National Debt Reduction Act 1823

VIII Separate Account to be kept of Sums bequeathed for Reduction of National Debt.

And whereas certain Sums have at various Times been given by way of Donation or Bequest, towards reducing the National Debt, and which Sums, if a separate Account had been kept thereof, would by Computation have accumulated, on the Fifth Day of January One thousand eight hundred and twenty-three, to One hundred and thirty-seven thousand two hundred and forty-three Pounds Consolidated Three Pounds per Centum Bank Annuities z And whereas it is expedient that a new and separate Account should in future be kept thereof, as well as of any other Sums which may hereafter be given for a similar Purpose; be it therefore enacted, That from and after the passing of this Act a new and separate Account shall be raised in the Books of the Commissioners for the Reduction of the National Debt, and in the Books of the Governor and Company of the Bank of England, under the Title of " The Account of Donations and Bequests towards reducing the National Debt ;" and the said Governor and Company are hereby required to cause the Sum of One hundred and thirty-seven thousand-.two hundred and forty-three Pounds, Consolidated Three Pounds per Centum Bank; Annuities, to be, taken out of the Names of the said Commissioners now standing in the Books of the said Bank on their Account, entitled " The Accompt of the Commissioners appointed by Act of Parliament for applying certain Sums of Money annually to the Reduction of the National Debt," and to be wrote into the Names of the said Commissioners in the new and separate Account directed to be raised in virtue of this Act, and also to cause any other Sum or Sums to be carried to the said new Account, which may hereafter be given for the like Purpose ; and the Interest or Dividends which shall accrue from Time to. Time oh all Stock standing on the- said Account, shall be applied, from Time to Time to the Purchase of the public Annuities composing the National Debt, for the Purpose of fulfilling the Directions of the Person or Persons giving or bequeathing the said Sums, and to no other Purpose whatsoever.