National Debt (Conversion) Act 1888

8 Exchange of consols and reduced for new stock

(1) Any holder of any amount of consolidated three per cent stock or reduced three per cent. stock may, by assent signified at any time on or before the twelfth clay of April one thousand eight hundred and eighty-eight, or such later date as may under this Act be allowed in special cases, exchange that amount, for an equal nominal amount of new stock, and such an exchange shall not be considered to be a change or variation of investment by the holder.

(2) Where a person exchanges consolidated three per cent. stock in pursuance of this section he shall on the exchange thereof become entitled to receive in the prescribed manner and at the prescribed time a dividend for one quarter ending the fifth day of April one thousand eight hundred and eighty-eight on the stock given in exchange at the 'rate of fifteen shillings for every one hundred pounds of the nominal amount of that stock (being the amount of interest accrued on that stock between the fifth day of January one thousand eight hundred and eighty-eight and the fifth day of April in the same year), and shall receive the first quarterly dividend on the new stock on the fifth day of July, one thousand eight hundred and eighty-eight.

(3) Where a person exchanges reduced three per cent. stock in pursuance of this section he shall be entitled to receive the dividend payable on that reduced three per cent. stock on the fifth day of April one thousand eight hundred and eighty-eight, and shall receive the first quarterly dividend on the new stock on the fifth day of July one thousand eight hundred and eighty-eight.