National Debt Reduction Act 1823

VI Capital Stock created after a certain Time, not to be cancelled until Sinking Fund and Accumulations amount to One hundredth Part of the then existing Debt.

And be it further enacted, That no Capital Stock, or Annuities for Terms of Years, nor any Part, or Parts of any Capital Stock or Annuities, which from and after the said Fifth Day of April One thousand eight hundred and twenty-three, shall be placed in the Names of the said Commissioners in the Books of the said Bank of England, or of the South Sea House, or of the Bank of Ireland, shall be cancelled (save and except the Stock placed in their Names for the Redemption of the Land Tax), until the Interest of the Debt redeemed by the said Commissioners, by the Application of the said Sum of Five Millions, and of the growing Interest thereof, shall, together with the said Sum of Five Millions, have accumulated to a Sum, the Annual Amount whereof shall not be less than the One hundredth Part of the then existing Unredeemed Funded Debt and Outstanding Unfunded Debt in Exchequer Bills unprovided for, of the United Kingdom, taken together; and that any Capital Stock which shall be placed in the Names of the said Commissioners on account of the Sinking Fund, or for the Purchase of Life Annuities, after the said Sinking Fund shall amount to the One hundredth Part of the said Unredeemed Funded and Unfunded Debts as aforesaid, taken together, shall be liable to be cancelled at such Times, and in such Proportions, and in-such Manner as Parliament may from Time to Time direct.