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(1) The Treasury shall give to the National Debt Commissioners Local Loans stock in exchange for securities held by the said Commissioners on account of trustee savings banks or post office savings banks to an aggregate capital value equivalent to the nominal amount of such Local Loans stock; and the amount of Local Loans stock so given in exchange shall be such nominal amount not exceeding in the whole thirty-seven million two hundred thousand pounds, as may be determined by the Treasury at the time of the exchange to be the amount outstanding in respect of sums issued for Local Loans, and not repaid or written off:
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(2) The National Debt Commissioners shall hold the Local Loans stock given to them in exchange, for the same purposes, and subject to the same provisions, for and subject to which they held the securities received from them in exchange.
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