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National Loans Act 1939 (c.117)

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National Loans Act 1939 (c.117)

1939 CHAPTER 117 2 and 3 Geo 6

An Act to confer on the Treasury powers to raise money and exchange securities, and for purposes connected therewith.

[16th November 1939]

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Modifications etc. (not altering text)

1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1E+W+S+N.I.

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Amendments (Textual)

2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2E+W+S+N.I.

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Amendments (Textual)

3 General provisions as to securities.E+W+S+N.I.

(1)Securities issued under this Act shall bear such rate of interest, and be subject to such conditions as to repayment, redemption and other matters (including provision for a sinking fund), as the Treasury may determine.

(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(3)The principal of and interest on any securities issued under this Act, and any sums required to be set aside for the purpose of any sinking fund established under this Act, and any expenses incurred in connection with the raising of money or the issue or redemption of securities under this Act, shall be charged on and issued out of [F4the National Loans Fund, with recourse to] the Consolidated Fund.

(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6

(6)The provisions of the Second Schedule to this Act shall have effect with respect to any securities issued under this Act.

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Amendments (Textual)

4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7E+W+S+N.I.

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Amendments (Textual)

F7S. 4 repealed by National Loans Act 1968 (c. 13), s. 13(5), Sch. 6 Pt. I, but not so as to invalidate anything done before 1.4.1968

5X1†Short title, construction, extent and repeals.E+W+S+N.I.

(1)This Act may be cited as the National Loans Act 1939.

(2)Any reference in this Act to any other enactment shall be construed, unless the context otherwise requires, as a reference to that enactment as amended by any subsequent enactment.

(3)It is hereby declared that this Act extends to Northern Ireland.

(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8

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Editorial Information

X1Unreliable marginal note.

Amendments (Textual)

SCHEDULES

F9F9FIRST SCHEDULEE+W+S+N.I.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

Section 3.

SECOND SCHEDULEE+W+S+N.I. Application of certain enactments to securities issued under this Act

[F101Stock or registered bonds issued under this Act shall be subject to the provisions of the M1National Debt Act 1870 so far as is consistent with the tenor of this Act.]E+W+S+N.I.

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Marginal Citations

2Part VII of the M2National Debt Act 1870 (which relates to unclaimed dividends), shall have effect as if capital sums secured on bearer bonds issued under this Act were stock within the meaning of the said Part VII and as if the bonds and coupons attached thereto were respectively stock certificates and coupons issued under the National Debt Act 1870.E+W+S+N.I.

For the purposes of this paragraph a bond shall be deemed to have been issued if it has been made out and paid for, notwithstanding that it has not been taken up by the person entitled thereto.

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3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11E+W+S+N.I.

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Amendments (Textual)

4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12E+W+S+N.I.

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Amendments (Textual)

[F135The definitions of “Government stock” in the following enactments, namely—E+W+S+N.I.

(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14

(b)section fifty-one of the M3Finance Act 1921; and

(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15

shall be amended so as to include securities issued under this Act; F16. . .]

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Amendments (Textual)

F13Sch. 2 para. 5 repealed (5.11.1993 with effect so far as relating to stock registered in the National Savings Stock Register, on the coming in force of the first regulations made by virtue of s. 3(1)(bb) of the National Debt Act 1972 (c. 65)), by 1993 c. 50, ss. 1(1), 4(2), Sch. 1, Pt. IX

Modifications etc. (not altering text)

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F17F17THIRD SCHEDULEE+W+S+N.I.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

Yn ôl i’r brig

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