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Repayment by terminable annuity of deficit on trustee savings bank account.
26 & 27 Vict. c. 25.
40 & 41 Vict. s. 13.
26 & 27 Vict. c. 25.
32 & 33 Vict. c. 59.
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1. Whereas in pursuance of the Savings Bank Investment Act, 1863, the National Debt Commissioners annually prepare a balance sheet showing the assets and liabilities of the Commissioners in respect of trustee savings banks on the previous twentieth day of November, and the said balance sheet has annually shown a deficiency of the said assets to meet the liabilities, and such deficiency has in pursuance of the said Act been declared by the Treasury to be a charge on the Consolidated Fund of the United Kingdom:
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26 & 27 Vict. c. 25.
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And whereas in the said balance sheet the securities forming part of the assets have in pursuance of the said Act been valued at the price which the like securities bore on the said day in the public market, and by reason of the adoption of that mode of valuation and the variation in the price of securities the deficiency has in some years appeared to have diminished, whereas if the securities had in every year been valued at the same price such diminution would not have appeared:
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And whereas in pursuance of section seventeen of the Customs, Inland Revenue, and Savings Banks Act, 1877, the National Debt Commissioners annually make out an account with respect to the year ending on the previous twentieth day of November, showing on the one side the interest accrued on the above-mentioned assets, and showing on the other side the interest paid and credited to the trustees of trustee savings banks, and the interest accrued is annually insufficient to meet the interest paid and credited, and such deficiency has been paid out of moneys provided by Parliament:
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And whereas it is expedient to make further provision respecting the above-mentioned balance sheet and deficiencies: Be it therefore enacted as follows:
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(1.) In every balance sheet of the assets and liabilities of the National Debt Commissioners in respect of trustee savings banks prepared in pursuance of the Savings Bank Investment Act, 1863, the assets besides being valued in manner directed by the said Act shall also be valued as follows; that is to say,
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The Government stock shall be valued at such sum as would, if invested to yield [2
three and a quarter per centum per annum] produce the same income as the said stock;
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The terminable annuities shall be valued at the total amount of the future payments after deducting discount at the rate of [1
three and a quarter per centum per annum]; and
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The residue of the assets shall be valued at par.
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The sum by which the assets, valued as directed by this Act, in the balance sheet prepared for the year ending on the twentieth day of November one thousand eight hundred and eighty are insufficient to meet the liabilities of the National Debt Commissioners in respect of trustee savings banks on that day is in this Act referred to as the capital deficiency. There shall be added to the said capital deficiency the sum (if any) by which during the year ending on the last-mentioned day the interest accrued from the assets of the National Debt Commissioners in respect of trustee savings banks was insufficient to meet the interest paid and credited to the trustees of the trustee savings banks.
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For the purpose of paying to the National Debt Commissioners the total deficiency so ascertained, the Treasury shall, by warrant under their hands, create and direct the Bank of England to inscribe in their books for the National Debt Commissioners on the trustee savings banks account a terminable annuity for such number of years, not exceeding twenty-eight, computed from the first day of April one thousand eight hundred and eighty-one, as the Treasury think expedient, of such an amount as will pay off the said total deficiency if the interest is calculated at the rate of [1
three and a quarter per centum per annum.]
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The said annuity shall be charged upon the Consolidated Fund.
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Sections four, five, six, and seven of the Savings Bank Investment Act, 1869, shall apply to such terminable annuity in like manner as they apply to the terminable annuities created in pursuance of that Act for the National Debt Commissioners on account of savings banks.
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[S. 2 rep. 51 Vict. c. 15. s. 5.]
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[2 The words “two and three quarters per cent, per annum or such other rate of interest as may from time to time be paid by the National Debt Commissioners under authority of Parliament to the Trustees of Trustee Savings Banks” are substituted by 54 & 55 Vict. c. 21. s. 14.]
[1 The words “two and three quarters per cent, per annum or such other rate of interest as may from time to time be paid by the National Debt Commissioners under authority of Parliament to the Trustees of Trustee Savings Banks” are substituted by 54 & 55 Vict. c. 21. s. 14.]
[1 The words “two and three quarters per cent, per annum or such other rate of interest as may from time to time be paid by the National Debt Commissioners under authority of Parliament to the Trustees of Trustee Savings Banks” are substituted by 54 & 55 Vict. c. 21. s. 14.] |
