Conversion of India Stock Act 1887
| Jurisdiction | UK Non-devolved |
| Citation | 1887 c. 11 |
| Year | 1887 |
Conversion of India Stock Act, 1887
(50 & 51 Vict.) CHAPTER 11.
An Act for giving facilities for the conversion of India Four per Cent. Stock into India Three and a half per Cent. Stock, and for other purposes relating thereto.
[23rd May 1887]
W HEREAS, in accordance with the conditions under which India Four per Cent. Stock has been issued, the Secretary of State in Council of India has power to give notice of his intention to redeem that stock at par on the tenth day of October one thousand eight hundred and eighty-eight:
And whereas the said Secretary of State has offered to holders of India Four per Cent. Stock, in exchange for such stock and in lieu of repayment in cash, a like amount of India Three and a half per Cent. Stock, bearing interest from the fifth day of July one thousand eight hundred and eighty-seven, together with the payment on the sixth day of July one thousand eight hundred and eighty-seven of one pound twelve shillings and sixpence per cent. on the amount of stock exchanged, to be treated as interest so as to make up a sum equal to interest thereon at the rate of four pounds per cent. per annum to the tenth day of october one thousand eight hundred and eighty-eight:
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 Short title.
1. This Act may be cited as theConversion of India Stock Act, 1887.
2 Power of holders, trustees, &c. in relation to exchange of India Four per Cent. Stock for India Three and a half per Cent. Stock.
2. Where any India Four per Cent. Stock is standing in the name of any person, such person (in this section referred to as the holder) may, with the consent of the Secretary of State, exchange such stock or any part thereof for India Three and a half per Cent. Stock: Provided that when the consent of any person other than the holder is required for a change of investment by such holder, such consent shall be required for the purpose of an exchange in pursuance of this section; and when the holder is a trustee and has not power under the terms of his trust to vary investments, the consent either of every person interested in the stock, or when any such person is an infant or a person of unsound mind the consent of his guardian or guardians or of the committee of his estate or curator bonis (as the case may be), or the consent of a judge of the High Court of Justice in England and Ireland, or in...
To continue reading
Request your trial