OpenLegislation

National Debt Act 1870

33 & 34 Vict. c. 71 · Enacted 9 August 1870 · Extends to United Kingdom

Not fully up to date. 1 change made by later legislation has not yet been written into this text, which is revised to 26 March 2015.

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ProvisionChangeMade by
s. 3words substitutedSenior Courts (Transfer, Amendment and Consequential Provision) 2026 Sch. 1 para. 3

An Act for consolidating, with Amendments, certain Enactments relating to the National Debt.

[9th August 1870]C1C2C3

Annotations to the whole text

Modifications

C1

Act extended by National Debt (Conversion) Act 1888 (c. 2), s. 2(5); Tithe Act 1936 (c. 43), s. 24(7); Bank of England Act 1946 (c. 27), Sch. 1 para. 11; Coal Industry Nationalisation Act 1946 (c. 59), s. 33(7) and National Loans Act 1968 (c. 13), s. 16(4)

C2

Power to extend Act with modifications conferred by National Debt Act 1972 (c. 65), s. 3(2)

C3

Preamble omitted under authority of Statute Law Revision (No. 2) Act 1893 (c. 54)

Contents

  1. Part I
  2. Preliminary
  3. 1Short title.
  4. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  5. 3Interpretation of terms.
  6. 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  7. Part II
  8. Denominations and Incidents of Stock
  9. 5Continuance of existing permanent funded debt on existing terms.
  10. 6Stock charged on consolidated fund.
  11. 7—10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  12. 11Annuities to be several joint stocks.
  13. Part III
  14. Payment of Dividends
  15. 12Money for payment to be issuable.
  16. 13Registrar of Government Stock to employ suitably qualified persons
  17. 14Issue by Treasury.
  18. 15Application of money by Registrar of Government Stock
  19. 16Accounting by Registrar of Government Stock
  20. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  21. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  22. 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  23. 20–21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  24. Part IV–Part V
  25. 22-42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  26. Part VI
  27. 43—50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  28. Part VII
  29. Unclaimed Dividends
  30. 51—53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  31. 54Subsequent dividends on stock transferred to be invested, &c.
  32. 55Re-transfer and payment to person showing title.
  33. 56–57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  34. 58Application to court to rescind order.
  35. 59Bank and Registrar of Government Stock not responsible to second claimant
  36. 60Order in favour of second claimant showing title.
  37. 61–63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  38. 64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  39. 65. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  40. 66Indemnity to Banks.
  41. 67Application of this part to stock already transferred, &c.
  42. 68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  43. Part VIII
  44. Miscellaneous
  45. 69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  46. 70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  47. 71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  48. 72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  49. 73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  50. 74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  51. Schedule THE FIRST
  52. Stocks; Dividend Days; Redemption
  53. Schedule SECONDSchedule SECOND
  54. Schedule THIRDSchedule THIRD

1Short title.

This Act may be cited as “The National Debt Act 1870.”

2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

3Interpretation of terms.C1

In this Act—

  • F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  • “Stock” means the several capital or joint stocks of perpetual annuities described in the first schedule to this Act, and includes any share or interest therein respectively:

F2“Stockholder” means a person holding stock, being entered as such in—

  1. (a)

    F3a register kept by the Registrar of Government Stock in accordance with regulations under section 47 of the Finance Act 1942 (see regulation 7 of the Government Stock Regulations 2004); or

  2. (b)

    a register kept by the Operator of a relevant system under the Uncertificated Securities Regulations 2001 (and “Operator” and “relevant system” shall have the same meanings as they have in those Regulations):

  • “Warrant” includes draft, order, cheque, or other document used as a medium for payment of dividends:

  • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  • F4......

  • “The Consolidated Fund” means the consolidated fund of the United Kingdom of Great Britain and Ireland:

  • “The Court of Chancery” means the Court of Chancery in England or the Court of Chancery in Ireland as the case requires:

  • “Person” includes corporation:

  • F5“the Registrar of Government Stock” means the person or persons appointed in accordance with regulations under section 47(1)(b) of the Finance Act 1942 (see regulation 3 of the Government Stock Regulations 2004):

  • “Representatives” means executors, administrators, or successors and assigns.

4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

5Continuance of existing permanent funded debt on existing terms.C1

The perpetual annuities described in the first schedule to this Act, to the respective amounts thereof subsisting at the passing of this Act, and the several capital sums in respect whereof those several annuities are payable, do and shall form part of the National Debt, . . . F1

All the annuities aforesaid shall respectively continue redeemable by Parliament . . . , at the rate of one hundred pounds sterling for every one hundred pounds of the capital sums in respect whereof they are payable . . . F2

6Stock charged on consolidated fund.

The annuities and dividends aforesaid shall continue to be charged on and payable out of F1the National Loans Fund with recourse to the consolidated fund.

7—10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

11Annuities to be several joint stocks.

The annuities of each denomination mentioned in the first schedule to this Act taken together shall continue to constitute one capital or joint stock; and all persons for the time being entitled thereto shall continue to have a proportional interest in every such capital or joint stock.

12Money for payment to be issuable.

Sufficient money to pay the dividends on all stock, with the charges attending the same, shall continue to be from time to time issuable for that purpose out of the F1National Loans Fund.

13Registrar of Government Stock to employ suitably qualified personsF1

Until all stock is redeemed, the Registrar of Government Stock must employ suitably qualified persons to administer the payment of the dividends on stock.

14Issue by Treasury.F1C1

(1)

The money from time to time and at any time—

(a)

issuable out of the National Loans Fund, and

(b)

by this Act made applicable to the payment of the dividends on stock,

shall, by order of the Treasury, without other warrant, from time to time be issued and made available for the payment of those dividends.

(2)

The Registrar of Government Stock shall from time to time notify the Treasury of the amount of the money to be so issued which he requires to be made available to him for the making of payments in respect of those dividends.

(3)

The Treasury shall make that amount available to the Registrar of Government Stock for the making of such payments.

15Application of money by Registrar of Government StockF1

The Registrar of Government Stock shall without delay apply in payment of the dividends on stock the money from time to time so made available to him.

16Accounting by Registrar of Government StockF1

The Registrar of Government Stock shall from time to time render his accounts relating to the money F2made available to him for the payment of the dividends on stock and those accounts shall be audited, as the Treasury from time to time direct, but the Treasury may, if they think fit, dispense with such audit.

17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

20–21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

22-42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

43—50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

51—53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

54Subsequent dividends on stock transferred to be invested, &c.C1

Where stock is transferred under this part of this Act all dividends accruing thereon after the transfer shall be paid to the National Debt Commissioners, and shall . . . F1 be placed to their account of unclaimed dividends.

All such dividends . . . shall be held by those Commissioners for the public, subject to the claims of the parties entitled thereto.

55Re-transfer and payment to person showing title.C1C2

F1The Registrar of Government Stock may re-transfer any stock transferred under this Part to any person showing his right to it to the satisfaction of the Registrar of Government Stock, and pay the dividends due on it, as if the stock or dividends had not been transferred or paid to the National Debt Commissioners.

But in case the F2Registrar of Government Stock is not satisfied of the right of any person claiming to be entitled to any such stock or dividends, the claimant may, by petition in a summary way, state and verify his claim to the Court of Chancery.

The petition shall be served on Her Majesty’s Attorney General and on the National Debt Commissioners, and the Court shall make such order thereon (either for re-transfer of the stock to which the petition relates and payment of the dividends accrued thereon, or otherwise), and touching the costs of the application, as to the Court seems just.

All costs and expenses incurred by or on behalf of the Attorney General, or the National Debt Commissioners, in resisting or appearing on any such petition, if not ordered by the Court to be paid out of the stock and dividends thereby claimed, shall be paid by the National Debt Commissioners, out of unclaimed dividends.

Where any re-transfer or payment is made to any such claimant, either with or without the authority of the Court, theF3Registrar of Government Stock F4. . . shall give notice thereof to the National Debt Commissioners, within three days after making the same.

56–57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

58Application to court to rescind order.

At any time before re-transfer of stock or payment of dividend as aforesaid to a claimant any person may apply to the Court of Chancery, by motion or petition, to rescind or vary any order made for re-transfer or payment thereof.

59Bank and Registrar of Government Stock not responsible to second claimantC1F1

(1)

Where any stock or dividends have been re-transferred or paid as aforesaid to a claimant by the Bank of England, the Registrar of Government Stock or any previous Registrar of Government Stock and is or are afterwards claimed by another person, none of the persons mentioned in subsection (2) shall be responsible for that stock or those dividends to that other claimant but he may have recourse against the person to whom the re-transfer or payment was made.

(2)

Those persons are—

(a)

the Bank of England;

(b)

the Registrar of Government Stock;

(c)

any previous Registrar of Government Stock;

(d)

any officer of any of the persons mentioned in paragraphs (a) to (c).

60Order in favour of second claimant showing title.

Provided, that if in any case a new claimant establishes his title to any stock or dividends re-transferred or paid to a former claimant, and is unable to obtain transfer or payment thereof from the former claimant, the Court of Chancery shall, on application by petition by the new claimant, verified as the Court requires, order the National Debt Commissioners to transfer to him such sum in stock, and to pay to him such sum in money for dividend, as the Court thinks just.

Such transfer shall be made from stock transferred to the National Debt Commissioners under this part of this Act; and such money for dividend shall be paid from dividends received by those Commissioners on stock so transferred, or the accumulations thereof, . . . F1 or from other money at their disposal.

61–63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

65. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

66Indemnity to Banks.C1

TheF1Registrar of Government Stock, any previous Registrar of Government Stock and the Banks of England and Ireland and their respective governors, deputy governors, and officers are hereby indemnified in respect of any transfer or re-transfer of stock or payment of dividends under this part of this Act, and shall not be in any manner responsible to any person having or claiming any interest therein.

67Application of this part to stock already transferred, &c.

Where under any former Act relating to unclaimed stock or unclaimed dividends any stocks, funds, or annuities, or any principal or other sums have, in consequence of the same or of the dividends thereon being unclaimed, been transferred to the National Debt Commissioners, or any unclaimed dividends have been paid to those Commissioners, this part of this Act shall have effect in relation to the stocks, funds, annuities, principal or other sums, and dividends so transferred and paid, and to any stock or security representing the same or any of them, and to all accumulations and investments of those dividends, in like manner, as nearly as may be, as if such transfer, payment, and investment were made after the passing of this Act under this part thereof.

68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

Stocks; Dividend Days; Redemption

Denominations of the several Stocks of Perpetual Annuities. . . . . . .
. . . . . . . . .
Two pounds [50p] per centum annuities. . . . . . .

. . . F1

Schedule SECONDF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule THIRDF1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .