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An Act for reducing the Rate of Interest on the National Debt.
[27th March 1888]
Modifications etc. (not altering text)
C1Preamble omitted under authority of Statute Law Revision Act 1908 (c. 49)
Textual Amendments
F1Ss. 1, 3–10 repealed by Statute Law Revision Act 1908 (c. 49)
(1)The new stock shall consist of a capital stock of perpetual annuities, which shall . . . F2 yield dividends at the rate of two pounds [F350p] per cent. per annum.
(2)The new stock . . . F4 shall be redeemable by Parliament on such notice, at such time or times, and either in one sum or in such sums or proportions, and in such order and manner as Parliament may direct, at the rate of one hundred pounds sterling for every one hundred pounds of the capital sums in respect of which the annuities constituting the stock are payable, together with the payment of all arrears of those annuities, including the proportionate part accrued since the last date for payment of dividends.
(3)The new stock shall form part of the National Debt, and the annuities constituting the same shall be payable by equal quarterly dividends on the fifth day of January, the fifth day of April, the fifth day of July, and the fifth day of October in every year . . . F2
(4)The new stock shall be called . . . F2 two and a half per cent. consolidated stock.
(5)The dividends on the new stock shall be charged on [F5the National Loans Fund with recourse to] the Consolidated Fund of the United Kingdom . . . F6, and the provisions of the M1National Debt Act 1870, shall apply in the same manner, so far as is consistent with this Act, as if the new stock were one of the stocks of perpetual annuities described in the First Schedule to the National Debt Act 1870, . . . F4
Textual Amendments
F2Words repealed by Statute Law Revision Act 1908 (c. 49)
F3Words substituted by virtue of Decimal Currency Act 1969 (c. 19), s. 10(1)
F4Words repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III
F5Words inserted by National Loans Act 1968 (c. 13), Sch. 5
F6Words repealed by Statute Law Revision Act 1959 (c. 68)
Modifications etc. (not altering text)
C2S. 2(2) excluded (26.3.2015) by Finance Act 2015 (c. 11), s. 124(4)(c)(7)
Marginal Citations
Textual Amendments
F7Ss. 1, 3–10 repealed by Statute Law Revision Act 1908 (c. 49)
Textual Amendments
F8Ss. 1, 3–10 repealed by Statute Law Revision Act 1908 (c. 49)
Textual Amendments
F9Ss. 11–13 repealed by Statute Law Revision Act 1964 (c. 79)
Modifications etc. (not altering text)
C3Power to apply, with modifications, provisions of Pt IV (whether repealed or not) conferred by National Loans Act 1968 (c. 13), s. 14(3)
Textual Amendments
F10Ss. 14, 15 repealed by Statute Law Revision Act 1908 (c. 49)
Textual Amendments
F11S. 16 repealed by Savings Banks Act 1929 (c. 27), Sch.
Textual Amendments
F12S. 17 repealed by Statute Law Revision Act 1908 (c. 49)
Textual Amendments
F13S. 18 repealed by Statute Law Revision Act 1950 (c. 6)
Textual Amendments
F14Ss. 19, 25, 27, 28, 32 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III
Textual Amendments
F15Ss. 20–24, 26, 29 repealed by Statute Law Revision Act 1908 (c. 49)
Textual Amendments
F16Ss. 19, 25, 27, 28, 32 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III
Textual Amendments
F17Ss. 20–24, 26, 29 repealed by Statute Law Revision Act 1908 (c. 49)
Textual Amendments
F18Ss. 19, 25, 27, 28, 32 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III
Textual Amendments
F19Ss. 20–24, 26, 29 repealed by Statute Law Revision Act 1908 (c. 49)
Textual Amendments
F20S. 30 repealed by Statute Law Revision Act 1950 (c. 6)
Textual Amendments
F21S. 31 repealed by Bank Act 1892 (c. 48), Sch. Pt. I
Textual Amendments
F22Ss. 19, 25, 27, 28, 32 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III
This Act may be cited as the National Debt (Conversion) Act 1888.