PART IIINational Debt and Miscellaneous
23Amendment of 36 & 37 Vict. c.57 so far as regards permanent charges on the Consolidated Fund payable to ecclesiastical corporations
Whereas by the Consolidated Fund (Permanent Charges Redemption) Act, 1873, the Treasury are authorised as regards certain annuities as defined by that Act which are charged on the Consolidated Fund or moneys provided by Parliament to contract for their redemption by payment of a capital sum out of moneys provided by Parliament not exceeding the sum therein mentioned ; and in the case of any annuity payable to an ecclesiastical corporation, the contract for such redemption is made subject to the consent of the Ecclesiastical Commissioners for England, and the money for such redemption is to be paid to those Commissioners to be applied under their direction for the benefit of the person entitled thereto.
And whereas any such contract may provide for the said redemption by the transfer of Government securities as therein defined instead of by the payment of a sum of money.
And whereas it is expedient to extend the powers of the said Act as regards the redemption of annuities payable to ecclesiastical corporations in England :
Be it therefore enacted as follows :—
(1)
The Treasury may, in pursuance of the Consolidated Fund (Permanent Charges Redemption) Act, 1873, contract from time to time with the Ecclesiastical Commissioners for England for the redemption of all or any of the annuities redeemable under that Act which are payable to ecclesiastical corporations in England ; and on payment of the money or transfer of the securities to the Ecclesiastical Commissioners in pursuance of any such contract, the annuities to which the contract refers shall cease to be charged on and payable out of the Consolidated Fund or moneys provided by Parliament, and shall be payable by the Ecclesiastical Commissioners for England, so however that any proportionate part of any such annuity which may be due up to the time of such payment or transfer shall be paid by the Treasury to the person entitled thereto.
(2)
The Treasury may from time to time borrow from the National Debt Commissioners, and those Commissioners may lend out of the funds in their hands on account of Trustee and Post Office Savings Banks, such capital sum or such Government securities as may be necessary for the purpose of carrying into effect any contract with the Ecclesiastical Commissioners under this section.
(3)
For the purpose of repaying any such loan the Treasury may by warrant under their hands create, and direct the Governor and Company of the Bank of England to inscribe in their books for the National Debt Commissioners, a terminable annuity for a period of ten years from the date of the loan, to be calculated with interest at the rate of not less than three and a half per cent. per annum.
(4)
Sections four, five, six, and seven of the M1Savings Bank Investment Act, 1869, shall apply to every such terminable annuity in like manner as they apply to the terminable annuities created in pursuance of that Act for the National Debt Commissioners.