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Alteration of Imperial and Naval Defence Acts.
51 & 52 Vict. c. 32.
52 & 53 Vict. c. 8.
56 & 57 Vict. c. 45.
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41. —(1) All dividends or other moneys received by the Treasury after the first day of July one thousand eight hundred and ninety-four in respect of [1]
Suez Canal shares shall be paid into the Exchequer.
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(2) The sum by which the aggregate payments made to the Naval Defence Account under section two of the Naval Defence Act, 1889, before the thirty-first day of March one thousand eight hundred and ninety-four, exceed the authorised expenditure of ten million pounds, or any less sum which on the completion of the contract vessels has been actually expended on those vessels, shall be paid from that account into the Exchequer, and the instalments payable to the said account under the said section shall cease after the said day to be payable.
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(3)—(a) The old sinking fund and the new sinking fund may, notwithstanding anything in the Imperial Defence Act, 1888, and the Naval Defence Acts, 1889 and 1893, and in addition to any other mode of application, be applied in paying off all or any part of the loan of two million six hundred thousand pounds borrowed under Part II. of the Imperial Defence Act, 1888 (in this Act referred to as the Imperial Defence Loan), and of the loan of three million one hundred and forty-six thousand pounds borrowed under the Naval Defence Act, 1889 (in this Act referred to as the Naval Defence Loan);
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(b) The interest on the Imperial Defence Loan and the Naval Defence Loan, or on such part thereof as is for the time being outstanding, shall, so far as it would, but for this section, come into course of payment out of the moneys provided by Parliament for army services or naval services, be paid out of the permanent annual charge for the National Debt, and the Treasury shall, so far as regards any payments already made, make such adjustments as appear to them necessary for carrying into effect this section.
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(4) Nothing in this section, nor any repeal by this section, shall affect the charge on the Consolidated Fund of any loan, so far as the same is required for the purpose of repaying the principal or interest of such loan to the holder of the security for the same.
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[Sub-s. (5) (repeal of enactments) rep. 8 Edw. 7. c. 49 (S.L.R.).]
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Short Title.
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[1 As to shares drawn for repayment, see 61 & 62 Vict. c. 10. s. 15.] |
