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General provisions as to payments for management of unredeemed debt and of Exchequer bonds and bills and Treasury bills.
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4.—(1) The annual sums fixed by this Act for the management of the National Debt inscribed in the books of the Bank of England or Ireland and of Exchequer bonds, Exchequer bills, and Treasury bills shall be payable in respect of that management for every financial year up to and including the year ending the thirty-first day of March, one thousand nine hundred and twelve, and thereafter from year to year until Parliament otherwise directs.
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(2) The annual sums for the said management in any financial year shall be paid before the fifth day of July in the following financial year.
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(3) The National Debt Commissioners shall certify the amount of the unredeemed National Debt which on the last day of every financial year is inscribed in the books of the Bank of England and Bank of Ireland respectively, and the annual sums for the management of the Debt in the following financial year shall be calculated on the amount so certified.
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(4) Such certificate shall state the nominal capital amount of all the unredeemed National Debt so inscribed, and shall state the capital amount of every terminable annuity at fifteen years purchase thereof if originally created for a term exceeding fifty years, and at ten years purchase thereof if originally created for a term of fifty years or under.
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(5) The said annual sums shall continue to be payable out of the permanent annual charge for the National Debt.
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(6) For the purpose of calculating the said annual sums, the National Debt shall include the Local Loans stock and Guaranteed Land stock, but such proportion of those sums as is payable in respect of the management of the two last-mentioned stocks shall be paid to the Bank in the case of the Local Loans stock out of the Local Loans fund, and in the case of Guaranteed Land Stock out of money provided by Parliament for the service of the Irish Land Commission.
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