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Part IV.
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National Debt.
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[S. 16 rep. 3 Edw. 7. c. 8 s. 7 (1).]
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Creation of terminable annuities.
46 & 47 Vict. c. 54.
54 & 55 Vict. c. 24.
55 & 56 Vict. c. 26.
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17.—(1) The Treasury may exchange the existing terminable annuities created in pursuance of section four of the National Debt and Local Loans Act, 1887, for new terminable annuities of equivalent capital value and terminating in the year ending on the last day of March, nineteen hundred and twelve.
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(2) The Treasury may convert the sum of fifteen million pounds consolidated stock held by the National Debt Commissioners on account of trustee and post office savings banks into a terminable annuity of equivalent capital value, and terminating in the year ending on the last day of March, nineteen hundred and twenty-three.
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(3) A terminable annuity created under the foregoing provisions of this section shall be periodically adjusted in manner provided by section four of the National Debt Act, 1883, as amended by section three of the Public Accounts and Charges Act, 1891, and for that purpose may be increased or reduced, and the National Debt Act, 1883, as so amended, shall apply for the purpose of the adjustment and the calculation of the equivalent capital value of a terminable annuity created under the foregoing provisions of this section.
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(4) The Treasury may convert the charge for thirteen million pounds created by section one of the National Debt (Conversion of Exchequer Bonds) Act, 1892, into a terminable annuity terminating in the year ending on the thirty-first day of March one thousand nine hundred and twenty-three, of such amount as will be sufficient to repay, within the period of its currency, the said sum of thirteen million pounds, with interest at the rate of two pounds fifteen shillings per cent. per annum, and as from the date of the conversion[1]
the said Act shall be repealed.
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(5) A terminable annuity created under this section shall be charged on the Consolidated Fund or the growing produce thereof, and shall be payable as part of the permanent annual charge for the National Debt yearly, half-yearly, or quarterly, at such times in each year as may be fixed by the warrant creating the annuity.
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[Sub-s. (6) rep. 8 Edw. 7. c. 49 (S.L.R.)].
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[1 This conversion was effected.] |
