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Power to raise money for redemption of dissentient stock holders.
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12.—(1) The Treasury may from time to time raise any sums required for paying off such holders of new three per cent. stock as dissent from the conversion thereof either by the creation of new stock as aforesaid, or by the issue of Exchequer bonds, or Exchequer bills or Treasury bills, or by otherwise borrowing the same (for a period not exceeding twelve months) from such persons as may be willing to lend the same on the credit of the charge created by this Act on the Consolidated Fund, or by all such means, and the sums so raised shall be paid into the Exchequer, and form part of the Consolidated Fund.
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(2) The principal money borrowed in pursuance of this section, otherwise than by the creation of new stock, and all interest from time to time due thereon (not exceeding the rate of five per cent. per annum), shall be charged on and be payable out of the Consolidated Fund, or the growing produce thereof, at such times in each year as may be fixed by the Treasury.
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(3) In the event of its being considered by the Treasury expedient to substitute new stock for any Exchequer bonds, Exchequer bills, or Treasury bills issued, or for money otherwise borrowed under this Act, the Treasury may from time to time by warrant addressed to the Bank direct the creation of new stock for that purpose.
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