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Finance Act 1921
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Part VU.K. National Debt
45 Sinking fund with respect to Conversion Loan.U.K.
(1)For the purpose of establishing a sinking fund in connection with the three and one-half per cent. Conversion Loan redeemable in nineteen hundred and sixty-one, the Treasury shall issue out of [F1the National Loans Fund, with recourse to] the Consolidated Fund . . . F2 as soon as may be after the close of every half-year (commencing with the half-year ending on the first day of April, nineteen hundred and twenty-two) during which the average daily price of the loan, as certified by the Bank of England, has been below ninety pounds per cent., a sum equal to not less than one per cent. of the amount of the loan outstanding at the close of that half-year.
(2)Sums issued . . . F3 under this section shall be applied during the half-year in which they are issued in the purchase for cancellation of any securities forming part of the said loan.
(3)Any securities purchased under this section shall be cancelled in such manner as the Treasury think fit.
Textual Amendments
F1Words inserted by National Loans Act 1968 (c. 13), Sch. 5
F2Words repealed by Statute Law Revision Act 1963 (c. 30)
F3Words repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt. I
46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4U.K.
Textual Amendments
F4S. 46 repealed by Statute Law Revision Act 1950 (c. 6)
47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5U.K.
Textual Amendments
F5S. 47 repealed by National Loans Act 1939 (c. 117), Sch. 3
48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6U.K.
Textual Amendments
F6S. 48 repealed by Finance Act 1942 (c. 21), Sch. 11 Pt. III
49
(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8
Textual Amendments
F7S. 49(1) repealed by Finance Act 1949 (c. 47), Sch. 11 Pt. VII
F950. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F9Ss. 50, 51 repealedby Finance Act 1989 (c. 26, SIF 99:3), s. 187(1), Sch. 17 Pt. XII and expressed to be repealed (20.7.1998) by S.I. 1998/1446, art. 30(2), Sch. 2 Pt. I
F1051. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F10Ss. 50, 51 repealedby Finance Act 1989 (c. 26, SIF 99:3), s. 187(1), Sch. 17 Pt. XII and expressed to be repealed (20.7.1998) by S.I. 1998/1446, art. 30(2), Sch. 2 Pt. I
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