Land Bond Act, 1925
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British guarantee of Land Bonds. |
2.—(1) In the event of any sum being issued out of the British Consolidated Fund or the growing produce thereof for fulfilling any guarantee given by the British Treasury for the payment of the principal and interest on any Land Bonds created for the purposes of the Principal Act, there shall be charged on and payable out of the Central Fund or the growing produce thereof immediately after the charge created by sub-section (4) of section 1 of the Principal Act as amended by this Act, an amount sufficient to repay to the British Treasury any sum so issued as aforesaid together with interest thereon from the date of such issue at such rate as may be agreed between the Minister for Finance and the British Treasury or in default of such agreement at the rate of five per cent. per annum. | |
(2) All sums issued out of the Central Fund pursuant to the charge created by the foregoing sub-section shall be made good to that Fund out of the Guarantee Fund. |