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SAVINGS BANK INVESTMENT ACT 1863
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CHAPTER XXV.
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An Act to make further Provision for the Investment of the Monies received by the Commissioners for the Reduction of the National Debt from the Trustees of Savings Banks established under the Enactments of the Act Ninth George the Fourth, Chapter Ninety-two.[1]
[8th June 1863.]
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[Preamble.]
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[S. 1 (providing that sums amounting to 24,000,000l. capital stocks of Annuities standing in the books of the Bank of England to the credit of the National Debt Commissioners shall be cancelled, and a charge on the Consolidated. Fund created in lieu thereof,) and s. 2 (empowering the Treasury to cancel an additional amount of stock not exceeding 5,000,000l., and create equivalent terminable Annuities in lieu thereof, expiring 5th April 1885) rep. 32 & 33 Vict. c. 59. s. 8.]
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Commissioners may invest interest and other monies received by them on account of savings banks.
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3. The Commissioners for the Reduction of the National Debt, after reserving thereout from time to time such sums as they shall think fit, shall, under such regulations as the said Commissioners shall direct, invest the interest payable to them on account of the securities created under this Act, and the dividends and interest on all other securities held by them for savings banks, and all monies remitted to them on account of savings banks, in the purchase of parliamentary securities, of whatsoever kind, created or issued or which may hereafter be created or issued under the authority of any Act or Acts of Parliament, and directly chargeable on the Consolidated Fund of the United Kingdom, or in any stock or debentures or other securities the due payment of the interest on which is expressly guaranteed by authority of Parliament.
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[S. 4 rep. 32 & 33 Vict. c. 59. s. 8.]
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One half of securities to be parliamentary stocks, &c.
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5. At least one half of the whole amount of securities held by the Commissioners for the Reduction of the National Debt for savings banks, exclusive of and in addition to the amount of the charge upon the Consolidated Fund for savings banks created under section one of this Act, shall be in parliamentary stocks of annuities, or in Exchequer bills or bonds, or other securities the interest of which is chargeable upon the Consolidated Fund; and if it shall appear on the twentieth day of November in any one year that the amount of all such securities held by the said Commissioners for savings banks shall be less than one half of the whole of the securities so held by them, it shall not then be lawful for the said Commissioners to make the investments in any other securities authorized by this Act until the amount of such first-named securities shall be raised by further investments to the full amount of not less than one half of the whole securities held by the said Commissioners, exclusive of the said charge upon the Consolidated Fund under section one.
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Accounts to be made up annually to 20th November.
9 Geo. 4. c. 92.
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6. A balance sheet shall be prepared by the Commissioners for the Reduction of the National Debt, as soon as may be after the twentieth day of November in every year, in which shall be set forth the assets and liabilities of the said Commissioners in respect of savings banks established under the Act of the ninth of George the Fourth, chapter ninety-two, to the credit of which shall be placed the amount of the said charge upon the Consolidated Fund for twenty-four millions, and of all other monies and securities, of whatsoever kind, held by the said Commissioners on account of such savings banks on the said twentieth day of November, valuing such securities respectively at the price which securities of like kind shall bear on that day in the public market, and to the debit of which account shall be carried the total amount due by the said Commissioners to the trustees of savings banks on account of the remittances made by them for investment ; and a copy of such balance sheet shall be laid before both Houses of Parliament not later than the thirty-first day of March then next following.
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Deficiency to be a charge on the Consolidated Fund.
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7. If it shall appear upon such balance sheet that the amount at the credit of the said accounts is insufficient to meet the liabilities as therein set forth, and the Commissioners of Her Majesty's Treasury shall be satisfied thereof, the said Commissioners shall, by warrant under their hands, declare the amount of such deficiency to be a charge on the Consolidated Fund of the United Kingdom, subject to the legal claims of the trustees of savings banks on account of the sums remitted to the Commissioners for the Reduction of the National Debt for investment.
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Powers of investment to continue in force.
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8. The several powers and authorities which now are or may hereafter be vested by law in the said Commissioners for the Reduction of the National Debt in respect to the funds of savings banks, except in so far as the powers now vested in the said Commissioners are varied by this Act, shall be held to continue vested in the said Commissioners.
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[1 Short title, “The Savings Bank Investment Act, 1863.” See 55 & 56 Vict. c. 10.] |
