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Government Annuities Act 1929
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54 Application and investment of sums paid for annuities or insurances.U.K.
(1)All sums paid for savings bank . . . F1 insurances shall be paid into the Bank of England or the Bank of Ireland to the account of the Commissioners, and there carried to such account or accounts and under such title or titles as the Commissioners direct, but current outgoings as hereinafter defined may be defrayed thereout, either before or after payment into the bank.
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(3)All moneys received by the Commissioners . . . F1 for savings bank insurances, shall, subject as aforesaid, be paid into the Government Annuities Investment Fund . . . F1
(4)The expression “current outgoings” includes all sums payable by the Commissioners in respect of savings bank annuities or insurances, and also all such expenses of carrying into effect this Part of this Act as are payable out of the sums paid by persons for savings bank . . . F1 insurances.
All expenses incurred by any savings bank . . . F3 in the execution of this Part of this Act to such amount as may be from time to time allowed by the Commissioners (subject to the directions of the Treasury) shall be paid by the Commissioners, . . . F1
Textual Amendments
F1Words repealed by Finance Act 1962 (c. 44), Sch. 11 Pt. VI
F2Ss. 53, 54(2) repealed by Finance Act 1962 (c. 44), Sch. 11 Pt. VI
F3Words repealed by Post Office Act 1969 (c. 48), Sch. 11 Pt. II
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