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CAPITAL EXPENDITURE (MONEY) ACT 1904
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CHAPTER 21.
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An Act to enable the Treasury to borrow by means of Exchequer Bonds for purposes for which they are authorised to borrow by means of Terminable Annuities. [15th August 1904.]
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BE it enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:
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Power of Treasury to borrow by means of Exchequer bonds as well as by means of terminable annuities.
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1.—(1) The Treasury may, if they think fit, borrow, by means of the issue of Exchequer bonds, the whole or part of any sums which at the time of the passing of this Act they are authorised under any Act (in this Act referred to as the enabling Act) to borrow by means of terminable annuities, and may also so borrow any sums which are required for paying off any bonds so issued.
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(2) Provision shall be made by the Treasury, out of moneys annually provided by Parliament for the services for which any loan is raised by means of Exchequer bonds under this Act, for the payment of the interest on the loan and also for discharge of the loan within a period not exceeding the maximum period fixed for the terminable annuities under the enabling Act.
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(3) The principal of and interest on any Exchequer bonds issued under this Act shall be charged on and payable out of the Consolidated Fund of the United Kingdom or the growing produce thereof.
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Short title.
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2. This Act may be cited as the Capital Expenditure (Money) Act, 1904.
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