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NATIONAL DEBT ACT 1881
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CHAPTER LV.
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An Act to make further provision respecting the National Debt and the Investment of Moneys in the hands of the National Debt Commissioners on account of Savings Banks and otherwise. [22nd August 1881.]
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[Preamble.]
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Short title.
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1. This Act may be cited as the National Debt Act, 1881.
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Conversion of Exchequer bonds into permanent annuities with sinking fund.
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2. (1.) The Treasury may pay off any Exchequer bonds held at the passing of this Act by the National Debt Commissioners on account of Trustee and Post Office Savings Banks, not exceeding in the whole seven million seven hundred and fifty thousand pounds by the creation as from the day on which each such bond falls due, of perpetual annuities of equivalent capital value, and the day on which each such bond falls due shall be for the purposes of this Act the date of the creation of such annuities.
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. . . . . . . .
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(3.) The perpetual annuities created under this section shall be charged on the Consolidated Fund
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Supplemental provisions as to creation of annuities.
33 & 34 Vict. c. 71.
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3. . . . . . . .
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(4.) The perpetual annuities created in pursuance of this Act shall be consolidated with other perpetual annuities of the same description and payable at the same date, and shall be transferable in the books of the Bank of England in like manner as the annuities with which they are consolidated, and shall be subject to the enactments relating to those annuities so far as is consistent with the tenour of those enactments; but nothing in this section shall make section sixty-nine of the National Debt Act, 1870, apply to any annuities created in pursuance of this Act.
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[S. 4 rep. 50 & 51 Vict. c. 16. s. 20.]
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Declaration as to 43 & 44 Vict. c. 36. s. 1.
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5. Whereas in pursuance of the Savings Banks Act, 1880, a terminable annuity is directed to be inscribed in the books of the Bank of England for the National Debt Commissioners on account of trustee savings banks, for the purpose of paying off the deficiency therein mentioned, and doubts have arisen with respect to the interest on securities in which such annuity is to be invested, and it is expedient to remove such doubts: Be it therefore enacted that—
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During the currency of the said annuity, the interest arising from any securities in which the money received in respect of the said annuity, or of any investment of the said annuity is invested, shall for the purpose of the annual account required to be made up by the National Debt Commissioners of the interest arising from securities in their hands be treated as capital and not as interest.
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Definitions.
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6. In this Act, unless the context otherwise requires—
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The expression “perpetual annuities” means three and a half per cent. bank annuities, three per cent. consolidated bank annuities, three per cent, reduced bank annuities, new three per cent. bank annuities, or two and a half per cent. bank annuities.
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