Bank Act 1892

1—4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1U.K.

5 Rate of interest on Government debt to the Banks of England and Ireland.U.K.

Whereas the Bank of England and the Bank of Ireland respectively have consented to the annuity or interest on the debt to them from the public being reduced to the rate of two and three-quarters per cent per annum until the fifth day of April one thousand nine hundred and three;

(1)The annuity or interest payable . . . F2

(a)in respect of the debt due from the public to the Bank of England, (which at the passing of this Act amounts to eleven million fifteen thousand and one hundred pounds); and

(b)in respect of the debt due from the public to the Bank of Ireland, (which at the passing of this Act amounts to two million six hundred and thirty thousand seven hundred and sixty-nine pounds four shillings and eightpence),

shall be . . . F3 at the rate of two pounds [F450p] per cent. per annum: . . . F3

(2)The said annuity or interest shall be paid by equal quarterly payments on the fifth day of January, the fifth day of April, the fifth day of July, and the fifth day of October in each year.

6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5U.K.

7†Internal regulations and stock of Bank of England.U.K.

(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6

(2)Notwithstanding the repeal of any enactment by this Act the capital stock of the Bank of England as existing at the passing of this Act shall be subject to the enactments so far as unrepealed which relate to stock of the Bank of England, and the holders of the stock shall be members of the corporation of the Bank of England.

8†Short title, commencement and repeal.U.K.

(1)This Act may be cited as the Bank Act 1892.

(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7

(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7