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

F950. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1051. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .