Bank of England Act 1861
| Jurisdiction | UK Non-devolved |
| Citation | 1861 c. 3 |
(24 & 25 Vict.) C A P. III.
[22d March 1861]
'WHEREAS it is expedient that the Rates of Allowance granted to the Governor and Company of the Bank ofEngland for their Charges in the Management of the National Debt should be altered, and that new Regulations should be made for limiting the Balances in the Hands of the said Governor and Company of Sums issued for the Payment of Dividends:' Be it 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 From 5th April 1861 the Acts 48 G. 3. c. 4. and 56 G. 3. c. 97. repealed.
1. From and after the Fifth Day ofApril One thousand eight hundred and sixty-one there shall be repealed the following Acts; (that is to say,)
(1) (1.) An Act passed in the Forty-eighth Year of the Reign of His late Majesty George the Third, intituled An Act to authorize the advancing for the Public Service upon certain Conditions a Proportion of the Balance remaining in the Bank of England for Payment of unclaimed Dividends, Annuities, and Lottery Prizes, and for regulating the Allowances to be paid for the Management of the National Debt:
(2) (2.) An Act passed in the Fifty-sixth Year of the Reign of His late Majesty George the Third, and intituled An Act to authorize the advancing for the Public Service a Proportion of the Balance that shall remain from Time to Time in the Bank of England for the Payment of Dividends on account of the Public Debt for Lottery Prizes or Benefits not claimed, and Principals of Stocks and Annuities remaining unclaimed:
Provided that such Repeal shall not affect the Payment to the said Governor and Company of all Charges of Management of the existing Capital of the Unredeemed Public Debt for the Year ending the Fifth Day ofApril One thousand eight hundred and sixty-one in the same Manner as if this Act had not passed.
2 As to future Payment to the Bank for Management of the Public Debt.
2. There shall be paid to the Governor and Company of the Bank ofEngland on some Day between the Sixth Day of April and the Fifth Day of July One thousand eight hundred and sixty-two, out of the Consolidated Fund of the United Kingdom, or the growing Produce thereof, for their Charges in the Management of the Unredeemed Public Debt for the Year ending on the Fifth Day of April One thousand eight hundred and sixty-two, and in like Manner on some Day between the Fifth Day of April and Fifth Day of July in every succeeding Year for the Management of the Debt during the preceding Year ending with the Fifth Day of April in each Year until the Fifth Day of April One thousand eight hundred and eighty-six, and thenceforth in any and every succeeding Year until Parliament shall otherwise direct, Remuneration at the Rates following; that is to say,
1st. While the whole of such Unredeemed Debt, computed as herein-after mentioned, exceeds Three hundred million Pounds, and does not amount to Four hundred million Pounds, a Sum at the Rate of Four hundred and fifty Poundsper Annum for each Million of the Capital:
2d. While the whole of such Unredeemed Debt amounts to Four hundred million Pounds, and does not exceed Six hundred Millions, a Sum at the Rate of Three hundred Poundsper Annum for each Million of the Capital:
3d. While the whole of such Unredeemed Debt exceeds Six hundred million Pounds, a Sum at the Rate of Three hundred Poundsper Annum for each Million of the Capital up to Six hundred million Pounds, and a Sum at the Rate of One hundred and fifty Pounds per Annum for each Million of the Capital in excess thereof:
Provided always, that in estimating the Amount of Unredeemed Debt for the Purposes of this Act Annuities for Terms of Years shall be taken into account, and shall for the Purpose of making a nominal Capital be valued at Fifteen Years Purchase, if originally granted for a Term exceeding Fifty Years, and at Ten Years Purchase if granted for a Term of Fifty Years or under.
3 Certain Charges for Management to cease after 5th April 1860.
3. After the said Fifth Day ofApril One thousand eight hundred and sixty-one there shall...
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