|
|
Money paid on account of Purchase of Annuity to be kept distinct, and paid to Account of Commissioners.
|
XII. The said Annuities and Payments on Death herein referred to are hereby made chargeable upon the Consolidated Fund of the United Kingdom, and all Sums of Money from Time to Time paid on account of such Contracts under this Act, or under the Acts hereby repealed, shall be paid into the Bank of England or into the Bank of Ireland to the Account of the Commissioners for the Reduction of the National Debt, under such Regulations as the said Commissioners shall from Time to Time prescribe in that respect; and the Cashiers of the Bank of England or Bank of Ireland are hereby required to receive all such Monies, and to place the same to the Accounts of the said Commissioners to be entitled “The Fund for purchasing Life Annuities or for Payments on Death, on the Account of Depositors in Savings Banks (as the Case may be);” and the said Commissioners shall in like Manner keep distinct and separate Accounts of all Monies so placed to the said Accounts, pursuant to the Provisions of this Act.
|
