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NATIONAL DEBT (CONVERSION OF STOCK) ACT 1884

NATIONAL DEBT (CONVERSION OF STOCK) ACT 1884 - LONG TITLE

An Act for giving Facilities for the Conversion of Three per Cent.
Stock into Stock of a Lower Denomination, and for other purposes
relating thereto.
[3rd July 1884]
Redemption of new 2 and 2 per cent. stock.

NATIONAL DEBT (CONVERSION OF STOCK) ACT 1884 - SECT 1

1.Subs.(1) rep. by 1887 c.16 s.21 sch.3

(2) The two and three-quarters per cent. stock, and two and a half
per cent. stock, shall not be redeemable until the fifth day of
January one thousand nine hundred and five, but on and after such
day shall be redeemable by Parliament after not less than one
month's notice at the rate of one hundred pounds sterling for every
hundred pounds of the capital sums in respect of which the
annuities are payable, together with the payment of all arrears of
such annuities, including a proportionate part accrued since the last
date for the payment of dividends.

(3) Such notice shall be a resolution of the House of Commons
signified by the Speaker in writing and printed in the London
Gazette; and the portion of stock redeemed at one time shall not
be less, in the case of two and three-quarters per cent. stock,
than five million pounds capital stock, and in the case of two and
a half per cent. stock, than fourteen million pounds capital stock;
but subject as aforesaid, the mode of redemption shall be determined
by an Act to be hereafter passed.

(4) The two and three-quarters per cent. stock of annuities shall
form part of the National Debt, and 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.

(5) The annuities created in pursuance of this Act 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 may be
consistently with the tenour of this Act, as if the stocks of
annuities created in pursuance of this Act were part of the stocks
of perpetual annuities described in the First Schedule to the
National Debt Act, 1870; and the two and a half per cent. stock
created under this Act shall be consolidated with the two and a
half per cent. stock mentioned in the said Schedule; and the
Treasury may by warrant declare that the two and three-quarters per
cent. stock shall be subject to Part Five of the said Act.

Ss.25 rep. by 1887 c.16 s.21 sch.3; 1929 c.27 s.20(4) sch.; SLR
1950

NATIONAL DEBT (CONVERSION OF STOCK) ACT 1884 - SECT 6
Powers of investment.

6.Subs.(1)(5) rep. by 1887 c.16 s.21 sch.3

(6) A power, whether subject or not to any restrictions or
conditions, to invest in three per cent. stock shall extend to
authorise an investment, subject to the same conditions and
restrictions (if any) in two and three-quarters per cent. stock and
in two and a half per cent. stock, or either of such stocks.

NATIONAL DEBT (CONVERSION OF STOCK) ACT 1884 - SECT 7
Supplemental provisions.

7.(1) Where stock is exchanged under this Act, the stock taken in
exchange and the dividends thereon shall be subject to the same
trusts, charges, rights, distringas, and restraints as affect the
stock cancelled on the exchange and the dividends thereon
respectively, and all powers of attorney, requests as to dividends
and other documents relating to the cancelled stock and the
dividends thereon, or either of them, shall apply to the stock
taken in exchange and the dividends thereon respectively.

Subs.(2)(3) rep. by 1887 c.16 s.21 sch.3

Definitions.

NATIONAL DEBT (CONVERSION OF STOCK) ACT 1884 - SECT 9

9. In this Act

Definitions rep. by SLR 1898; SLR 1963

"Three per cent. stock" means the stocks of consolidated three
pounds per centum annuities, and new three pounds per centum
annuities, or any of such stocks.

"Two and a half per cent. stock" means the stock of [#2.50] per
centum annuities.

Definition rep. by 1968 c.13 s.24 sch.6 Pt.I

NATIONAL DEBT (CONVERSION OF STOCK) ACT 1884 - SECT 10
Short title.

10. This Act may be cited for all purposes as the National Debt
(Conversion of Stock) Act, 1884.