War savings certificates held immediately before the date of the passing of this Act may continue to be held thereafter on the conditions applicable thereto immediately before that date.

The principal of and interest on war savings certificates, and any expenses incurred in connection with the redemption thereof, shall be charged on the National Loans Fund with recourse to the Consolidated Fund.

In this section “war savings certificates” means certificates issued by that name under the M1War Loan Act 1915 or section 58 of the M2Finance Act 1916.