Exchequer Bills and Bonds Act 1866
| Jurisdiction | UK Non-devolved |
| Citation | 1866 c. 25 |
| Year | 1866 |
Exchequer Bills and Bonds Act, 1866
(29 & 30 Vict.) C A P. XXV.
An Act to consolidate and amend the several Laws regulating the Preparation, Issue, and Payment of Exchequer Bills and Bonds.
[18th May 1866]
W HEREAS it is expedient to amend the Laws regulating the Preparation, Issue, and Payment of Exchequer Bills and Bonds, and to consolidate the same so amended in One Act:
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:
1 Former Enactments repealed.
1. That an Act passed in the Forty-eighth Year of KingGeorge the Third, Chapter One, intituled An Actfor regulating the issuing and paying-off of Exchequer Bills; so much of an Act passed in the Fourth Year of King William the Fourth, Chapter Fifteen, intituled An Actto regulate the Office of the Receipt of His Majesty's Exchequer at Westminster, as relates to the Preparation and Issue of Exchequer Bills; an Act of the Fifth and Sixth Years of Her Majesty, Chapter Sixty-six, intituled An Actfor further regulating the Preparation and Issue of Exchequer Bills; an Act of the Twenty-fourth Year of Her Majesty, Chapter Five, intituled An Actto amend the Law relating to Supply Exchequer Bills, and to charge the same on the Consolidated Fund; an Act of the Twenty-fifth Year of Her Majesty, Chapter Three, intituled An Act to amend an Act, intituled ' An Actto amend the Law relating to Supply Exchequer Bills, and to charge the same on the Consolidated Fund, and to repeal all Provisions by which Authority is given to the Commissioners of Her Majesty's Treasury to fund Exchequer Bills;' and so much of the following Acts as regulates the Preparation, Issue, and Course of Payment of Exchequer Bonds, viz. , of an Act of the Sixteenth Year of Her Majesty, Chapter Twenty-three, intituled An Actfor redeeming or commuting the Annuity payable to the South Sea Company, and certain Annuities of Three Pounds per Centum per Annum, and Two Pounds Ten Shillings per Centum per Annum; of an Act of the Sixteenth and Seventeenth Years of Her Majesty, Chapter One hundred and thirty-two, intituled An Actto extend the Provisions of an Act of the present Session for redeeming or commuting the Annuity payable to the South Sea Company, and certain Annuities of Three Pounds per Centum per Annum, and to provide for Payments to be made under the said Act; of an Act of the Twenty-seventh and Twenty-eighth Years of Her Majesty, Chapter Seventy-four, intituled An Actfor raising the Sum of One million six hundred, thousand Pounds by Exchequer Bonds, for the Service of the Year One thousand eight hundred and sixty-four , and of an Act of the Twenty-eighth and Twenty-ninth Years of Her Majesty, Chapter Twenty-nine, intituled An Actfor raising the Sum of One million Pounds for the Service of the Year One thousand eight hundred and sixty-five , be hereby repealed, save only as to those Provisions in the said Acts by which former Statutes were repealed: Provided always, that nothing herein contained shall be construed to affect the Validity of any Exchequer Bill or Bills, Bond or Bonds, made out in pursuance of any of such Acts, and which shall be outstanding at the Commencement of this Act; but the Holders of such Exchequer Bills and Bonds shall possess all the Rights provided for in such Acts as fully and effectually as if such Provisions had been repeated and re-enacted in this Act.
2 Definition of Terms.
2. In this Act ‘the Treasury’ shall mean the Commissioners of Her Majesty's Treasury for the Time being, or any Two or more of them; and ‘the Bank ofEngland’ shall mean the Governor and Company of the Bank of England .
3 Mode of preparing Exchequer Bills.
3. From and after the Commencement of this Act, all Exchequer Bills which shall be made out and issued under the Authority of any Act or Acts of Parliament shall be prepared and made out at the Bank ofEngland , in such Method and Form, with Coupons for the Interest becoming due from Time to Time thereon for any Term not exceeding Five Years from the Date thereof, and under such Regulations as the Treasury shall think most safe and convenient; and it shall be lawful for the Treasury, from Time to Time, by Warrant under their Hands, countersigned by the Comptroller and Auditor General, to cause or direct such Exchequer Bills to be prepared and made out, either of One common Sum, or different Sums, for the Principal Moneys therein contained, and to be respectively numbered arithmetically; and every such Exchequer Bill shall be signed by the Comptroller and Auditor General in his own Name: Provided always, that all Acts relating to Exchequer Bills directed by this Act to be done by the Comptroller and Auditor General shall, in the event of his Illness or Absence from his Office, be done by the Assistant Comptroller and Auditor, but no such Exchequer Bills shall be signed by them and put into Circulation until Notice of their Authority to sign Exchequer Bills under this Act shall have been duly notified in theLondon Gazette: Provided also, that until the Appointment of the Comptroller and Auditor General in pursuance of an Act of this Session, all Acts relating to Exchequer Bills directed by this Act to be done by him shall be done by the Comptroller General of the Exchequer, or, in the event of his Illness or Absence from his Office, by the Assistant Comptroller.
4 Counterfoils.
4. All the said Exchequer Bills shall be prepared and made out with such Counterfoils as shall be directed by the Treasury; and, unless otherwise directed by the Treasury, Two Counterfoils shall be made to every such Exchequer Bill; One of such Counterfoils shall remain in the Custody of the Bank ofEngland for their Use, to prevent their being imposed upon by counterfeit or forged Bills; and when the Exchequer Bills shall have been paid off, cancelled, and discharged, and the Account thereof shall have been audited and allowed, it shall be lawful for the Treasury to authorize and direct the Bank of England to burn or otherwise destroy the said Counterfoils, as being of no further Use to the Public Service; the Second of such Counterfoils shall, unless by special Direction of the Treasury, be delivered to and remain in the Custody of the Comptroller and Auditor General, subject to such Directions as shall be given by the Treasury from Time to Time for keeping, or burning, or otherwise destroying the same.
5 Date and Rate of Interest on Exchequer Bills.
5. All such Exchequer Bills shall bear Date on such Days and shall bear Interest at such Rate as may from Time to Time be fixed by the Treasury, such Interest not to exceed the Rate of Five Pounds and Ten Shillingsper Centum per Annum upon and in respect of the Principal Moneys respectively contained therein, and to be payable half-yearly at the Bank of England under such Regulations as shall be prescribed in that respect by the Treasury.
6 Mode of Issue of Exchequer Bills.
6. It shall be lawful for the Treasury, by Warrant under their Hands, countersigned by the Comptroller and Auditor General, to authorize and direct the Bank ofEngland from Time to Time to issue and deliver such Amount and Number of Exchequer Bills as shall be prepared in pursuance of any Act of Parliament, to such Person or Officer as may be named in such Warrant, and such Person or Officer shall thereafter become chargeable and be charged with such Amount of Exchequer Bills as may be delivered to him, subject to such Directions as may be issued to him by the Treasury for the Sale and Application of the Proceeds of such Exchequer Bills, or for delivering such Bills in exchange for other Bills as herein-after enacted; and such Person or Officer shall be discharged from all Account in respect of such Exchequer Bills on proving to the Satisfaction of the Comptroller and Auditor General that he has duly obeyed the Directions of the Treasury: Provided always, that the Treasury shall not be so authorized to direct the Issue of such Exchequer Bills to such Person or Officer except for the Purpose of raising Money to be paid to the Account of Her Majesty's Exchequer at the Bank ofEngland , and carried to the Account of the Consolidated Fund, or to be exchanged for other Exchequer Bills to be cancelled.
7 Exchequer Bills to be charged on the Consolidated Fund.
7. The Principal Moneys contained in all such Exchequer Bills, and all Interest due thereupon from Time to Time, shall be charged upon and be payable out of the Consolidated Fund of the United Kingdom, or out of the growing Produce thereof.
8 Exchequer Bills to be advertised for Payment annually.
8. The Treasury shall, on some Day not later than Ten Days prior to the Expiration of each Twelve Months from the respective Dates of such Exchequer Bills, during their legal Currency, give Notice in theLondon Gazette of the Day or Days on which, if claimed, Payment will be made to the Holders of such Bills of the Principal Moneys therein contained, and of the Day or Days on which such Claim must be made, by Delivery of the said Bills for Examination; and such Payment shall be made to such Holders at the Bank of England under such Regulations as the Treasury shall prescribe; and if Payment of such Principal Moneys shall not be so claimed, then the Exchequer Bills not so...
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