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How Exchequer bills issued to the commissioners shall be paid off by them.
When such bills are paid off by advances from the sinking fund, the sum advanced shall be replaced out of the monies on the savings banks or friendly societies account.
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57. The principal sum of every such Exchequer bill which shall have been issued to the said commissioners upon their application, for the purposes herein-before directed, and upon which any sum of money shall have been so advanced by the Banks of England or of Ireland respectively, under the provisions of this Act, shall, together with all interest due thereon, be discharged from time to time by the said commissioners for the reduction of the national debt, in such portions as the said commissioners shall deem fit, and expedient, with and out of any monies invested from time to time by the trustees of any savings banks or friendly societies in England or Ireland respectively, and carried to the credit of the said commissioners on account of any such savings banks or friendly societies, or by the sale of any bank annuities, or with and out of the monies or funds commonly called the sinking funds, standing in the names of the said commissioners in the books of the Banks of England or Ireland respectively, or by all or either of such means of repayment, as the said commissioners shall deem most proper and convenient; and immediately upon any such payment being made by the said commissioners for the reduction of the national debt Exchequer bills to the amount of the principal sum so paid off and discharged shall be delivered up to the said commissioners by the Bank of England or Bank of Ireland respectively; and the said commissioners shall forthwith cause the said Exchequer bills to be delivered to the paymasters of Exchequer bills to be cancelled: Provided always, that whenever the principal sum of any such Exchequer bill or bills shall have been discharged and paid off by any sum or sums of money advanced from the sinking fund, and. under the provisions of this Act, the said commissioners shall cause their agent or proper officer to transfer from any account standing in the names of the said commissioners in the books of the Bank of England, or from any accounts standing in their names in the books of the Bank of Ireland, under or by virtue of this Act, or of any Act or Acts relating to savings banks or friendly societies, as the case may be, into the account standing in the names of the said commissioners in the books of the Bank of England or Bank of Ireland respectively, under the title of “The Account of the Commissioners appointed by Act of Parliament for applying certain Sums of Money annually to the Reduction of the National Debt,” such an amount of stock as shall produce, by computation, the principal sum and interest of all such Exchequer bills so paid off and discharged; and the said computations shall be made by the proper officer or officers of the said commissioners, according to the price at which such stock shall have been purchased by the said commissioners on the day of transferring the said amount of stock as aforesaid; and upon every such transfer of stock being made as herein-before directed, the accountant general of the Bank of England or Bank of Ireland respectively shall thereupon transmit to the office of the said commissioners for the reduction of the national debt a certificate of every such transfer, containing the amount and description of stock so transferred.
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