National Loan (Conversion) Act, 1935

Preservation of existing powers of investment, etc.

5.—(1) A power or direction (whether created or given before or after the passing of this Act) to invest money in the loan shall be construed and have effect as including a power or direction (as the case may be) to invest in the new loan, and no such power or direction shall be terminated by reason only of the conversion and redemption of the loan.

(2) A power of attorney authorising the attorney to transfer specified stock of the loan shall be construed and have effect as authorising the attorney to apply at his discretion under this Act for the conversion or for the redemption of the whole of such stock, and, where such conversion is so applied for or takes place without such application, to transfer in accordance with the said power the stock of the new loan into which the stock specified in the said power is so converted.