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16 & 17 Vict. cc. 23, 132.
Interest on Exchequer bonds issued under recited Acts to be paid until they are redeemed.
Issue of bonds to replace bonds with exhausted coupons.
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28. And whereas, in pursuance of the said recited Acts of the sixteenth year of Her Majesty, chapter twenty-three, and of the sixteenth and seventeenth years of Her Majesty, chapter one hundred and thirty-two, Exchequer bonds to the amount of four hundred and eighteen thousand three hundred pounds were made out and issued, and are still outstanding, with coupons for interest at the rate of two pounds ten shillings per centum per annum, payable half-yearly until and including the first day of September one thousand eight hundred and ninety-four, and thereafter are subject to redemption on payment of the principal sum contained in each bond, at the option of the Treasury, so soon as Parliament shall have made due provision in respect thereof, and until such redemption such principal sums will continue to carry interest at the said rate of two pounds ten shillings per centum per annum: Be it therefore further enacted, that until Parliament shall have made such provision, and such Exchequer bonds shall be redeemed in exercise of such option as aforesaid, the interest thereon shall, after the said first day of September one thousand eight hundred and ninety-four, continue to be payable out of the Consolidated Fund, at the said rate of two pounds ten shillings per centum per annum, on the same half-yearly days and in the same manner as before; and it shall be lawful for the Treasury to direct the preparation and issue of a like amount of Exchequer bonds, with coupons for the half-yearly interest due thereon, for any term not exceeding six years from the said first day of September one thousand eight hundred and ninety-four, in exchange for and to replace such Exchequer bonds with exhausted coupons.
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