OpenLegislation

Article 2

Original text. Later amendments are not shown.

The Secretary of State may, on behalf of the Government of the United Kingdom, out of money provided by Parliament—

(a)

make payment of an initial subscription to the capital stock of the Bank of a sum of £44,079,721 in accordance with the Agreement and the Resolutions; and

(b)

make any payments which may become payable in accordance with the Agreement and the Resolutions to maintain the value of the payment mentioned in paragraph (a) above; and

(c)

make payment in sterling of sums required to redeem any non-interest-bearing and non-negotiable notes or other obligations which may be issued or created by him and accepted by the Bank in accordance with the Agreement and the Resolutions.