Provision as to (2.) Any trustee or other person acting in a fiduciary character is hereby authorised to give any consent required in pursuance of this section. (3.) The provisions of this section shall extend to any funds in court to the credit of lunatics so found by inquisition, including committees' security accounts, and such funds, together with the stock herein-before mentioned, are in this Act referred to collectively as stock in court. 11. In the case of any Consolidated Three Per Cent. Stock or charity funds. Reduced Three Per Cent. Stock standing in the name of the official trustees of charitable funds, the consent of the trustees or persons acting in the administration of the charity to which that stock belongs shall be required for the acceptance of any offer of payment or exchange in pursuance of this Act. Power to continue payment of interest in certain cases. Provision as to persons not claiming redemption money. Provisions as to powers of attorney. Power to make rules. 12.-(1.) In the case of any stock in court or of any Consolidated Three Per Cent. Stock or Reduced Three Per Cent. Stock invested on behalf of depositors in Trustee or Post Office Savings banks the Treasury may, if they think fit, make regulations whereby they may, with the consent of the person to whom the dividends on the stock are for the time being payable, continue to pay interest in respect of the stock at the rate of three pounds per centum per annum during a period expiring at a date not later than the fifth day of April one thousand eight hundred and ninety. Provided that in the case of stock in court, the regulations shall be made with the concurrence of the Lord Chancellor, and where the dividends on the stock are being accumulated the consent required under this section shall be the consent of a judge of the High Court. (2.) Any interest paid in pursuance of this section shall be payable out of the Consolidated Fund as part of the permanent annual charge for the National Debt. 13. If any person credited in pursuance of this Act with money payable to him on redemption of his stock does not claim. that money before the first day of October one thousand eight hundred and eighty-nine, the Treasury shall, in the prescribed manner, give him in exchange for his redeemed stock an equal nominal amount of Two and Three-quarters Per Cent. Consolidated Stock the first dividend whereon shall be payable on the fifth day of October one thousand eight hundred and eighty-nine. 14.-(1.) A power of attorney authorising the sale of any stock liable to redemption under this Act shall authorise the receipt of any money payable on redemption of that stock. (2.) A power of attorney given exclusively for the purpose of authorising receipt of money payable on redemption or exchange of stock under this Act, or for the purpose of empowering the attorney to signify any assent authorised by this Act, or for the purpose of authorising a transfer of stock to the Commissioners for the Reduction of the National Debt, shall be exempt from stamp duty. 15. The Treasury may from time to time make rules for carrying into effect the provisions of this Act, and may by any such rules provide (a.) for the manner in which any assent or consent authorised by this Act is to be signified; and (b.) as to the evidence which the Bank may require of the right to signify assent or consent within or after any time limited in that behalf, or of title, unsoundness of mind, infancy, or any other matter; and (c.) in the case of any stock holder who is of unsound mind or an infant, or otherwise under disability, for any assent or consent authorised by this Act being signified by the committee, guardian, or other person on behalf of that stock holder; and (d.) where one or more holders of stock on a joint account is or (e.) for modifying the provisions of this Act in their application 33 & 34 Vict. c. 71. 16.—(1.) A warrant from the Treasury shall be a sufficient Provisions as authority to the Bank for anything done by the Bank in pursuance to Bank. of that warrant for the purposes of this Act. (2.) The Bank shall not be concerned to inquire as to whether any such consent as is required by this Act is given to any exchange of stock, nor be responsible in the event of any such consent not having been given, and may act on any evidence authorised by rules made under this Act, and are hereby indemnified for so acting. (3.) Nothing in this Act, or in any rules under this Act, shall affect the Bank with notice of any trust. (4.) The Bank shall have power to advance to the Treasury any money which may be required for the purposes of this Act. (5.) Any payment which the Bank are authorised by or under this Act to make to a holder of stock, or to any person holding a power of attorney to sell stock, or to receive money on the redemption or exchange of stock, may be made by a warrant sent by post. (6.) Where a stock holder desires to have a warrant sent to him by post in pursuance of this section, he shall on or before the prescribed date make a request for that purpose to the Bank in writing signed by him in a form approved by the Bank, and shall give to the Bank an address in the United Kingdom, or in the Channel Islands or the Isle of Man, to which the letter containing the warrant is to be sent, and the posting of the letter containing the warrant, addressed in the prescribed manner, shall, as respects the liability of the Bank, be equivalent to the delivery of the warrant to the stock holder. (7.) A warrant given in pursuance of this section shall be deemed to be a cheque within the meaning of the Bills of Exchange Act, 1882, and shall be exempt from stamp duty. Remuneration 17. There shall be paid to the Banks of England and Ireland of Banks of respectively out of the Consolidated Fund on account of any addi- England and Ireland. Definitions. Short title. tional trouble, expense, and responsibility which may be imposed on them by this Act, in addition to the remuneration otherwise payable in respect of the management of the National Debt, such remuneration as the Treasury and the Banks respectively agree upon. 18. In this Act, unless the context otherwise requires, "The Treasury" means the Commissioners of Her Majesty's Treasury: High Court" means Her Majesty's High Court of Justice in The Lord Chancellor" means the Lord High Chancellor of "The Bank" means the Governor and Company of the Bank of 'Person includes a body of persons corporate or unincorporate: "Financial year" means the twelve months ending the thirtyfirst day of March. 19. This Act may be cited as the National Debt Redemption Act, 1889. Provisions as to savings banks. Provisions as SCHEDULE. Provisions of the National Debt Conversion Act, 1888 (51 Vict. c. 2.) applied. N.B.-Section 27 of this Act is printed with the addition made thereto by section eight of the National Debt (Supplemental) Act, 1888 (51 & 52 Vict. c. 15.). The words printed in italics are not applicable to exchanges. 16. (2.) With respect to stock invested on behalf of depositors in trustee and post office savings banks, the assents authorised by this Act may, on the request of any such depositor, be signified by the Commissioners for the Reduction of the National Debt, and those Commissioners and the Postmaster General respectively shall make such provision as seems to them expedient for enabling such request to be made. 20.-(1.) Where under any trust or arrangement other than a charitable to annuitants. trust any stock has been appropriated to provide an annuity, and is under this Act liable to be converted into or exchanged for new stock, the person in whose name the stock is standing may, at the request of the annuitant, or in the case of several annuitants, the majority of them, and at the expense of the annuitant or annuitants, sell the stock, and invest the proceeds either in any manner authorised by the trust or arrangement, or in any manner in which cash under the control of the High Court, or the Court of Session, may for the time being be invested, and shall not be liable for any loss arising from any such sale or investment. (2.) In the case of stock standing in the name of Her Majesty's Paymaster General on behalf of the Supreme Court of Judicature in England, or of the Accountant to the Court of Session in Scotland, or of the Accountant General of the Supreme Court of Judicature in Ireland, any such sale or investment may be authorised by the High Court, or the Court of Session, as the case may be. (3.) Where, in execution of any trust, or in performance of any duty, and whether in pursuance of the order of any court, or otherwise, any stock has been appropriated to provide an annuity, and is under this Act converted into or exchanged for new stock, the trust or duty shall, so far as relates to the payment of the annuity, be deemed to be executed or performed by the payment of the dividends on the new stock; but nothing in this section shall affect any power of any court or other authority to make any order as to the application of capital in such cases. 21. * * Provisions as (2.) Where under any mortgage or agreement for a loan any person is to stock mortgages. bound to pay half-yearly sums equal to the dividends on any specified amount of stock, and that amount of stock is under this Act converted into or exchanged for new stock, the obligation shall be satisfied by the payment of quarterly sums equal to the dividends on the same amount of new stock. 22. Where any new three per cent, stock consolidated three per cent. Power for stock, or reduced three per cent. stock is standing in the names of more majority of than two persons as joint holders thereof, the assent of the majority of joint holders those joint holders shall be sufficient for the purposes of this Act. to dissent or assent. old stock. 25.-(1.) Where any stock is converted into or exchanged for new Application to stock, the new stock, and the dividends thereon, shall be subject to the new stock of same trusts, charges, rights, distringas, and restraints as affect the stock so trusts, powers, converted or exchanged, and the dividends thereon respectively, and all &c., affecting powers of attorney, requests as to dividends, and other documents relating to the stock so converted or exchanged, and the dividends thereon, or either of them, shall apply to the new stock, and the dividends thereon respectively. (2.) In any Act passed or instrument executed before the passing of this Act references to any stock liable to be converted or exchanged in pursuance of this Act may, if the stock is so converted or exchanged, be construed as references to new stock, and in the case of any testamentary instrument executed before the passing of this Act, any disposition, which, but for the passing of this Act, would have operated as a specific bequest of any such stock, shall if the same is so converted or exchanged be construed as a specific bequest of such new stock, and if the same is not so converted, but is paid off or redeemed shall be construed as a pecuniary legacy of a sum of money equal to the nominal amount of the stock so paid off or redeemed. others. 26. Persons who are by this Act, or by rules under this Act, authorised Indemnity to to signify their dissent from the conversion of stock, or to exchange or con- trustees and sent to the exchange of stock, shall not be liable for any loss resulting from their not signifying such dissent or from their making such exchange or giving such consent; and trustees and other persons acting in a fiduciary character are hereby expressly authorised to make such exchange or give such consent. 27. When any stock converted or exchanged by virtue of this Act into Re-investment new stock, is held by a trustee, such trustee shall be at liberty to sell the by trustee. same, and to invest the proceeds arising from such sale in any of the securities for the time being authorised for the investment of cash under 47 & 48 Vict. c. 63. Application to court in respect of questions arising out of conversion or exchange. the control of the High Court, notwithstanding anything to the contrary contained in the instrument creating the trust. This section shall, in its application to Scotland, be construed as authorising trustees to invest in any of the securities in which trustees may, without the approval of the Court of Session, invest under the Trusts (Scotland) Amendment Act, 1884. 28.—(1.) If by reason of the conversion or exchange of any stock in pursuance of this Act any question arises as to the powers or duties of any trustee, executor, or administrator, or other person acting in a fiduciary character, or as to the application of the dividends or capital of any stock, and in particular as to the cases in which, and extent to which capital may be applied towards meeting any deficiency in income, the High Court in England or Ireland, or the Court of Session in Scotland, on the application of the trustee, executor, or administrator, or other person as aforesaid, or of any person interested in the stock, may by order determine the question. (2.) In the case of a charity in England or Wales, subject to the provisions of the Charitable Trusts Acts, 1853 to 1887, the like orders may be made by the Charity Commissioners for England and Wales, either on their own motion or on application, and nothing in this section shall authorise an application to the High Court in the matter of such a charity without a certificate from those commissioners. 40 & 41 Vict. c. 16. Short title. Definition of "the principal Act." Interpretation of "lifeboat service." Amendment of ss. 4, 5 of CHAPTER 5. An Act to amend the Removal of Wrecks Act, 1877. [31st May 1889.] WHEREAS it is expedient to amend the Removal of Wrecks Act, 1877: 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 authority of the same, as follows: 1. This Act may be cited as the Removal of Wrecks Act, 1877, Amendment Act, 1889. 2. In this Act the term "the principal Act" shall mean the Removal of Wrecks Act, 1877. 3. In this Act The term "lifeboat service" means the saving or attempted saving of vessels or of life or property on board vessels wrecked or aground or sunk, or in danger of being wrecked or getting aground or sinking. 4. The fourth and fifth sections of the principal Act shall be read as if the words" or to lifeboats engaged in lifeboat service" were principal Act. inserted after the word "navigation" in each of the said sections respectively. Provided that in case of obstruction or danger to lifeboats no expenditure shall be incurred by a general lighthouse authority except with the previous sanction of the Board of Trade. Amendment of s. 5 of principal Act. 5. The fifth section of the principal Act shall be read as if the words "or on or near any rock, shoal, or bank" were inserted after the word "seashore" in the said section. |