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National debt commissioners may invest monies paid to their account in purchase of Exchequer bills, and shall be entitled to an amount of 3l. per cent, bank annuities equal in value to bills purchased.
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50. It shall and may be lawful for the said commissioners, and they are hereby authorized and empowered, to lay out, from time to time, (if they shall deem it expedient, and under such regulations as the said commissioners shall direct,) the whole or any part of the monies which shall be standing in their names in the books of the Banks of England and Ireland respectively, in pursuance of this Act, in the purchase of Exchequer bills held by the said banks respectively or by the public, as the case may be; and the said commissioners shall be entitled to receive, for the sum or sums laid out by them in Exchequer bills, such an amount of three pounds per centum consolidated or reduced annuities, transferable at the Bank of England, as the said sum or sums of money would have bought if the same had been applied to the purchase of three pounds per centum annuities, estimating the amount of such annuities at the quarterly average price of three pounds per centum annuities which shall have been purchased with the monies commonly called the sinking fund in the same quarter of the year in which such Exchequer bills shall have been purchased; and the said three pounds per centum annuities, and the dividends arising thereon from time to time, shall constitute and form part of the funds belonging to the said commissioners on account of the said savings banks, and shall be subject to the same provisions and to the same and the like purposes as all other capital stocks and dividends standing in their names on the said account shall and may be subject and liable to; and the accountant general of the said governor and company shall, within five days after such entry shall have been made as aforesaid, certify to the said commissioners the amount of the three pounds per centum annuities so placed upon their said account under the provisions of this Act.
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