National Debt (Conversion) Act 1888
1888 c. 2
An Act for reducing the Rate of Interest on the National Debt.
Part I Conversion or Redemption of New Three per Cent. Stock
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
2 Denomination and incidents of new stock.
1
C32
The new stock . . . F4 shall be redeemable by Parliament on such notice, at such time or times, and either in one sum or in such sums or proportions, and in such order and manner as Parliament may direct, at the rate of one hundred pounds sterling for every one hundred pounds of the capital sums in respect of which the annuities constituting the stock are payable, together with the payment of all arrears of those annuities, including the proportionate part accrued since the last date for payment of dividends.
3
The new stock shall form part of the National Debt, and the annuities constituting the same shall be payable by equal quarterly dividends on the fifth day of January, the fifth day of April, the fifth day of July, and the fifth day of October in every year . . . F2
4
The new stock shall be called . . . F2 two and a half per cent. consolidated stock.
5
The dividends on the new stock shall be charged on F5the National Loans Fund with recourse to the Consolidated Fund of the United Kingdom . . . F6, and the provisions of the M1National Debt Act 1870, shall apply in the same manner, so far as is consistent with this Act, as if the new stock were one of the stocks of perpetual annuities described in the First Schedule to the National Debt Act 1870, . . . F4
3-7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7
Parts II, III
8-10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8
11-13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9
C2PART IV Supplemental
Power to apply, with modifications, provisions of Pt IV (whether repealed or not) conferred by National Loans Act 1968 (c. 13), s. 14(3)
14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10
16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11
17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12
18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13
19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14
20-24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15
25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16
26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17
27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18
29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F19
30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20
31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21
32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22
33 Short title.
This Act may be cited as the National Debt (Conversion) Act 1888.
Preamble omitted under authority of Statute Law Revision Act 1908 (c. 49)