National Debt Act 1972

15 Interpretation etc. U.K.

(1) In this Act “government stock” means securities of the following descriptions:—

• 2½% Consolidated Stock,

• 2¾% Annuities,

• 2½% Annuities,

• Guaranteed 2¾% Stock,

• Guaranteed 3% Stock,

• 3½% War Loan,

• Guaranteed 4½% Bonds,

• Any securities issued under the M1 War Loan Act 1919, the M2 National Loans Act 1939, section 28 or 29 of the M3 Finance Act 1935, . . . F1 section 1 of the M4 Bank of England Act 1946, section 21 or 32 of the M5 Coal Industry Nationalisation Act 1946, section 1 of the M6 Cable and Wireless Act 1946,

• Any such stock as is mentioned in section 26(1) of the M7 Iron and Steel Act 1967,

• Any securities issued under the M8 National Loans Act 1968 other than—

  (a)

  national savings certificates, premium savings bonds, national savings stamps and national savings gift tokens; and

  (b)

  such securities as the Treasury may specify by order for the purposes of this paragraph;

and for the avoidance of doubt it is hereby declared that the reference in this subsection to securities issued under the M9 War Loan Act 1919 or the M10 National Loans Act 1939 includes a reference to securities which, by virtue of any other enactment, are deemed to have been issued, or are required to be treated as having been issued, under either of those Acts.

(2) Without prejudice to [F2 section 17(2)(a) of the M11 Interpretation Act 1978] (which relates to the construction of references to enactments which have been repealed and re-enacted), the definition of “government stock” provided by the foregoing subsection shall apply for the purposes of the following enactments, that is to say—

• section 48 of the M12 Finance (No. 2) Act 1915,

• section 66 of the M13 Finance Act 1916,

• section 48 of the M14 Finance Act 1949,

• section 5 of the M15 Miscellaneous Financial Provisions Act 1955,

• section 71(5) of the M16 Finance Act 1963,

and any other enactments (including enactments of the Parliament of Northern Ireland) which, by virtue of section 15(3) of the M17 National Debt Act 1958, define “government stock” by reference to that Act.

(3) In this Act “the register” has the meaning assigned to it by section 2(1) of this Act . . . F3

(4) Any provision in this Act charging a payment on the National Loans Fund with recourse to the Consolidated Fund shall be construed as requiring the payment, if it is not made out of the National Loans Fund, to be charged on and paid out of the Consolidated Fund.

Textual Amendments

F1 Words repealed by Finance Act 1989 (c. 26, SIF 99:3), s. 187, Sch. 17 Pt. XIV

F2 Words substituted by virtue of Interpretation Act 1978 (c. 30), s. 25(2)

F3 Words repealed by Trustee Savings Banks Act 1976 (c. 4), Sch. 6 which repeal came into force on 20.7.1986 by virtue of S.I. 1986/1221, art. 3

Marginal Citations

M1 1919 c. 37.

M2 1939 c. 117.

M3 1935 c. 24.

M4 1946 c. 27.

M5 1946 c. 59.

M6 1946 c. 82.

M7 1967 c. 17.

M8 1968 c. 13.

M9 1919 c. 37.

M10 1939 c. 117.

M11 1978 c. 30.

M12 1915 c. 89.

M13 1916 c. 24.

M14 1949 c. 47.

M15 1955 c. 6. (4 & 5 Eliz. 2).

M16 1963 c. 25.

M17 1958 c. 6. (7 & 8 Eliz. 2).