War Loan Act 1919
| Jurisdiction | UK Non-devolved |
| Citation | 1919 c. 37 |
War Loan Act, 1919
(9 & 10 Geo. 5.) CHAPTER 37.
An Act to make further provision for raising Money for the present War, and for purposes in connexion therewith; to authorise the extension in certain cases of War Savings Certificates, and to make further provision in relation to Government Securities.
[15th August 1919]
Most Gracious Sovereign,
We , Your Majesty's most dutiful and loyal subjects, the Commons of the United Kingdom of Great Britain and Ireland in Parliament assembled, towards making good the supply which we have cheerfully granted to Your Majesty in this session of Parliament, have resolved that money 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 Issue of new War Loan.
(1) Any money required for the raising of any supply granted to His Majesty for the service of the year ending the thirty-first day of March, nineteen hundred and twenty, up to an amount not exceeding two hundred and fifty million pounds, or for the repayment of any maturing securities issued under the War Loan Acts, 1914 to 1918, or of any Treasury bills, or of any Ways and Means advances, may be raised in such manner as the Treasury think fit, and for that purpose they may create and issue any securities by means of which any public loan has been raised or may be raised, or such other securities bearing such rate of interest and subject to such conditions as to repayment, redemption, or otherwise as they think fit.
(2) The Treasury may also create and issue securities in exchange for any of the securities specified in the Schedule to this Act, and may arrange for giving an option (subject to such conditions and to such terms as the Treasury determine, and with or without payment of any further consideration) to any holders of those securities to take new securities in lieu thereof.
Any securities surrendered for the purpose of such exchange shall be cancelled, and any sums received in pursuance of any option given under this provision shall be paid into the Exchequer.
(3) The principal and interest of any securities issued under this section, whether for the purpose of raising money or for the purpose of exchange, and any sums required to be set aside for the purposes of any sinking fund established under this Act, and any expenses incurred in connexion with the raising of money or the issue or exchange of securities under this section, shall be charged on the Consolidated Fund of the United Kingdom or the growing produce thereof.
(4) Subsections (2) and (3) of section fourteen of the Finance Act, 1914 (Session 2), shall apply to any sums or loan raised or any securities issued under this Act as they apply to sums or loans raised or stock issued under the War Loan Act, 1914 of section one of the War Loan Act, 1915 , shall apply to the exchange of securities under this Act as it applies to the exchange of securities under that Act, and subsection (5) of the last-mentioned section shall have effect as though for the reference therein to securities issued under the War Loan Act, 1914, there were substituted a reference to securities issued under the War Loan Acts,...
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