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Finance Act 1963

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This is the original version (as it was originally enacted).

72Redemption of guaranteed land stock

(1)The whole of the stock created under the Purchase of Land (Ireland) Act 1891 (which authorised the making of advances under the Land Purchase Acts by means of the issue of stock) shall be redeemed on such date as the Treasury may fix by notice published in the London and Belfast Gazettes, and in such other manner as the Treasury may think appropriate, not less than three months before that date and, subject to section 2(2) of the National Debt (Conversion) Act 1888 as applied by section 1(2) of the said Act of 1891, and subject to Schedule 3 to the Finance Act 1921 (which contains general provisions relating to the redemption of Government stock), the manner in which the redemption is carried out shall be such as may be determined by the notice.

(2)The sums required to be applied in redeeming the stock shall be met out of the funds (including the net proceeds of the sale of investments) standing to the credit of the Sinking Fund established under section 1(2) of the said Act of 1891.

(3)Any part of the funds standing to the credit of the said Sinking Fund not applied in redeeming the stock shall be paid into the Exchequer and the said Sinking Fund shall be wound up.

(4)All liabilities shall be extinguished in respect of any instalment of any annuity for the repayment of an advance made by the issue of stock redeemed under this section, being an instalment which would, but for the provisions of this subsection, fall due on or after the date fixed by the Treasury under this section ; and subsections (2) and (3) of section 26 of the Government of Ireland Act 1920 (under which sums are payable out of the Exchequer of the United Kingdom the amounts of which depend on the amounts of the purchase annuities which are payable annually, or which would be so payable if they had not been redeemed) shall have effect accordingly.

(5)The National Debt Commissioners shall prepare an account in such form as the Treasury may determine showing the sums applied in redeeming stock under this section and the disposition of the funds standing to the credit of the said Sinking Fund, and shall send the account to the Comptroller and Auditor General not later than six months after the date fixed by the Treasury under this section; and the Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it, together with his report, before each House of Parliament.

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