National Debt Act, 1889

NATIONAL DEBT ACT 1889

CHAPTER VI.

An Act to amend the Law relating to the National Debt. [31st May 1889.]

[S. 1 rep. 62 & 63 Vict. c. 9, s. 16.

S. 2 rep. 61 & 62 Vict. c. 46, s. 19.]

Provision as to stock in court and stock belonging to savings bank depositors.

43 & 44 Vict. c. 36.

52 & 53 Vict. c. 4.

3. [Recital of 52 & 53 Vict. c. 4, s. 12.]

(1) The consent required under the said section may be given in the case of stock in court by the Lord Chancellor, and in the case of stock invested on behalf of depositors as aforesaid by the Commissioners for the Reduction of the National Debt, unless, in either case, the person to whom the dividends on the stock are for the time being payable signifies dissent in the manner and within the time required by the regulations.

(2) The provision contained in section three, sub-section (1) (b) of the Savings Bank Act, 1880, shall not apply in the case of the re-investment of money payable on redemption of any stock invested on behalf of depositors as aforesaid, and no commission shall be charged on any such re-investment.

(3) Where any money payable on redemption of any stock to which this section applies, remains on the fifth day of April one thousand eight hundred and ninety credited in the books of the Paymaster General or of the Commissioners for the Reduction of the National Debt, that money shall as from that day bear interest at the rate of two and three-quarters per centum per annum, payable at such times as the Treasury by regulations direct out of the Consolidated Fund as part of the permanent annual charge for the National Debt.

(4) This section shall be construed and have effect as part of the National Debt Redemption Act, 1889.

Amendment of law as to payment of dividends on stock.

33 & 34 Vict. c. 71.

4.(1) The Banks of England and Ireland respectively may from time to time, with the concurrence of the Treasury, make regulations for the payment of dividends on stock either by sending warrants through the post, or by payment through a banker, or by payment at a country branch.

(2) Where a dividend warrant is sent by post in accordance with any such regulations, the posting of the letter containing the warrant, addressed in the manner prescribed by the regulations, shall, as respects the liability of the Bank, be equivalent to the delivery of the warrant to the stockholder.

(3) Any arrangements made before the passing of this Act for the payment of dividends by warrants sent through the post shall continue, unless and until altered by regulations made in pursuance of this section.

(4) Where two or more persons are registered as joint holders of stock, any one of those persons may give an effectual receipt for any dividend on the stock unless notice to the contrary has been given to the bank by any other of the holders.

(5) Where two or more persons have given a letter or power of attorney for the receipt of dividends on stock, and one of them becomes of unsound mind, the letter or power shall not thereby be made void.

(6) This section shall apply to all stock of any company or corporation, funds or annuities, transferable in the books of the Bank of England or of Ireland.

(7) This section shall be construed and have effect as part of the National Debt Act, 1870.

Amendment of law as to signature of Exchequer and Treasury bills.

5. Exchequer bills, Exchequer bonds, and Treasury bills shall bear the name of one of the secretaries for the time being to the Treasury, and that name may be impressed or affixed by machinery or otherwise in such manner as the Treasury from time to time direct by regulations to be laid before both Houses of Parliament.

[S. 6 rep. 8 Edw. 7. c. 49 (S.L.R.).]

Short title.

7. This Act may be cited as the National Debt Act, 1889.

[Sched. rep. 8 Edw. 7. c. 49 (S.L.R.).]