National Debt (Conversion) Act 1888

1 Conversion of new three per cent stock and redemption of dissentient stock holders

(1) All holders of any amount of new three per cent, stock who do not on or before the twenty-ninth day of March one thousand eight hundred and eighty-eight, or such later date as is allowed in special cases by this Act, signify dissent in. manner herein-after mentioned, shall continue to be entitled to receive the dividend payable on that stock on the fifth day of April one thousand eight hundred and eighty-eight, but shall as from that day receive in lieu of that amount of new three per cent. stock an equal nominal amount of stock to be created in pursuance of this Act and in this Act referred to as new stock, and the reception of that amount of new stock shall not be considered to be a change or variation of investment by the holder.

(2) All holders of new three per cent. stock who signify their dissent as aforesaid, or their executors, administrators, or assigns, shall be paid off in such order, at such time or times, and in such manner as Parliament may direct: Provided that all such holders, or their executors, administrators, or assigns, may at any time or times before the first day of August one thousand eight hundred and eighty-eight, unless Parliament shall in the meantime otherwise direct, be paid off the whole or any part of their stock, either in one sum or in such proportions, and in such order and manner, as the Treasury may direct, at the rate of one hundred pounds sterling for every one hundred pounds of the capital sums in respect of which the annuities constituting the said stock are payable, together with the payment of all arrears of those annuities at the rate of three pounds per cent. per annum, including the proportionate part accrued since the last date for the payment of dividends.