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Monies paid to Commissioners on account of this Act to be invested in Bank Annuities, Annuities for Terms of Years, or Exchequer Bills.
Commissioners may reserve a Part of such Sums to repay Money claimed in case of Death, &c. of Party purchasing Annuity.
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XXIV. The said Commissioners for the Reduction of the National Debt shall cause all Monies placed to their said Accounts for the Purchase of Annuities or for securing Payments on Death, in pursuance of the Provisions of this Act or of the Acts hereby repealed, to be invested from Time to Time, under such Regulations as the said Commissioners shall direct, in the Purchase of any Bank Annuities, or Annuities for Terms of Years, or Exchequer Bills, or in either of them, and to be carried to the Accounts herein-before provided; which said Bank Annuities, Annuities for Terms of Years, and Exchequer Bills (as the Case may be) shall be forthwith cancelled, and all Interest or Dividends on such Bank Annuities, Annuities for Terms of Years, or Exchequer Bills shall cease to be charged upon or to be issued out of the Consolidated Fund from and after the Day upon which any such Bank Annuities, Annuities for Terms of Years, or Exchequer Bills shall have been purchased by the said Commissioners: Provided nevertheless, that the said Commissioners for the Reduction of the National Debt may retain and reserve from Time to Time so much of such Monies as shall be necessary for the Purpose of enabling the said Commissioners to return and pay back any Sum of Money, as herein-before directed, to such Person as shall have contracted for the Purchase of any Annuity under the Provisions of this Act, or of the Acts hereby repealed, by annual or other Payments, but who may not make good and keep up the same, and who is entitled to receive back the same, or to his, her, or their Executors or Administrators, as well as to the Executors or Administrators of such Person who may die before the Annuity which he, she, or they may have contracted for becomes payable, or for Re-purchase of any Annuity or Annuities in manner herein-after provided.
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