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Provision as to stock in court and stock belonging to savings bank depositors.
43 & 44 Vict. c. 36.
52 & 53 Vict. c. 4.
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3. [Recital of 52 & 53 Vict. c. 4, s. 12.]
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(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.
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(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.
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(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.
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(4) This section shall be construed and have effect as part of the National Debt Redemption Act, 1889.
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