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Guarantee from the Consolidated Fund of moneys due from the National Debt Commissioners to Friendly Societies.
Investment of moneys belonging to Friendly Societies.
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21. [Recital.]
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(1.) Wherever it appears to the Treasury from time to time that by reason of the securities held by the National Debt Commissioners on account of Friendly Societies being exhausted, the moneys in the hands of the National Debt Commissioners standing to the credit of the fund for Friendly Societies will be insufficient to meet the sums which are likely to become due from the National Debt Commissioners to Friendly Societies, the Treasury shall provide money to meet the deficiency out of the Consolidated Fund of the United Kingdom, or the growing produce thereof, in such manner as they may think expedient.
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(2.) The Treasury may in any financial year borrow all or any part of the moneys issued in that financial year out of the Consolidated Fund, or the growing produce thereof, in pursuance of this Act, by means of a terminable annuity for such period not exceeding eighteen years from the thirty-first day of December next after the passing of this Act as the Treasury think expedient.
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(3.) An annuity created in pursuance of this section shall be created by warrant of the Treasury to the Bank of England directing them to inscribe in their books the amount of such annuity in the names directed by the warrant.
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(4.) Every such annuity shall be charged on the Consolidated Fund, and shall be added to and paid out of the permanent annual charge for the National Debt, and the permanent annual charge for the National Debt shall, during the period for which the said annuity is created, be increased by the amount of the annuity.
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(5.) All money for the time being in the hands of the National Debt Commissioners on account of Friendly Societies shall be invested by them in the like manner as if they were moneys in their hands on account of savings banks, and all enactments relating to the investment of such last-mentioned moneys shall apply accordingly.
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