National Debt (Conversion) Act 1888 (1888 c. 2)

Part I Conversion or Redemption of New Three per Cent. Stock

1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F1] Ss. 1, 3–10 repealed by Statute Law Revision Act 1908 (c. 49)

2 Denomination and incidents of new stock.

(1) The new stock shall consist of a capital stock of perpetual annuities, which shall . . . yield dividends at the rate of two pounds 50p per cent. per annum.

[F2] Words repealed by Statute Law Revision Act 1908 (c. 49)

[F3] Words substituted by virtue of Decimal Currency Act 1969 (c. 19), s. 10(1)

(2) The new stock . . . shall be redeemable by Parliament on such notice, at such time or times, and either in one sum or in such sums or proportions, and in such order and manner as Parliament may direct, at the rate of one hundred pounds sterling for every one hundred pounds of the capital sums in respect of which the annuities constituting the stock are payable, together with the payment of all arrears of those annuities, including the proportionate part accrued since the last date for payment of dividends.

[F4] Words repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III

(3) The new stock shall form part of the National Debt, and the annuities constituting the same shall be payable by equal quarterly dividends on the fifth day of January, the fifth day of April, the fifth day of July, and the fifth day of October in every year . . .

[F2] Words repealed by Statute Law Revision Act 1908 (c. 49)

(4) The new stock shall be called . . . two and a half per cent. consolidated stock.

[F2] Words repealed by Statute Law Revision Act 1908 (c. 49)

(5) The dividends on the new stock shall be charged on the National Loans Fund with recourse to the Consolidated Fund of the United Kingdom . . . , and the provisions of the National Debt Act 1870, shall apply in the same manner, so far as is consistent with this Act, as if the new stock were one of the stocks of perpetual annuities described in the First Schedule to the National Debt Act 1870, . . .

[F5] Words inserted by National Loans Act 1968 (c. 13), Sch. 5

[F6] Words repealed by Statute Law Revision Act 1959 (c. 68)

[M1] 1870 c. 71.

[F4] Words repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III

3-7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F7] Ss. 1, 3–10 repealed by Statute Law Revision Act 1908 (c. 49)

8-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F8] Ss. 1, 3–10 repealed by Statute Law Revision Act 1908 (c. 49)

11-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F9] Ss. 11–13 repealed by Statute Law Revision Act 1964 (c. 79)

PART IV Supplemental

14, 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F10] Ss. 14, 15 repealed by Statute Law Revision Act 1908 (c. 49)

16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F11] S. 16 repealed by Savings Banks Act 1929 (c. 27), Sch.

17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F12] S. 17 repealed by Statute Law Revision Act 1908 (c. 49)

18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F13] S. 18 repealed by Statute Law Revision Act 1950 (c. 6)

19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F14] Ss. 19, 25, 27, 28, 32 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III

20-24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F15] Ss. 20–24, 26, 29 repealed by Statute Law Revision Act 1908 (c. 49)

25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F16] Ss. 19, 25, 27, 28, 32 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III

26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F17] Ss. 20–24, 26, 29 repealed by Statute Law Revision Act 1908 (c. 49)

27, 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F18] Ss. 19, 25, 27, 28, 32 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III

29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F19] Ss. 20–24, 26, 29 repealed by Statute Law Revision Act 1908 (c. 49)

30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F20] S. 30 repealed by Statute Law Revision Act 1950 (c. 6)

31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F21] S. 31 repealed by Bank Act 1892 (c. 48), Sch. Pt. I

32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F22] Ss. 19, 25, 27, 28, 32 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III

33 Short title.

This Act may be cited as the National Debt (Conversion) Act 1888.