|
|
Commissioners of National Debt may advance funds.
24 Vict. c. 14.
26 & 27 Vict. c. 87.
|
7. The Commissioners for the Reduction of the National Debt may, if they think fit, from time to time, until the payment to them of the whole of the said capital sum of one million three hundred thousand pounds, make advances for the purposes of this Act, and may apply for that purpose any funds for the time being in their hands under the authority of the Post Office Savings Bank Act, 1861, and the Trustee Savings Banks Act, 1863, or either of such Acts. All such advances shall be repaid to the Commissioners for the Reduction of the National Debt out of the pension fund with interest at the rate of three and a half per centum per annum, in the prescribed manner. If at any time the pension fund shall be insufficient for the repayment of such advances, the Treasury, upon being duly informed thereof by the Commissioners for the Reduction of the National Debt, shall issue the amount of such deficiency out of the Consolidated Fund of the United Kingdom, or out of the growing produce thereof, and the Treasury shall certify such deficiency to Parliament.
|
