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National Loans Act 1968

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Changes over time for: Section 16

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Version Superseded: 05/11/1993

Status:

Point in time view as at 01/02/1991. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the National Loans Act 1968, Section 16. Help about Changes to Legislation

16 Supplemental provisions as to national debt.U.K.

(1)Subject to subsection (2) below, the definitions of “government stock” in—

(a)section 51 of the M1Finance Act 1921,

F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

shall include securities issued under this Act, other than national savings certificates, premium savings bonds, national savings stamps and national savings gift tokens, and in section 43(2) of the M2Finance Act 1956 (enactments relating to lotteries: saving for premium bonds under the M3National Loans Act 1939) the reference to the said Act of 1939 shall include a reference to this Act.

(2)The Treasury may by order in a statutory instrument, subject to annulment in pursuance of a resolution of the House of Commons, exclude from . . . F2 the said definitions of “government stock” any description of securities issued under this Act.

(3)Stock or registered bonds issued under this Act, other than premium savings bonds, shall be included in Part I of Schedule 11 to the M4Finance Act 1942 (transfer and registration of government stock).

(4)Stock or registered bonds issued under this Act shall be subject to the provisions of the M5National Debt Act 1870 so far as is consistent with the tenor of this Act.

F3(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)There shall be paid out to the Banks of England and Ireland, . . . F5, such sums in respect of the management [F6in any period] of any Government securities as may be agreed upon between the Treasury on the one hand and the Bank of England, the Bank of Ireland . . . F5 respectively on the other hand.

In this subsection “Government securities” means securities of Her Majesty’s Government in the United Kingdom and securities issued under—

  • F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .,

  • the M6Irish Land Act 1903,

  • the M7Irish Land Act 1909,

  • the M8Northern Ireland Land Act 1925.

F8(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(9)Sums payable under subsection (7) above shall be met out of the National Loans Fund with recourse to the Consolidated Fund, except that—

F9(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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