Part V National Debt
45 Sinking fund with respect to Conversion Loan.
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.
46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4
47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5
48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6
49
1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7
2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8