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As to conversion of annuities.
10 Geo. 4. c. 24.
16 Vict. c. 23.
23 & 24 Vict. c. 109.
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4. The Treasury, by warrant addressed to the Governor and Company of the Bank of England, may from time to time direct that out of the total amount of the capital stock of any perpetual Government annuities, bearing interest at or exceeding the rate of three per centum per annum, standing in the names of the Commissioners for the Reduction of the National Debt on account of Post Office savings banks in the books of the Bank of England, the amount of stock mentioned in such warrant shall be cancelled, and that in place thereof there shall be created and inscribed in the said books, in the names of the said Commissioners, a like amount of capital stock bearing interest at the rate of two pounds ten shillings per centum per annum; and the Treasury shall by the said warrant authorize and direct the said Governor and Company to create and inscribe in the books of the Bank, in addition to the said capital stock, bearing an interest of two pounds ten shillings per centum per annum, such an amount of annuity for a term of years ending on the fifth April one thousand eight hundred and eighty-five as shall be equivalent in value to the difference between the rate of two pounds ten shillings per centum and the rate of interest on the capital stock so cancelled; and the amount of such terminable annuity shall be ascertained and determined by the tables in force under the Government Annuities Act, 1829, under the authority of which annuities for terms of years are granted by the said Commissioners for the Reduction of the National Debt; and such stock and annuities so created in lieu of the annuities cancelled shall be held by the said Commissioners for Post Office savings banks; and all such two pounds ten shillings perpetual annuities shall be consolidated with and be deemed part of the two and a half per centum annuities created under the Act of the sixteenth Victoria, chapter twenty-three, section two; and such terminable annuities shall be consolidated with and form part of the terminable annuities created under the Act of the twenty-third and twenty-fourth Victoria, chapter one hundred and nine, section three; and the interest thereon shall be charged on the Consolidated Fund, and be paid and payable to the Bank of England; and such warrant shall be a sufficient authority to the said Governor and Company for the creation and incription of the said stock and annuities respectively.
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