Finance Act, 1921

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Amendment of Part VII. of 33 & 34 Vict. c. 71

49.—(1) Section fifty-four of the National Debt Act, 1870 (which provides that dividends accruing on Government stock transferred to the National Debt Commissioners under Part VII. of that Act shall be invested by them in the purchase of other like stock), shall have effect as if the words “in the purchase of such Gover-”ment stock as the Treasury may from time to time “direct” were therein substituted for the words “in the “purchase of other like stock.”

(2) Section sixty-one of the National Debt Act, 1870 (which makes provision for the payment of unclaimed dividends to the National Debt Commissioners), shall have effect as though for the first paragraph thereof there were substituted the following paragraph:—

“Where any dividend accrued due on any sum of stock is not claimed within such period as the Treasury may prescribe, not being less than twelve months or more than five years from the date on which the divident accrued due, the dividend so unclaimed shall be paid to the National Debt Commissioners.”