National Loans Act 1939 (c.117)

2 & 3 Geo. 6 c. 117 · Enacted 16 November 1939 · Extends to United Kingdom

An Act to confer on the Treasury powers to raise money and exchange securities, and for purposes connected therewith.

[16th November 1939]C1

Annotations to the whole text

Modifications

C1: Act extended by Transport Act 1962 (c. 46), s. 36(3) and Air Corporations Act 1966 (c. 11), Sch. 1 para. 2; amended by Finance Act 1956 (c. 54), s. 43(2)

1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
3General provisions as to securities.
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
5†Short title, construction, extent and repeals.
Schedule FIRSTSchedule FIRST
Schedule SECOND: Application of certain enactments to securities issued under this Act
1Paragraph 1
2Paragraph 2
3Paragraph 3 Repealed
4Paragraph 4 Repealed
5Paragraph 5
Schedule THIRDSchedule THIRD

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

3General provisions as to securities.

(1)

Securities issued under this Act shall bear such rate of interest, and be subject to such conditions as to repayment, redemption and other matters (including provision for a sinking fund), as the Treasury may determine.

(2)

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(3)

The principal of and interest on any securities issued under this Act, and any sums required to be set aside for the purpose of any sinking fund established under this Act, and any expenses incurred in connection with the raising of money or the issue or redemption of securities under this Act, shall be charged on and issued out of F2the National Loans Fund, with recourse to the Consolidated Fund.

(4)

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(5)

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(6)

The provisions of the Second Schedule to this Act shall have effect with respect to any securities issued under this Act.

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5†Short title, construction, extent and repeals.X1

(1)

This Act may be cited as the National Loans Act 1939.

(2)

Any reference in this Act to any other enactment shall be construed, unless the context otherwise requires, as a reference to that enactment as amended by any subsequent enactment.

(3)

It is hereby declared that this Act extends to Northern Ireland.

(4)

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Schedule FIRSTF1

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1F1

Stock or registered bonds issued under this Act shall be subject to the provisions of the M1National Debt Act 1870 so far as is consistent with the tenor of this Act.

2

Part VII of the M1National Debt Act 1870 (which relates to unclaimed dividends), shall have effect as if capital sums secured on bearer bonds issued under this Act were stock within the meaning of the said Part VII and as if the bonds and coupons attached thereto were respectively stock certificates and coupons issued under the National Debt Act 1870.

For the purposes of this paragraph a bond shall be deemed to have been issued if it has been made out and paid for, notwithstanding that it has not been taken up by the person entitled thereto.