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.

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.

Any securities purchased under this section shall be cancelled in such manner as the Treasury think fit.

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