National Debt (Supplemental) Act, 1888

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NATIONAL DEBT (SUPPLEMENTAL) ACT 1888

CHAPTER XV.

An Act to make certain Amendments in the Law consequential on the passing of the National Debt (Conversion) Act, 1888.[¹] [28th June 1888.]

Price of Government annuities to be calculated on basis of two and a half per cent. stock.

10 Geo. 4. c. 24.

1. References in the Government Annuities Act, 1829, to bank annuities, or to any class of bank annuities, bearing interest at the rate of three per cent. per annum shall, with espect to any annuities for lives or for terms of years granted under that Act after the passing of this Act, be construed as references to [² bank annuities bearing interest at the rate of two and a half per cent. per annum].

Government annuities to be paid quarterly.

33 & 34 Vict. c. 71.

10 Geo. 4. c. 24.

10 Geo. 4. c. 24.

36 & 37 Vict. c. 44.

2.—(1) All annuities for lives or for terms of years granted under the Government Annuities Act, 1829, after the passing of this Act, shall be payable quarterly on the fifth of January, the fifth of April, the fifth of July, and the fifth of October in each year.

(2) The first quarterly payments of such annuities shall be made as follows, namely,—

(a) In respect of any purchase completed by transfer of stock or payment of money between the closing of the stock transfer books of the Bank of England under section twenty-five of the National Debt Act, 1870, in the month of December and the last day of February—on the fifth of April next following the date of purchase;

(b) In respect of any purchase so completed between such closing in the month of March and the last day of May—on the fifth of July next following the date of purchase;

(c) In respect of any purchase so completed between such closing in the month of June and the last day of August—on the fifth of October next following the date of purchase; and

(d) In respect of any purchase so completed between such closing in the month of September and the last day of November—on the fifth of January next following the date of purchase.

(3) On the death of a single nominee, or of the survivor of two joint nominees in respect of any life annuity, or on the death of either of two joint nominees where the annuity depends on the joint continuance of the lives of the two joint nominees, a sum equal to one-fourth part of the annuity depending on the life of the single or surviving nominee or the two joint nominees, over and above all quarterly arrears thereof respectively, shall, if claimed within two years after the death of the single or surviving nominee, or of either of the two joint nominees, but not otherwise, be payable to the person entitled to the annuity, or to his executors, administrators, or assigns, as the case may be, at any time after the expiration of thirty days after proof of the death.

(4) Provided that the fourth part of any expired life annuity payable under the Government Annuities Act, 1829, as amended by this Act, shall not be payable in respect of any deferred or reversionary life annuity, unless one quarterly payment of the deferred life annuity has been paid or become due at the time of the death of the nominee.

(5) Notwithstanding anything in section thirty-one of the Government Annuities Act, 1829, a life annuity granted under that Act after the passing of this Act shall not be added to or consolidated with a life annuity so granted before the passing of this Act, but a power of attorney for the time being in force with respect to any annuity so granted before the passing of this Act shall be in force with respect to any annuity so granted after the passing of this Act, and depending on the life of the same nominee, and standing in the same name or names in the books of the Commissioners for the Reduction of the National Debt.

(6) In section sixteen of the Government Annuities Act, 1829, the word “fourpence” shall be substituted for the word “sixpence” and the words “nor any fractional part less than one pound of such bank annuities” shall be repealed.

(7) Sections twenty-two and twenty-three of the Government Annuities Act, 1829, and section three of the Government Annuities Act, 1873, shall be repealed as to any annuity granted under the former Act after the passing of this Act.

[S. 3 rep. 8 Edw. 7. c. 49 (S.L.R.).]

“Perpetual annuities” in 46 & 47 Vict. c. 54 explained.

4. The expression “perpetual annuities” in the National Debt Act, 1883, shall include the new stock created under the National Debt (Conversion) Act, 1888.

Reduction of interest in the case of trustee savings banks.

5. All receipts issued to the trustees of trustee savings banks by the Commissioners for the Reduction of the National Debt in respect of money paid into the Banks of England or Ireland by such trustees, shall carry interest at the rate of two pounds fifteen shillings per centum per annum, and the interest payable to depositors by the trustees of any trustee savings banks shall not exceed the rate of two pounds ten shillings per centum per annum. . . . .

[S. 6 rep. 59 & 60 Vict. c. 25, s. 107. S. 7 rep. 8 Edw. 7. c. 49 (S.L.R.).]

Application of 51 Vict. c. 2, s. 27, to Scotch trusts.

47 & 48 Vict. c. 63.

8. Section twenty-seven of the National Debt (Conversion) Act, 1888, shall, in its application to Scotland, be construed as authorising trustees to invest in any of the securities in which trustees may without the approval of the Court of Session invest under the Trusts (Scotland) Amendment Act, 1884.

Short title.

9. This Act may be cited as the National Debt (Supplemental) Act, 1888.

[¹ Short title, “The National Debt (Supplemental) Act, 1888.” See s. 9.]

[² As from the 1st September 1903 for the words in brackets read “two and a half per cent. Consolidated Stock within the meaning of the National Debt (Conversion) Act, 1888.” See 3 Edw. 7. c. 46, s. 15.]