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Advance of money by National Debt Commissioners for payment of commutation under 41 & 42 Vict. c. 63.
38 & 39 Vict. c. 45.
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22. [Recital.]
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(1.) The National Debt Commissioners may, on the request of the Treasury, advance out of any funds for the time being in their hands on account of savings banks any capital sum to be paid by the Treasury in pursuance of the Prison (Officers Superannuation) Act, 1878.
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(2.) Any amount advanced by the National Debt Commissioners in pursuance of this section shall be repaid to them by means of a terminable annuity for a period of ten years, to be calculated with interest at the rate of not less than three and a half per cent. per annum, and such annuity shall be paid out of moneys provided by Parliament.
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(3.) If at any time it appears desirable to the Treasury and to the said Commissioners that a portion of any such advance should be repaid immediately out of the Consolidated Fund, the Treasury may charge on and issue to the said Commissioners out of the Consolidated Fund or the growing produce thereof the said portion, and the annuity shall be reduced by an amount equivalent to the portion of the advance so repaid.
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(4.) All capital sums paid to the Treasury by a local authority in pursuance of the Prison (Officers Superannuation) Act, 1878, shall be paid to the National Debt Commissioners and shall be applied by them in like manner as is directed with respect to the old sinking fund by section five of the Sinking Fund Act, 1875.
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(5.) The amount of any annuity payable to the National Debt Commissioners in pursuance of this section, and the portion of any advance which is to be repaid immediately out of the Consolidated Fund to the National Debt Commissioners, and the amount by which any annuity is to be reduced in consequence of such repayment shall be certified under the hands of the Controller General or Assistant Controller and the Actuary of the National Debt Office.
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