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National Debt (Conversion) Act 1888

51 & 52 Vict. c. 2 · Enacted 27 March 1888 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 26 March 2015.

An Act for reducing the Rate of Interest on the National Debt.

[27th March 1888]C1

Annotations to the whole text

Modifications

C1

Preamble omitted under authority of Statute Law Revision Act 1908 (c. 49)

Contents

  1. Part I: Conversion or Redemption of New Three per Cent. Stock
  2. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3. 2Denomination and incidents of new stock.
  4. 3-7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  5. Part s II, III
  6. 8-10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  7. 11-13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  8. Part IV: Supplemental
  9. 14, 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  10. 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  11. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  12. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  13. 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  14. 20-24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  15. 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  16. 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  17. 27, 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  18. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  19. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  20. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  21. 32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  22. 33Short title.

1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

2Denomination and incidents of new stock.

(1)

The new stock shall consist of a capital stock of perpetual annuities, which shall . . . F1 yield dividends at the rate of two pounds F250p per cent. per annum.

C1(2)

The new stock . . . F3 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.

(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 . . .

(4)

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

(5)

The dividends on the new stock shall be charged on F4the National Loans Fund with recourse to the Consolidated Fund of the United Kingdom . . . F5, and the provisions of the M1National 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, . . .

3-7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

8-10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

11-13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

14, 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

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

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

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

20-24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

27, 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

33Short title.

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