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Advance of redemption money by National Debt Commissioners and repayment by terminable annuity.
36 & 37 Vict. c. 57.
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2. (1.) The Treasury may from time to time borrow from the National Debt Commissioners, and those Commissioners may lend out of the funds in their hands on account of Trustee or Post Office Savings Banks, such capital sum or such Government securities as may be necessary for the purpose of carrying into effect any contract made in pursuance of the Consolidated Fund (Permanent Charges Redemption) Act, 1873, for the redemption of any annuity as defined by that Act.
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(2.) For the purpose of repaying any such loan, the Treasury may create, in favour of the National Debt Commissioners, a terminable annuity for the period of ten years from the date of the loan, to be calculated with interest at the rate of not less than three and a quarter per cent. per annum.
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