|
|
Application and investments of sums paid for savings bank annuities or insurances.
27 & 28 Vict. c. 46.
27 & 28 Vict. c. 46.
|
13. (1.) All sums paid in order to obtain savings bank annuities and insurances shall be paid into the bank to the account of the National Debt Commissioners, and there carried to such account or accounts and under such title or titles as the National Debt Commissioners from time to time direct, but such current outgoings as herein-after mentioned may be defrayed thereout, either before or after such payment into the bank, and the application thereof herein-after mentioned shall be subject to such defraying of outgoings.
|
|
| |
(2.) The sums paid for immediate annuities shall be forthwith applied in the purchase of Government annuities (that is to say,) of perpetual bank annuities, terminable annuities, exchequer bills, exchequer bonds, or Treasury bills, and the securities so purchased shall be forthwith cancelled, and cease to be charged on the Consolidated Fund.
|
|
| |
(3.) All immediate annuities granted under this Act shall be charged on the Consolidated Fund and issued thereout, or out of the growing produce thereof, at such times as the Treasury may from time to time direct with a view to the due payment thereof to the persons entitled thereto.
|
|
| |
(4.) The Government Annuities (Investments) Act, 1864, shall apply to all sums paid into the bank as aforesaid, other than amounts applicable for immediate annuities as above provided.
|
|
| |
(5.) In the event of any contract for a savings bank annuity or insurance being cancelled or varied in pursuance of this Act, or any error therein corrected, the National Debt Commissioners may vary the charge on the Consolidated Fund, and on the fund created under the Government Annuities (Investments) Act, 1864, in such manner as may be necessary for carrying into effect such cancellation, variation, or correction, and the Treasury may, if need be, create new securities in lieu of any securities which have been cancelled, and the securities so created shall be charged on the Consolidated Fund, and payable in like manner, and be subject to the same conditions as the securities which were cancelled.
|
|
| |
(6.) The expression “current outgoings” includes all sums payable by the National Debt Commissioners in respect of annuities or insurances from time to time, and also all such expenses of carrying into effect this Act as are payable out of the sums paid by persons to obtain savings bank annuities and insurances.
|
|
| |
All expenses incurred by any savings bank in the execution of this Act to such amount as may be from time to time allowed by the National Debt Commissioners (subject to the directions of the Treasury) shall be paid by the National Debt Commissioners, and defrayed by them as part of the expenses of the grant of annuities and insurances.
|
|
| |
(7.) The expression “bank” in this section means the Bank of England, or the Bank of Ireland, as the case requires.
|
