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24. Provision as to lunacy funds. 25. Application to new stock of trusts, powers, &c. affecting old stock. 26. Indemnity to trustees and others. 27. Reinvestment by trustee. 28. Application to court in respect of questions arising out of conversion or exchange. 29. Power to make rules. 30. Provisions as to Bank. 31. Remuneration of Banks of England and Ireland. 32. Definitions. 33. Short title.
An Act for reducing the rate of Interest on the National Debt.
(27th March 1888.) WHEREAS by the National Debt Act, 1870, it was provided that the new three pounds per cent. annuities (herein-after referred to as new three per cent. stock), being part of the National Debt, should, until redemption, continue to be payable by eqnal half-yearly dividends on the fifth day of April and the fifth day of October in each year, and should continue redeemable by Parliament at any time after the tenth day of October one thousand eight hundred and seventy-four at the rate of one hundred pounds sterling for every one hundred pounds of the capital sums in respect whereof those annuities were payable:
And whereas, with a view of reducing the rate of interest on the National Debt, it is expedient to provide for the conversion of the new three per cent. stock into stock of a lower denomination, and for the redemption of such portions of that stock as may be held by persons dissenting from such conversion :
And whereas it is also expedient, with the same view, to provide facilities for the conversion of the consolidated three pounds per cent. annuities and the reduced three pounds per cent. annuities (herein-after referred to respectively as consolidated three per cent. stock and reduced three per cent. stock), into stock of a lower denomination :
Be it therefore enacted by the Queen's most Excellent
Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the anthority of the same, as follows:
signify dissent in manner herein-after mentioned, shall continue to be entitled to receive the dividend payable on that stock on the fifth day of April one thousand eight hundred and eighty-eight, but shall as from that day receive in lieu of that amount of new three per cent. stock an equal nominal amount of stock to be created in pursuance of this Act and in this Act referred to as new stock, and the reception of that amount of new stock shall not be considered to be a change or variation of investment by the holder.
(2.) Åll holders of new three per cent. stock who signify their dissent as aforesaid, or their executors, administrators, or assigns, shall be paid off in such order, at such time or times, and in such manner
Parliament may direct: Provided that all such holders, or their executors, administrators, or assigns, may at any time or times before the first day of August one thousand eight hundred and eighty-eight, unless Parliament shall in the meantime otherwise direct, be paid off the whole or any part of their stock, either in one sum or in such proportions, and in such order and manner, as the Treasury may direct, at the rate of One hundred pounds sterling for every one hundred pounds of the capital sums in respect of which the annuities constituting the said stock are payable, together with the payment of all arrears of those annuities at the rate of three pounds per cent. per annum, including the proportionate part accrued since the last date for the payment of dividends.
PART I. CONVERSION OR REDEMPTION OF New THREE
PER CENT. STOCK. 1.-(1.) All holders of any amount of new three per cent. stock who do not on or before the twenty-uinth day of March one thousand eight hundred and eighty-eight, or such later date as is allowed in special cases by this Act,
2.-(1.) The new stock shall consist of a capital stock of perpetual annuities, which shall for the year ending the fifth day of April one thousand eight hundred and eighty-nine yield dividends at the rate of three pounds per cent. per annum, and shall thereafter yield dividends at the rate of two pounds fifteen shillings per cent. per annum until the fifth day of April one thousand nine hundred and three, and shall thereafter yield dividends at the rate of two pounds ten shillings per cent. per annum.
(2.) The new stock shall not be redeemable until the fifth day of April one thousand nine hundred and twenty-three, but on and after
that day shall be redeemable by Parliament year, both days inclusive, his dissent may be on such notice, at such time or times, and signified at any time on or before the earliest cither in one sum or in such soms or pro- of the following days, namely, the tenth day portions, and in such order and manner as after his return to the United Kingdom, or Parliament may direct, at the rate of one the first day of May one thousand eight hundred pounds sterling for every one hundred hundred and eighty-eight, or, if between the pounds of the capital sums in respect of said twelfth day of March and the said first which the annuities constituting the stock are day of May he was not within any part of payable, together with the payment of all Europe, the first day of September one arrears of those annuities, including the pro. thousand eight hundred and eighty-eight. portionate part accrued since the last date for the payment of dividends.
5.-(1.) Where an executor, administrator, (3.) The new stock shall form part of the guardian, trustee, or committee of the estate National Debt, and the annuities constituting
of a person of unsound mind has, as such, the the same shall be payable by equal quarterly control over any new three per cent. stock dividends on the fifth day of January, the fifth
standing either in his own name or in the day of April, the fifth day of July, and the
name of any testator or intestate, or of any fifth day of October in every year, and the
infant or person of unsound mind, his dissent first of the said dividends shall be payable on
for the purposes of this Act may, if he is the first of the said quarterly days after the within the United Kingdom at any time creation of the stock.
between the twelfth day of March one thousand (4.) The new stock shall be called two and
eight hundred and eighty-eight and the twelfth three quarters per cent. consolidated stock
day of April one thousand eight hundred and until the fifth day of April one thousand nine
eighty-eight, be signified at any time on or hundred and three, and thereafter shall be
before the said twelfth day of April, but if he called two and a half per cent. consolidated is not then within the United Kingdom, then stock.
within the time fixed by this A.ct in the case of (5.) The dividends on the new stock sball
stock holders out of the United Kingdom. be charged on the Consolidated Fund of the
(2.) If either of any two or more of any United Kingdom, and paid out of the perma- such executors, administrators, guardians, nent annnal charge of the National Debt, and
trustees, or committees is out of the United the provisions of the National Debt Act, 1870,
Kingdom, the time within which the dissent shall apply in the same manner, so far as is
may be signified shall in each case be regulated consistent with this Act, as if the new stock with reference to the most distant of them. were one of the stocks of perpetual annuities (3.) Provided that where any new three per described in the First Schedule to the National
cent. stock belonging to any joint stock comDebt Act, 1870, and the Treasury may, by
pany, whether registered under the Com. warrant, declare that the new stock shall be
panies Act, 1862, or not, or to any body of subject to Part Five of that Act.
persons corporate or unincorporate, not being
trustees of a charity, stands in the names of 3.-(1.) Dissent from the conversion of new
trustees instead of in the names of that joint three per cent. stock into new stock shall be
stock company or body, those trustees shall signified to the Bank in writing, with the not be deemed trustees within the meaning of amount of the stock to which the dissent
this section. relates. (2.) The dissents shall be entered in books
6.-(1.) Where any new three per cent. stock kept by the Bank for that purpose, and be
is standing in the name or in the books of any numbered in the order in wbich they are of the following officers, namely,received by the Bank. (3.) The transfer of any stock to which a
(a.) Her Majesty's Paymaster-General on dissent relates shall be subject to the pre
behalf of the Supreme Court of Judicature scribed conditions, and sball be entered in the
in England ; or books of the Bank under the same number as
(6.) the accountant to the Court of Session
in Scotland; or was fixed for the stock when the dissent was so signified.
(c.) the Accountant-General of the Supreme
Court of Judicature in Ireland ; 4. If any holder of new three per cent. stock dissent from the conversion thereof may, on is not within the United Kingdom at any the request and on behalf of any suitors or time between the twelfth day of March one other persons interested therein, be signified thousand eight hundred and eighty-eight and by those officers respectively, and may be so the twenty-ninth day of March in the same signified at any time on or before the twelfth
day of April one thousand eight hundred and new stock on the fifth day of July one thou. eighty-eight.
sand eight hundred and eighty-eight. (2.) The High Courts and the Court of (3.) Where a person exchanges reduced Session respectively may, from time to time, three per cent. stock in pursuance of this sec. on application by summons in chambers or in tion be shall be entitled to receive the dividend such other way as may be directed, as respects payable on that reduced three per cent. stock the High Court in England by the Lord Chan- on the fifth day of April one thousand eight cellor, as respects the Court of Session by the hundred and eighty-eight, and shall receive Lord President, and as respects the High the first quarterly dividend on the new stock Court in Ireland by the Lord Chancellor of on the fifth day of July one thousand eight Ireland, make general or special orders as to hundred and eighty-eight. signifying dissents with respect to new threc per cent. stock, or as to any other thing 9.-(1.) Where any consolidated three per relating to that stock or the dividends thereon, cent. stock, or reduced three per cent. stock, or to the stock to be created in lieu thereof, or is standing in the name or in the books of any to the application of any such stock, or of the of the following officers, namely,dividends thercon.
(a.) Her Majesty's Paymaster General, on
behalf of the Supreme Court of Judica7. Where any new three per cent. stock is ture in England; or standing in the names of the official trustees (6.) the Accountant to the Court of Session of charitable funds, dissent from the conver- in Scotland ; or sion thereof shall be signified by those trustees (c.) the Accountant General of the Supreme on the request of the trustees or persons acting Court of Judicature in Ireland ; in the administration of the charity to which the Lord Chancellor in the case of stock that stock belongs, and may be so signified standing in the name of Her Majesty's Pay. at any time on or before the twelfth day of master General, the Lord President of the April one thousand eight hundred and eighty• Court of Session in the case of stock standing eight,
in the name of the Accountant to the Court of Session, and the Lord Chancellor of Ireland in the case of stock standing in the name of
the Accountant General of the Supreme Court PART II.
of Judicature in Ireland, may, with the POWER TO EXCHANGE CONSOLIDATED AND RE
approval in each case of the Treasury, make
regulations as to the mode in which that DUCED THREE PER CENTS. FOR NEW STOCK.
stock or any part thereof may, with the con8.-(1.) Any holder of any amount of con- sent of the person to whom the dividends on solidated three per cent. stock or reduced the stock are for the time being payable three per cent. stock may, by assent signified (which consent any trustee, or other person at any time on or before the twelfth day of acting in a fidnciary character, is hereby authoApril one thousand eight hundred and eighty- rised to give), or, if the dividends are being eight, or such later date as may under this accumulated, then with the consent, in the Act be allowed in special cases, exchange that case of England or Ireland, of the judge of amount for an equal nominal amount of new the High Court to whose court the cause or stock, and such an exchange shall not be con- matter to the credit of which the stock is sidered to be a change or variation of invest- standing is attached, or where the cause or ment by the hoider.
matter is not so attached, then with the con(2.) Where a person exchanges consolidated sent of any judge of the said Court, and with three per cent. stock in pursuance of this sec- the consent, in the case of Scotland, of the tion he shall on the exchange thereof become Court of Session, be exchanged for an equal entitled to receive in the prescribed manner nominal amount of new stock.
Provision may and at the prescribed time a dividend for one be made by such regulations that in specified quarter ending the fifth day of April one classes of cases the Lord Chancellor, the Lord Thousand eight hundred and eighty-eight on President of the Court of Session, or the Lord the stock given in exchange at the rate of Chancellor of Ireland, as the case may be, fifteen shillings for every one hundred pounds may on behalf of the persons interested in any of the nominal amount of that stock (being the such stock as aforesaid consent to the exchange amount of interest accrued on that stock thereof, unless dissent from such exchange is between the fifth day of January one thousand signified within the time and in the manner eight hundred and eighty-eight, and the fifth fixed by the regulations. day of April in the same year), and shall (2.) Where any copsolidated three per cent. receive the first quarterly dividend on the stock or reduced three per cent. stock is
standing in the name of the official trustees of
PART III. charitable funds, an exchange thereof in pursuance of this Act shall be made on the
WAYS AND MEANS. request or with the consent of the trustees or 11. The Treasury may at any time, and from persons acting in the administration of the time to time, by warrant addressed to the charity to which that stock belongs : Provided Bank, direct the creation of such amounts of that the Treasury may make regulations new stock as may be required to replace stock whereby the Charity Commissioners for Eng. converted or exchanged under this Act, or to land and Wales may on behalf of the said trus- raise money for paying off such holders of new tees or persons consent to the exchange of the three per cent. stock as dissent from the con. stock unless dissent from such exchange is version thereof. signified within the time and in the manner fixed by the regulations.
12.-(1.) The Treasury may from time to (3.) Subject to rules of court, any jurisdic- time raise any sums required for paying off tion given by this Act to a judge of the High such holders of new three per cent. stock as Court shall be exercised by a judge of the
dissent from the conversion thereof either by Chancery Division.
the creation of new stock as aforesaid, or by (4.) In the case of stock standing in the the issue of Exchequer bonds, or Exchequer names of
bills or Treasury bills, or by otherwise borrow. (a.) Any such officers or official trustees as ing the same (for a period not exceeding twelve aforesaid ; or
months) from such persons as may be willing (b.) Any trustee or other person acting in a to lend the same on the credit of the charge fiduciary character ; or
created by this Act on the Consolidated Fund, (c.) Persons absent from the United King
or by all such means, and the sums so raised dom between the twelfth day of March
shall be paid into the Exchequer, and form one thousand eight hundred and eighty- part of the Consolidated Fund. eight and the twelfth day of April in the
(2.) The principal money borrowed in pursame year;
suance of this section, otherwise than by the the stock may be exchanged within such ex
creation of new stock, and all interest from tended time as may be prescribed.
time to time due thereon (not exceeding the
rate of five per cent. per annum), shall be 10.-(1.) Whereas the holders of consolidated
charged on and be payable out of the Consoli. three per cent. stock and reduced three per dated Fund, or the growing produce thereof, cent. stock are entitled to twelve months
at such times in each year as may be fixed by notice before redemption; and whereas it is the Treasury: expedient to facilitate the prompt conversion
(3.) In the event of its being considered by of those stocks into new stock, and to reduce
the Treasury expedient to substitute new stock the amount thereof liable to redemption here
for any Exchequer bonds, Exchequer bills, or after; the Treasury shall authorise the Bank
Treasury bills issued, or for money otherwise to make, in the prescribed manner and at the borrowed under this Act, the Treasury may prescribed time, to such of the holders of
from time to time by warrant addressed to the either of those stocks as surrender their stock
Bank direct the creation of new stock for that in exchange for new stock, in consideration of
purpose. their foregoing their right to such notice as aforesaid, a payment of five shillings for every
13.-(1.) All sums paid for defraying hundred pounds of the new stock given in exchange, and may also, if they think fit,
expenses incurred in pursuance of this Act, or
for providing any dividend which by reason of authorise the Bank to pay in respect of stock
any conversion or exchange effected under this 80 surrendered an allowance to recognised
Act becomes payable in the then current finan. agents at a rate not exceeding one shilling
cial year instead of the next financial year, and sixpence per cent.
shall be charged on and be payable out of the (2.) The sums of five shillings per cent.
Consolidated Fund or the growing produce authorised by this section to be paid may be
thereof, but shall not be payable as part of the treated by trustees and others as income, but if so treated shall not be subject to income
permanent annual charge for the National
(2.) The Treasury may from time to time, as they think fit, repay to the Consolidated Fund any portion of the money issued thereout for the purposes of this section, and may, with a view to provide money for such repayment,