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National Debt (Conversion) Act 1888
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- UK Public General Acts
- 1888 c. 2
- PART IV
- Section 21
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21Provisions as to stock mortgages
(1)An agreement to transfer any amount of new three per cent. stock, consolidated three per cent. stock, or reduced three per cent. stock, or generally any amount of three per cent. stock, may be satisfied by making a transfer of an equal amount of new stock.
(2)Where under any mortgage or agreement for a loan any person is bound to pay half-yearly sums equal to the dividends on any specified amount of stock, and that amount of stock is under this Act converted into or exchanged for new stock, the obligation shall be satisfied by the payment of quarterly sums equal to the dividends on the same amount of new stock.
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