National Debt Act 1889
| Jurisdiction | UK Non-devolved |
| Citation | 1889 c. 6 |
National Debt Act, 1889.
(52 & 53 Vict.) CHAPTER 6.
An Act to amend the Law relating to the National Debt.
[31st May 1889]
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 Amount of permanent annual charge for National Debt.
1. The amount of the permanent annual charge for the National Debt during the current and every subsequent financial year shall be the sum of twenty-five million pounds, and ‘twenty-five’ shall be substituted for ‘twenty-six’ in section one of the Sinking Fund Act, 1875, as amended by section two of the National Debt and Local Loans Act, 1887.
2 Power to exchange Two and Three-quarters Per Cent. Stock created under 47 & 48 Vict. c. 23.
2. Any holder of Two and Three-quarters Per Cent. Stock created under the National Debt (Conversion of Stock) Act, 1884, may, by assent signified in the prescribed manner, exchange his said stock for an equal nominal amount of Two and Three-quarters Per Cent. Consolidated Stock created in pursuance of the National Debt (Conversion) Act, 1888, or the National Debt Redemption Act, 1889, and thereupon the same provisions shall apply as if the exchange had been effected in pursuance of either of those Acts.
3 Provision as to stock in court and stock belonging to savings bank depositors.
3. Whereas by section twelve of the National Debt Redemption Act, 1889, the Treasury have power to make regulations with respect to the interest on money payable on redemption of stock in court and of stock invested on behalf of depositors in Trustee or Post Office savings banks, and by reason of the difficulty of communicating with the persons interested in such stock it is expedient to make further provision with respect to the money payable on redemption thereof; be it therefore enacted as follows:—
(1) (1.) The consent required under the said section may be given in the case of stock in court by the Lord Chancellor, and in the case of stock invested on behalf of depositors as aforesaid by the Commissioners for the Reduction of the National Debt, unless, in either case, the person to whom the dividends on the stock are for the time being payable signifies dissent in the manner and within the time required by the regulations.
(2) (2.) The provision contained in section three, sub-section (1) (b ) of the Savings Bank Act, 1880 , shall not apply in the case of the re-investment of money payable on redemption of any stock invested on behalf of depositors as aforesaid, and no commission shall be charged on any such re-investment.
(3) (3.) Where any money payable on redemption of any stock to which this section applies, remains on the fifth day of April one thousand eight hundred and ninety credited in the books of the Paymaster General or of the Commissioners for the Reduction of the National Debt, that money shall as from that day bear interest at the rate of two and three-quarters per centum per annum, payable at such times as the Treasury by regulations direct out of the Consolidated Fund as part of the...
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