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From and after 20th November 1844, the interest payable to trustees of savings banks shall be at the rate of 3l. 5s. per cent.
Principal and interest to be chargeable on any monies standing in names of national debt commissioners.
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[1.] On the twentieth day of November one thousand eight hundred and forty-four the interest payable on the receipts issued to the trustees of savings banks by the commissioners for the reduction of the national debt shall cease, and [Rep. 54 & 55 Vict. c. 67. (S.L.R.)] from and after the said twentieth day of November all receipts issued prior to that day shall carry interest at the rate of three pounds five shillings per centum per annum; and upon the payment of any sum or sums of money into the banks of England or Ireland, to the account of the said commissioners, by the trustees of any savings bank, it shall be lawful for the officer or officers of the said commissioners in that behalf, and he and they is and are hereby authorized and empowered, to issue, upon every such payment being made, a receipt, signed by one of the cashiers of the banks, of England or Ireland respectively, for the amount of such payment, carrying interest at the rate of three pounds five shillings per centum per annum from the day of such payment inclusive, payable, with the principal, at the banks of England or Ireland respectively, whenever the same shall be required or drawn for in manner directed by the said recited Act; and such receipt shall be dated on the day on which the payment of any such sum or sums of money shall be made respectively; and every such receipt shall be in such form as shall be from time to time directed by the said commissioners; and the principal and interest of all sums mentioned in any receipt shall be charged and chargeable upon, and the same are hereby charged and made payable out of, all or any monies standing in any account in the names of the said commissioners or out of any monies produced by the sale of any stock or annuities, funds, or Exchequer bills, standing in their names in the books of the banks of England or Ireland respectively, as the said commissioners shall from time to time direct: Provided always, that no fractional part less than one penny shall be allowed or paid as interest upon the principal sum contained in any receipt issued under the provisions of this Act.
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