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National Debt (Conversion of Stock) Act 1884

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4Provision as to increase of charge arising from earlier payment of dividends

(1)Where by reason of any exchange of stock in pursuance of this Act an increase of charge for the annual dividends of the National Debt arises in one financial year ending on the thirty-first day of March, and the amount of such increase would but for such exchange have been a charge in the next financial year, the Treasury may borrow all or so much as they think fit of the amount of such increase, and may borrow the same by means of terminable annuities of such amount as will pay off the loan within a period not exceeding twenty years, and such annuities shall he charged on the Consolidated Fund and shall be paid out of the permanent annual charge of the National Debt.

(2)The Treasury may from time to time redeem out of the Consolidated Fund or the growing produce thereof the said annuities or any part thereof, and the permanent annual charge of the National Debt shall be reduced by the amount of any annuities so redeemed.

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