Greenwich Hospital Act 1872
| Jurisdiction | UK Non-devolved |
| Citation | 1872 c. 67 |
Greenwich Hospital Act, 1872
(35 & 36 Vict.) CHAPTER 67.
An Act for making further provision respecting the application of the Revenues of Greenwich Hospital.
[10th August 1872]
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 Short title and construction of Act.
1. This Act may be cited as TheGreenwich Hospital Act, 1872; and this Act and The Greenwich Hospital Acts, 1865 to 1870, shall be read and have effect together as one Act, and may be cited together as The Greenwich Hospital Acts, 1865 to 1872.
2 Substitution of annuities for pensions to masters and seamen of Mercantile Marine.
2. The Admiralty may from time to time provide life annuities for masters and seamen of the Mercantile Marine who contributed out of their wages the sum of sixpence per month towards the support of Greenwich Hospital, by the purchase of annuities for their lives and benefit from the Commissioners for the Reduction of the National Debt, under the Savings Banks Annuities Acts, being the Acts described in the schedule to this Act.
Annuities shall be purchased under this section for such persons only as are entitled to pensions under the regulations made by Order of Her Majesty in Council, under section twelve of The Greenwich Hospital Act, 1869, in force at the passing of this Act; and the amount of any annuity purchased for any person under this section shall not exceed the amount of pension to which the annuitant would be entitled under those regulations.
As soon as provision has been so made for all such pensions as aforesaid, the same being declared by Her Majesty in Council, the annual sum payable by the Admiralty to the Board of Trade for those pensions shall cease to be payable.
Notwithstanding anything in the Savings Banks Annuities Acts, the amount of any annuity purchased under this section may be such as the Admiralty and the Commissioners for Reduction of the National Debt from time to time agree; and subject thereto all the provisions of the Savings Banks Annuities Acts shall extend and apply to every such annuity.
3 Purchase of annuities out of capital.
3. The purchase by the Admiralty under this Act of life annuities shall be made by means of cash for the time being standing to the credit of the Greenwich Hospital Capital Account; and for that purpose the Admiralty may from time to time convert into money any Bank annuities, stocks, funds, or securities for the time being held by them...
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