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SAVINGS BANK INVESTMENT ACT 1866
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CHAPTER V.
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An Act for amending the Laws relating to the Investments on account of Savings Banks and Post Office Savings Banks.[1]
[13th March 1866.]
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[Ss. 1, 2 rep. 56 & 57 Vict. c. 14. (S.L.R.)]
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Treasury may vary the period for payment of annual charges for savings banks.
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3. The Treasury may from time to time vary the periods at which payments are to be made from the Consolidated Fund to the Commissioners for the Reduction of the National Debt, on account of any annual charges created by any Act for the time being in force for savings banks and Post Office savings banks.
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Substitution of terminable annuities for cancelled capital stock.
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4. The Treasury may in like manner, from time to time, when they shall consider it advantageous for the public service, direct the cancelling of such further amounts of capital stocks of annuities held by the Commissioners for the Reduction of the National Debt for Post Office savings banks as they shall consider expedient, and may substitute equivalent terminable annuities under the provisions of this Act in lieu of the capital stocks of annuities so cancelled.
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Warrants issued to be sufficient authority for cancellation, &c.
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5. The warrants to be issued to the said Governor and Company[2]
for the cancellation of any capital stock and the creation of any terminable annuity under this Act shall be a sufficient authority for such cancellation and creation.
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Short title.
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6. This Act may be cited for all purposes as “The Savings Bank Investment Act, 1866.”
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[1 So much of this Act as relates to the capital stock of 2,500,000l. is rep., as from the date of any warrant cancelling the annuities created in lieu thereof, 32 & 33 Vict. c. 59. s. 8.]
[2 i.e., of the Bank of England.] |
