Revenue, Friendly Societies, and National Debt Act 1882

PART III National Debt and Miscellaneous

18 Adjustment of account as regards accumulations of fractions of a penny on the dividends of the National Debt

Whereas the full amounts of dividends on the national debt payable at the Bank of England have from time to time been issued from the Exchequer to the Governor and Company of the said bank.

And whereas fractions of a penny have never been paid by the Governor and Company of the Bank of England on account of the dividends on the national debt, and the fractions so unpaid have accumulated in the hands of the governor and company of the Bank of England, and such accumulations amount, as shown by the account in the Third Schedule to this Act, to upwards of one hundred and forty thousand, pounds.

And whereas the sums issued out of the Exchequer to the governor and company of the Bank of England for payment of the dividends exceed, as shown in the said account, the sums paid for dividends, and out of the sums so issued a net sum of upwards of seven hundred thousand pounds, as shown by the said account, has been repaid to the Exchequer in pursuance of the enactments referred to in the said Schedule and was on the thirty-first March one thousand eight hundred and eighty-two outstanding in the books of the Bank of England.

And whereas it is expedient to make such provision as herein-after appearing, respecting the said accumulations of fractions of a penny. Be it therefore enacted as follows :—

The governor and company of the Bank of England shall from time to time, when required by the Treasury, certify to the Treasury the amount in their hands arising from fractions of a penny not paid on account of dividends on the national debt, and the Treasury may by warrant direct the said governor and company to repay the same to the Exchequer : Provided that so long as there is an account outstanding of money repaid into the Exchequer, as aforesaid, out of the sums issued for the payment of dividends, the same instead of being repaid shall be written off from the said account, and also from the account of the sums issued from the Exchequer for the payment of the said dividends, and such amount shall be written off as if it had never been issued from the Exchequer.

19 Quarterly payment of dividends on 2 ½ per cents

After such date as the Treasury may appoint the dividends payable in respect of the two pounds ten shillings per centum annuities mentioned in the first schedule to the [33 & 34 Vict. c. 71.] National Debt Act, 1870, shall be paid quarterly, on the fifth day of January, the fifth day of April, the fifth day of July, and the fifth day of October in every year, and the said Act shall be construed accordingly; and references therein to a half year's dividend shall be construed to refer as regards the two pounds ten shillings per centum annuities to a quarter's dividend.

Regulations may be made under section thirty-nine of the said Act for carrying into effect such quarterly payments in the case of stock certificates, and for the return of old coupons and the issue of new coupons for that purpose.

20 Termination of fortification loans

Whereas under the Acts mentioned in the Fourth Schedule to this Act (in this section referred to as the Fortification Acts) divers sums amounting in the whole to seven million four hundred and sixty thousand pounds were authorised to be borrowed by the Treasury by the creation of terminable annuities, and to be applied under the direction of one of Her Majesty's Principal Secretaries of State towards defraying the expenses of constructing the fortifications mentioned in the Fortification Acts :

And whereas of the above sums the sum of seven million four hundred and twenty-five thousand pounds has been actually raised in pursuance of the Fortification Acts by means of loans from the National Debt Commissioners made on the security of terminable annuities created under the said Acts, and the balance of thirty-five thousand pounds has not been raised :

And whereas out of the sums raised by such loans a balance of four thousand and eighty pounds one shilling and tenpence is unexpended:

And whereas it is expedient to provide for the disposal of the said unexpended balance and to extinguish the said power of raising money and creating terminable annuities : Be it therefore enacted as follows:

Such portion of the amount raised in pursuance of the Fortification Acts as at the passing of this Act has not been expended shall at such time as the Treasury may direct be paid to the National Debt Commissioners in repayment of an equivalent part of the loans made by them under the said Acts ; and so much of the annuities created under the Fortification Acts and standing in the names of those Commissioners as the Controller General or Assistant Controller and the Actuary of the National Debt Office may certify under their hands to be equivalent to the amount of such repayment shall be cancelled in such manner as the Treasury may direct.

All power of raising any money under the Fortification Acts shall cease and the Fortification Acts shall be repealed ;

Provided that—

(1) All annuities created in pursuance of the said Acts shall, save as provided by this section, continue to be charged on the Consolidated Fund and paid as if the said Acts had not been repealed; and

(2) All land vested in one of Her Majesty's Principal Secretaries of State in pursuance of the said Acts shall continue to be vested in such Secretary of State on behalf of Her Majesty.

21 Guarantee from the Consolidated Fund of moneys due from the National Debt Commissioners to Friendly Societies. Investment of moneys belonging to Friendly Societies

Whereas by divers Acts and lastly by the [38 & 39 Vict. c. 60. s. 17.] Friendly Societies Act, 1875, the societies in those Acts and this Act referred to as friendly societies are authorised to invest the moneys received from members on account of assurances with the National Debt Commissioners, and to pay such moneys to those Commissioners in sums of not less than fifty pounds, and are entitled to receive receipts for such moneys bearing interest at the following rates; that is to say,

For money invested by any society legally established before the 28th day of July 1828, which invested money with the Commissioners before 23rd July 1855.	On account of any assurance made before the 15th day of August 1850.	Threepence per centum per diem.
	On account of any assurance effected after that day.	Twopence per centum per diem.
For money invested by any society legally established between the 28th day of July 1828, and the 15th day of August 1850, which invested any money with the Commissioners before 23rd July 1855.	On account of any assurance made before the 15th day of August 1850.	Twopence halfpenny per centum per diem.
	On account of any assurance effected after that day.	Twopence per centum per diem.
For money invested by any society legally, established since the 15th day of August 1850.	On account of any assurance whenever effected.	Twopence per centum per diem.

And whereas the Commissioners have from time to time invested the moneys so paid to them in parliamentary securities to an account entitled the fund for Friendly Societies, hut such securities have produced less interest than that to which the societies were entitled as above-mentioned, and thereby there has been, as appears from the returns annually laid before Parliament, a gradually increasing deficiency in the value of the securities held by the National Debt Commissioners on the said account to meet the sums due from those Commissioners to the Friendly Societies :

And whereas the [40 & 41 Vict. c. 13. ss. 16, 17.] Customs, Inland Revenue, and Savings Banks Act, 1877, provided that the National Debt Commissioners shall annually make out an account with respect to the year ending on the twentieth day of November, showing on one side the interest accrued from the said securities, and on the other side the interest paid and credited to Friendly Societies; and further, after reciting that it was intended that where the interest accrued from such securities in any year was insufficient to meet the interest required to be paid and credited, such deficiency should be paid out of moneys provided by Parliament, the said Act provided for paying into the exchequer any surplus of interest received over and above the interest paid and credited :

And whereas it is expedient to provide for the payment out of the Consolidated Fund of all capital sums, as well as the interest due from the National Debt Commissioners to Friendly Societies, when the securities held on account of Friendly Societies by the said Commissioners to meet the same have been exhausted :

Be it therefore enacted, as follows :

(1) Whenever it appears to the Treasury from time to time that by reason of the securities held by the National Debt Commissioners on account of Friendly Societies being exhausted, the moneys in the hands of the National Debt Commissioners standing to the credit of the fund for Friendly Societies will be insufficient to meet the sums which are likely to become due from the National Debt Commissioners to Friendly Societies, the Treasury shall provide money to meet the deficiency out of the Consolidated Fund of the United Kingdom, or the growing produce thereof, in such manner as they may think expedient.

(2) The Treasury may in any financial year borrow all or any part of the moneys issued in that financial year out of the Consolidated Fund, or the growing produce thereof, in pursuance of this Act, by means of a terminable annuity for such period not exceeding eighteen years from the thirty-first day of December next after the passing of this Act as the Treasury think expedient.

(3) An annuity created in pursuance of this section shall be created by warrant of the Treasury to the Governor and Company of the Bank of England directing them to inscribe in their books the amount of such annuity in the names directed by the warrant.

(4) Every such annuity shall be charged on the Consolidated Fund, and shall be added to and paid out of the permanent annual charge for the National Debt, and the permanent annual charge for the National Debt shall, during the period for which the said annuity is created, be increased by the amount of the annuity.

(5) All money for the time being in the hands of the National Debt Commissioners on account of Friendly Societies shall be invested by them in the like manner as if they were moneys in their hands on account of savings banks, and all enactments relating to the investment of such last-mentioned moneys shall apply accordingly.

22 Advance of money by National Debt Commissioners for payment of commutation under 41 & 42 Vict. c.63

Whereas under the [41 & 42 Vict. c. 63.] Prison (Officers Superannuation) Act, 1878, the Treasury are authorised in certain cases to pay to a local authority a capital sum as commutation of the share of an annuity payable to an officer of a prison by the Treasury, and are also authorised to accept from a local authority a capital sum as commutation of the share of any such annuity payable by the local authority, and it is provided that any sum so paid by the Treasury shall be paid out of moneys provided by Parliament, and that any sum so paid to the Treasury shall be paid into the Exchequer,' and it is expedient to make such other provision respecting the said capital sums as herein-after mentioned; be it therefore enacted as follows:

(1) The National Debt Commissioners may, on the request of the Treasury, advance out of any funds for the time being in their hands on account of savings banks any capital sum to be paid by the Treasury in pursuance of the Prison (Officers Superannuation) Act;, 1878.

(2) Any amount advanced by the National Debt Commissioners in pursuance of this section shall be repaid to them by means of a terminable annuity for a period of ten years, to be calculated with interest at the rate of not less than three and a half per cent. per annum, and such annuity shall be paid out of moneys provided by Parliament.

(3) If at any time it appears desirable to the Treasury and to the said Commissioners that a portion of any such advance should be repaid immediately out of the Consolidated Fund, the Treasury may charge on and issue to the said Commissioners out of the Consolidated Fund or the growing produce thereof the said portion, and the annuity shall be reduced by an amount equivalent to the portion of the advance so repaid.

(4) All capital sums paid to the Treasury by a local authority in pursuance of the Prison (Officers Superannuation) Act, 1878, shall be paid to the National Debt Commissioners and shall be applied by them in like manner as is directed with respect to the old sinking fund by section five of the [38 & 39 Vict. c. 45.] Sinking Fund Act, 1875.

(5) The amount of any annuity payable to the National Debt Commissioners in pursuance of this section, and the portion of any advance which is to be repaid immediately out of the Consolidated Fund to the National Debt Commissioners, and the amount by which any annuity is to be reduced in consequence of such repayment shall be certified under the hands of the Controller General or Assistant Controller and the Actuary of the National Debt Office.

23 Amendment of 36 & 37 Vict. c.57 so far as regards permanent charges on the Consolidated Fund payable to ecclesiastical corporations

Whereas by the Consolidated Fund (Permanent Charges Redemption) Act, 1873, the Treasury are authorised as regards certain annuities as defined by that Act which are charged on the Consolidated Fund or moneys provided by Parliament to contract for their redemption by payment of a capital sum out of moneys provided by Parliament not exceeding the sum therein mentioned ; and in the case of any annuity payable to an ecclesiastical corporation, the contract for such redemption is made subject to the consent of the Ecclesiastical Commissioners for England, and the money for such redemption is to be paid to those Commissioners to be applied under their direction for the benefit of the person entitled thereto.

And whereas any such contract may provide for the said redemption by the transfer of Government securities as therein defined instead of by the payment of a sum of money.

And whereas it is expedient to extend the powers of the said Act as regards the redemption of annuities payable to ecclesiastical corporations in England :

Be it therefore enacted as follows :—

(1) The Treasury may, in pursuance of the Consolidated Fund (Permanent Charges Redemption) Act, 1873, contract from time to time with the Ecclesiastical Commissioners for England for the redemption of all or any of the annuities redeemable under that Act which are payable to ecclesiastical corporations in England ; and on payment of the money or transfer of the securities to the Ecclesiastical Commissioners in pursuance of any such contract, the annuities to which the contract refers shall cease to be charged on and payable out of the Consolidated Fund or moneys provided by Parliament, and shall be payable by the Ecclesiastical Commissioners for England, so however that any proportionate part of any such annuity which may be due up to the time of such payment or transfer shall be paid by the Treasury to the person entitled thereto.

(2) The Treasury may from time to time borrow from the National Debt Commissioners, and those Commissioners may lend out of the funds in their hands on account of Trustee and Post Office Savings Banks, such capital sum or such Government securities as may be necessary for the purpose of carrying into effect any contract with the Ecclesiastical Commissioners under this section.

(3) For the purpose of repaying any such loan the Treasury may by warrant under their hands create, and direct the Governor and Company of the Bank of England to inscribe in their books for the National Debt Commissioners, a terminable annuity for a period of ten years from the date of the loan, to be calculated with interest at the rate of not less than three and a half per cent. per annum.

(4) Sections four, five, six, and seven of the [32 & 33 Vict. c. 59.] Savings Bank Investment Act, 1869, shall apply to every such terminable annuity in like manner as they apply to the terminable annuities created in pursuance of that Act for the National Debt Commissioners.

24 Removal of doubts as to Crown rights to escheats, fines, and recognisances within certain liberties of the Duchy of Lancaster

Whereas doubts have arisen as to whether the right of Her Majesty to certain escheats, forfeitures, personal estate of intestates, fines, and recognisances, herein-after mentioned, is vested in Her Majesty in right of Her Crown or in right of Her Duchy of Lancaster, and it is expedient to remove such doubts.

Be it therefore enacted as follows :—

Such rights of Her Majesty as are herein-after mentioned shall be deemed to have been vested in Her Majesty in right of Her Crown as from and after the first day of January, one thousand eight hundred and eighty-one.

Forthwith after the passing of this Act the Treasury shall cause a sum of fifteen thousand pounds to be paid out of the Consolidated Fund or out of the growing produce thereof to the Receiver General of the revenues of the Duchy of Lancaster, or his deputy or deputies, and such sum shall be applied in .like manner as sums arising from the sale of any part of the possessions of the Duchy of Lancaster are applied under the [18 & 19 Vict. c. 55.] Duchy of Lancaster Lands Act, 1855, and the provisions of that Act shall apply in like manner as if such sum were purchase money for land sold under the authority of that Act.

The rights of Her Majesty to which this section applies are :—

(a) Any right vested in Her Majesty to any escheat or forfeiture of land lying within any liberty of the Duchy of Lancaster which is not situated in the county of Lancaster, not being an escheat or forfeiture of land holden of any manor vested in Her Majesty in right of Her Duchy of Lancaster ;

(b) Any right vested in Her Majesty to the personal estate of any person dying intestate and without next of kin who is domiciled within any such liberty;

(c) Any right vested in Her Majesty to any sum arising from a fine imposed on or estreated recognisance acknowledged by any person residing within any such liberty.

25 Amendment of 21 & 22 Vict. c.72 and 40 & 41 Vict. c.57 as to fees in proceedings under Land Judges, Ireland

So much of the Act of the session of the twenty-first and twenty-second years of the reign of Her present Majesty, chapter seventy-two, intituled " an Act to facilitate the sale and transfer of land in Ireland," as limits certain fees therein mentioned to a sum not exceeding three halfpence for every seventy-two words is hereby repealed.

Section eighty-four of the Supreme Court of Judicature (Ireland) Act, 1877, shall apply to all fees and percentages to be taken in any proceedings under the above-mentioned Act of the twenty-first and twenty-second years of the reign of Her present Majesty, and any Act amending the same, with this qualification that the Land Judges or one of them shall be substituted in the said section for the Presidents of the divisions of the High Court, or one of them.

26 Definitions

In this Act, unless the context otherwise require:

• The expression " Treasury " means the Commissioners of Her Majesty's Treasury.

• The expression " National Debt Commissioners " means the Commissioners for the reduction of the National Debt.

• The expression " financial year " means the twelve months ending on the thirty-first day of March.