http://www.legislation.gov.uk/ukpga/Vict/51-52/2National Debt (Conversion) Act 1888An Act for reducing the Rate of Interest on the National Debt.1979-06-30texttext/xmlenStatute Law Database2015-12-16Expert Participation2015-03-26 1888 c. 2An Act for reducing the Rate of Interest on the National Debt.[27th March 1888]Part I121The new stock shall consist of a capital stock of perpetual annuities, which shall . . . yield dividends at the rate of two pounds 50p per cent. per annum.2The new stock . . . 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.3The 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 . . . 4The new stock shall be called . . . two and a half per cent. consolidated stock.5The dividends on the new stock shall be charged on the National Loans Fund with recourse to the Consolidated Fund of the United Kingdom . . . , and the provisions of the National 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, . . . 3-7Parts II, III8-1011-13PART IV141617181920-242526272930313233This Act may be cited as the National Debt (Conversion) Act 1888.Preamble omitted under authority of Statute Law Revision Act 1908 (c. 49)Ss. 1, 3–10 repealed by Statute Law Revision Act 1908 (c. 49)Words repealed by Statute Law Revision Act 1908 (c. 49)Words substituted by virtue of Decimal Currency Act 1969 (c. 19), s. 10(1)Words repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. IIIWords inserted by National Loans Act 1968 (c. 13), Sch. 5Words repealed by Statute Law Revision Act 1959 (c. 68)1870 c. 71. Ss. 1, 3–10 repealed by Statute Law Revision Act 1908 (c. 49)Ss. 1, 3–10 repealed by Statute Law Revision Act 1908 (c. 49)Ss. 11–13 repealed by Statute Law Revision Act 1964 (c. 79)Ss. 14, 15 repealed by Statute Law Revision Act 1908 (c. 49)S. 16 repealed by Savings Banks Act 1929 (c. 27), Sch.S. 17 repealed by Statute Law Revision Act 1908 (c. 49)S. 18 repealed by Statute Law Revision Act 1950 (c. 6)Ss. 19, 25, 27, 28, 32 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. IIISs. 20–24, 26, 29 repealed by Statute Law Revision Act 1908 (c. 49)Ss. 19, 25, 27, 28, 32 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. IIISs. 20–24, 26, 29 repealed by Statute Law Revision Act 1908 (c. 49)Ss. 19, 25, 27, 28, 32 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. IIISs. 20–24, 26, 29 repealed by Statute Law Revision Act 1908 (c. 49)S. 30 repealed by Statute Law Revision Act 1950 (c. 6)S. 31 repealed by Bank Act 1892 (c. 48), Sch. Pt. ISs. 19, 25, 27, 28, 32 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. IIIPower to apply, with modifications, provisions of Pt IV (whether repealed or not) conferred by National Loans Act 1968 (c. 13), s. 14(3)S. 2(2) excluded (26.3.2015) by Finance Act 2015 (c. 11), s. 124(4)(c)(7)