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Part IV.
National Debt.
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Repayment of money raised under the Supplemental War Loan Acts of 1900.
63 & 64 Vict. c. 61.
64 Vict. c. 1.
29 & 30 Vict. c. 25.
38 & 39 Vict. c. 45.
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7.—(1) Any sums required for paying off any Exchequer bonds issued under the Supplemental War Loan Acts of 1900, and falling due in December nineteen hundred and five, may, up to an amount not exceeding ten million pounds, be raised by means of the issue of Exchequer bonds, which shall be paid off in ten years from the date of issue, at the rate of one-tenth part of the total issue in each year.
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(2) The bonds to be redeemed shall be drawn in each year in accordance with regulations made by the Treasury, and the bonds so drawn in any year shall be redeemed on the eighteenth day of April in that year, by the application for the purpose of the requisite part of the new sinking fund of the previous financial year, at the rate of one hundred pounds sterling for every one hundred pounds of the bond.
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(3) Exchequer bonds issued under this section shall, notwithstanding anything in section twenty-six of the Exchequer Bills and Bonds Act, 1866, be made out and issued with coupons for the interest becoming due thereon for a term of ten years from the date thereof.
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(4) The amount of the permanent annual charge for the National Debt, under section one of the Sinking Fund Act, 1875, during the current and every subsequent financial year, shall be the sum of twenty-eight, instead of twenty-seven, million pounds.
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(5) Any sums required for defraying any expenses incurred in connexion with raising or paying off any money raised under this section, and the principal of and interest on any Exchequer bonds issued under this section, shall be charged on, and be payable out of, the Consolidated Fund of the United Kingdom or the growing produce thereof, and, as to the interest, shall be paid as part of the permanent annual charge for the National Debt.
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