National Debt Act 1870

JurisdictionUK Non-devolved
Citation1870 c. 71


National Debt Act, 1870

(33 & 34 Vict.) CHAP. 71.

An Act for consolidating, with Amendments, certain Enactments relating to the National Debt.

[9th August 1870]

W HEREAS with a view to the revision of the Statute Law, and particularly to the preparation of the revised edition of the Statutes now in progress, it is expedient to consolidate, with amendments, certain enactments relating to the National Debt:

Be it therefore declared and 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:

I

Part I.—Preliminary.

S-1 Short title.

1 Short title.

1. This Act may be cited as TheNational Debt Act, 1870.

S-2 Division of Act into parts.

2 Division of Act into parts.

2. This Act is divided into parts as follows:—

Part I.—Preliminary.

Part II.—Denominations and Incidents of Stock.

Part III.—Payment of Dividends.

Part IV.—Transfer.

Part V.—Stock Certificates.

Part VI.—Transfer between England and Ireland.

Part VII.—Unclaimed Dividends.

Part VIII.—Miscellaneous.

S-3 Interpretation of terms.

3 Interpretation of terms.

3. In this Act—

‘The Bank of England’ means the Governor and Company of the Bank of England, and includes their successors:

‘The Bank of Ireland’ means the Governor and Company of the Bank of Ireland, and includes their successors:

‘Stock’ means the several capital or joint stocks of perpetual annuities described in the first schedule to this Act, and includes any share or interest therein respectively:

‘Stockholder’ means a person holding stock, being entered as proprietor thereof in the books of the Bank of England or of Ireland:

‘Warrant’ includes draft, order, cheque, or other document used as a medium for payment of dividends:

‘Accountant General’ includes chief accountant:

‘The Treasury’ means the Commissioners of Her Majesty's Treasury, or two of them:

‘The National Debt Commissioners’ means the Commissioners for the Reduction of the National Debt:

‘The consolidated fund’ means the consolidated fund of the United Kingdom of Great Britain and Ireland:

‘The Court of Chancery’ means the Court of Chancery in England or the Court of Chancery in Ireland, as the case requires:

‘Person’ includes corporation:

‘Representatives’ means executors, administrators, or successors, and assigns.

S-4 Effect of schedules.

4 Effect of schedules.

4. The schedules to this Act shall be deemed part of this Act.

II

Part II.—Denominations and Incidents of Stock.

S-5 Continuance of existing permanent fundeddebt on existing terms.

5 Continuance of existing permanent fundeddebt on existing terms.

5. The perpetual annuities described in the first schedule to this Act, to the respective amounts thereof subsisting at the passing of this Act, and the several capital sums in respect whereof those several annuities are payable, do and shall form part of the National Debt, due to the several persons who at the passing of this Act are entitled thereto, and their representatives.

All the annuities aforesaid shall, until redemption, continue to be payable in manner in this Act provided, at the respective rates in the same schedule mentioned, by equal half-yearly dividends on the respective days therein mentioned.

All the annuities aforesaid shall respectively continue redeemable by Parliament at the periods and in the manner in the same schedule mentioned, at the rate of one hundred pounds sterling for every one hundred pounds of the capital sums in respect whereof they are payable, and (subject to the provisions of Part V. of this Act) shall continue transferable in the books of the Bank of England or of Ireland by the several stockholders for the time being and their representatives.

S-6 Stock charged on consolidated fund.

6 Stock charged on consolidated fund.

6. The annuities and dividends aforesaid shall continue to be charged on and payable out of the consolidated fund.

S-7 Stock free from taxes.

7 Stock free from taxes.

7. The annuities and dividends aforesaid shall continue to be free from all taxes, charges, and impositions, in like manner as heretofore.

S-8 Interests in stock indefeasible.

8 Interests in stock indefeasible.

8. The interests of stockholders and their representatives in the annuities aforesaid shall continue to be indefeasible.

S-9 Stock personal estate.

9 Stock personal estate.

9. The annuities aforesaid shall continue to be personal estate, and not descendible to heirs.

S-10 Stock free from attachment.

10 Stock free from attachment.

10. The annuities aforesaid shall continue to be not liable to foreign attachment by the custom of London or otherwise.

S-11 Annuities to be several joint stocks.

11 Annuities to be several joint stocks.

11. The annuities of each denomination mentioned in the first schedule to this Act taken together shall continue to constitute one capital or joint stock; and all persons for the time being entitled thereto shall continue to have a proportional interest in every such capital or joint stock.

III

Part III.—Payment of Dividends.

S-12 Money for payment to be issuable.

12 Money for payment to be issuable.

12. Sufficient money to pay the dividends on all stock, with the charges attending the same, shall continue to be from time to time issuable for that purpose out of the consolidated fund.

S-13 Banks to have chief cashier and accountant general.

13 Banks to have chief cashier and accountant general.

13. Until all stock is redeemed, the Banks of England and Ireland shall each continue to employ within their office a fit person as their chief cashier, and another fit person as their accountant general.

S-14 Issue by Treasury.

14 Issue by Treasury.

14. The money from time to time and at any time issuable out of the consolidated fund and by this Act made applicable to the payment of the dividends on stock, shall, by order of the Treasury, without other warrant, from time to time be issued and paid to the respective chief cashiers of the Banks of England and Ireland by way of imprest and on account for the payment of those dividends.

S-15 Application of issues by cashier.

15 Application of issues by cashier.

15. The chief cashier to whom money is from time to time so issued shall from time to time without delay apply the same in payment of the dividends on stock.

S-16 Accounting by cashier, &c.

16 Accounting by cashier, &c.

16. The chief cashier to whom money is so issued shall from time to time render his accounts thereof, and the same shall be audited, as the Treasury from time to time direct; but the Treasury may, if they think fit, dispense with such audit.

The respective accountants general of the Banks of England and Ireland shall from time to time inspect and examine all receipts and payments of the respective chief cashiers of those Banks, and the vouchers relating thereto, in order to prevent fraud, negligence, or delay.

S-17 Receipt of dividends by executors, &c.

17 Receipt of dividends by executors, &c.

17. The Bank of England or of Ireland shall not be required to allow any executors or administrators to receive any dividend on stock held by their testator or intestate until the probate of the will or the letters of administration has or have been left with the Bank for registration.

S-18 Evidence of title to dividend.

18 Evidence of title to dividend.

18. The Banks of England and Ireland respectively before allowing the receipt of any dividend on any stock may, if the circumstances of the case appear to them to make it expedient, require evidence of the title of any person claiming a right to receive the dividend.

That evidence shall be the declaration of competent persons under the Act described in the second schedule to this Act, Part I., or of such other nature as the Banks respectively require.

S-19 Dividends in case of infancy, &c.,of a joint stockholder.

19 Dividends in case of infancy, &c.,of a joint stockholder.

19. Where stock is standing in the name of an infant or person of unsound mind, jointly with any person not under legal disability, a letter of attorney for the receipt of the dividends on the stock shall be sufficient authority in that behalf, if given under the hand and seal of the person not under disability, attested by two or more credible witnesses.

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