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National Loans Act 1939

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This is the original version (as it was originally enacted).

SECOND SCHEDULEApplication of certain enactments to securities issued under this Act

1Stock or registered bonds issued under this Act shall be transferable in like manner as other stock to which the National Debt Act, 1870, applies, and shall be subject to the provisions of that Act so far as is consistent with the tenor of this Act, and the expression " stock" in section seventeen of the Finance Act, 1911 (which relates to transfers by deed), shall include registered bonds issued under this Act.

2Part VII of the National 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. 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.

3Section five of the Sinking Fund Act, 1875 (which relates to the application of the old sinking fund), shall apply to any securities issued under this Act as it applies to annuities charged on the Consolidated Fund.

4Subsection (2) of section forty-nine of the Income Tax Act, 1918 (which relates to the payment of interest on certain securities without deduction of income tax), shall have effect as if the securities therein mentioned included securities issued under this Act.

5The definitions of " Government stock " in the following enactments, namely—

(a)subsection (2) of section five of the Savings Bank Act, 1893;

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

(c)subsection (3) of section two of the Government Annuities Act, 1929;

shall be amended so as to include securities issued under this Act; and such securities shall also be included among the Government securities mentioned in subsection (2) of section fifty-four of the last mentioned Act (which relates to the application and investment of sums paid for annuities or insurances).

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