British Museum (Purchase of Land) Act 1894

1 Provision of 200,000l. for purchase of property by Trustees of British Museum.

(1) The Treasury may issue out of the Consolidated Fund to the Trustees a sum not exceeding two hundred thousand pounds for the purchase of the said property.

(2) The National Debt Commissioners may, out of any funds in their hands on account of savings banks, lend to the Treasury the said sum or any part thereof, and the loan shall be repaid to the National Debt Commissioners by an annuity of such amount as will repay the same -with interest at three per centum per annum in fifty years from the date of the commencement of the annuity.

(3) The annuity shall 'commence on the first day of April one thousand eight hundred and ninety-nine, and interest at the rate of three per centum per annum shall be paid to the National Debt Commissioners on the loan from the date of the advance thereof until the commencement of the annuity.

(4) The said interest arid annuity shall be paid out of any net rents and profits accruing to the Trustees from the said property or out of moneys provided by Parliament for the service of the British Museum, and if and so far as those net rents and profits and those moneys are insufficient, shall be charged on and payable out of the Consolidated Fund or the growing produce thereof.

2 Management of property purchased.

The said property, when purchased, shall be managed in such manner as the Treasury may direct, and the net rents and profits accruing therefrom shall be paid into the Exchequer.

3 Short title.

This Act may be cited as the British Museum (Purchase of Land) Act, 1894.