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National Debt (Conversion of Stock) Act 1884

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2Exchange of 3 per cent. stock into 2 ¾ per cent. or 2 ½ per cent stock

(1)The Treasury may make arrangements whereby three per cent. stock may be exchanged for either two and three-quarters per cent. stock, or for two and a half per cent. stock, at a rate not exceeding one hundred and two pounds of two and three-quarters per cent stock, or one hundred and eight pounds of two and a half per cent. stock for every hundred pounds of three per cent. stock, and so in proportion for any greater or less sum than one hundred pounds.

(2)For the purpose of effecting such exchange the Bank shall cancel in their books as from the date of the exchange the amount to be exchanged of three per cent. stock standing in the name of the person making the exchange, and shall inscribe in their books in the name of such person the amount of two and three-quarters per cent. stock, or of two and a half per cent. stock (as the case may he), to he given in exchange for the three per cent. stock so cancelled.

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