Debt Commissioners shall keep such accounts of the sinking
funds provided under this Act, and of the transactions in connexion with the
securities held by them under the above subsection, as the Treasury may from
time to time direct, and those accounts shall be submitted to the Comptroller
and Auditor-General in such form as the Treasury may from time to time direct
and be audited by him.

S.4 rep. by 1958 c.6 (7 Eliz.2) s.17 sch. S.5 rep. by SLR 1966. S.6 rep. by
SLR 1950

© 1919 Crown Copyright

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