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Exchange of sets of annuities terminating in 1889, 1894, and 1899, for longer terminable annuities.
46 & 47 Vict. c. 54.
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4.—(1) The Treasury may exchange the existing sets of terminable annuities created in pursuance of section two of the National Debt Act, 1883, for such new terminable annuities, for a period not exceeding fifteen years from the commencement of this Act,[1]
as may be of equivalent capital value.
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(2) Such new terminable annuities 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 them.
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(3) An annuity created under this section shall be periodically adjusted in manner provided by section four of the National Debt Act, 1883, and for that purpose may be increased or reduced, and the National Debt Act, 1883, shall apply for the purpose of the adjustment of a terminable annuity created under this section.
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