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The Government Stock (Consequential and Transitional Provision) (No.3) Order 2004

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National Debt Act 1870

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1.—(1) The National Debt Act 1870(1) is amended as follows.

(2) In section 3(2) (interpretation of terms) after the definition of “person” there is inserted—

““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):””.

(3) For section 14(3) (issue by Treasury) there is substituted—

“Issue by Treasury

14.—(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.”.

(4) For section 15(4) (application of issues by Registrar of Government Stock) there is substituted—

“Application of money by Registrar of Government Stock

15.  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.”.

(5) In section 16(5) (accounting by Registrar of Government Stock) for “issued” there is substituted “made available”.

(2)

There are amendments to section 3 not relevant to this Order.

(3)

Section 14 was amended by the National Loans Act 1968 (c. 13), section 13(6) and Schedule 5; S.I. 2002/2521, article 10(1) and Schedule 1, paragraph 1(b); and S.I. 2004/1662, paragraph 3(4) of the Schedule.

(4)

Section 15 was substituted by S.I. 2004/1662, paragraph 3(5) of the Schedule.

(5)

Section 16 was substituted by S.I. 2004/1662, paragraph 3(6) of the Schedule.

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