Loan Act 1902
| Jurisdiction | UK Non-devolved |
Loan Act, 1902
(2 Edw. 7.) CHAPTER 4.
An Act to provide for raising money for the service of the year ending the thirty-first day of March nineteen hundred and three.
[23rd June 1902]
Most Gracious Sovereign,
W E, Your Majesty's most dutiful and loyal subjects, the Commons of the United Kingdom of Great Britain and Ireland in Parliament assembled, towards raising the necessary supplies granted to Your Majesty, have resolved that sums not exceeding thirty-two million pounds be raised in manner provided by this Act; and do therefore most humbly beseech Your Majesty that it may be enacted; and be it enacted by the King'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 Borrowing for purpose of supply for year 1902-3.
(1) Any money required for raising the supply granted to His Majesty for the service of the year ending on the thirty-first day of March nineteen hundred and three may be raised, up to an amount not exceeding thirty-two million pounds, by means of the creation of two and three-quarters per cent. consolidated stock within the meaning of the National Debt (Conversion) Act, 1888 , and the Treasury may, by warrant addressed to the Bank of England, direct the creation of such amounts of that stock as may be required for the purpose.
(2) A full quarterly dividend shall be payable on any stock issued under this Act as from the sixth day of April nineteen hundred and two.
(3) Stock created for the purposes of this Act shall be consolidated with like stock previously created under the National Debt (Conversion) Act, 1888, or the Loan Act, 1901 , and may be issued at such times, in such amounts, and subject to such conditions as to payment of deposits and instalments and the issue of scrip certificates carrying dividend and otherwise, as the Treasury direct, and any directions given by the Treasury before the passing of this Act with respect to those matters are hereby confirmed.
(4) Any sums required for defraying any expenses incurred in connexion with raising any money raised under this Act shall be charged on the Consolidated Fund of the United Kingdom or the growing produce...
To continue reading
Request your trial