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NATIONAL DEBT ACT 1870

NATIONAL DEBT ACT 1870 - LONG TITLE

An Act for consolidating, with Amendments, certain Enactments relating
to the National Debt.{1}
[9th August 1870]
Preamble rep. by SLR 1893 (No.2)

Short title.

NATIONAL DEBT ACT 1870 - SECT 1

1. This Act may be cited as "The National Debt Act, 1870."

NATIONAL DEBT ACT 1870 - SECT 2
Division of Act into parts.

2. This Act is divided in parts as follows:

Part IPreliminary.

Part IIDenominations and Incidents of Stock.

Part IIIPayment of Dividends.

Part IVTransfer.

Part VStock Certificates.

Part VITransfer between England and Ireland.

Part VIIUnclaimed Dividends.

Part VIIIMiscellaneous.

NATIONAL DEBT ACT 1870 - SECT 3
Interpretation.

3. In this Act

Definition rep. by SLR 1893 (No.2)

"Stock" means the several capital or joint stocks of perpetual
annuities described in the first schedule to this Act, and includes
any share or interest therein respectively:

"Stockholder" means a person holding stock, being entered as
proprietor thereof in the books of the Bank of England or Ireland:

"Warrant" includes draft, order, cheque, or other document used as a
medium for payment of dividends:

"Accountant General" includes chief accountant:

Definitions rep. by SLR 1893 (No.2)

"The Consolidated Fund" means the consolidated fund of the United
Kingdom of Great Britain and Ireland:

"The Court of Chancery" means the Court of Chancery in England or
the Court of Chancery in Ireland, as the case requires:

"Person" includes corporation:

"Representatives" means executors, administrators, or successors, and
assigns.

NATIONAL DEBT ACT 1870 - SECT 4
Effect of schedules.

4. The schedules to this Act shall be deemed part of this Act.

Continuance of existing permanent funded debt on existing terms.

NATIONAL DEBT ACT 1870 - SECT 5

5. The perpetual annuities described in the first schedule to this
Act, ... and the several capital sums in respect whereof those
several annuities are payable, do and shall form part of the
National Debt, ....

All the annuities aforesaid shall respectively continue redeemable by
Parliament ... at the rate of one hundred pounds sterling for every
one hundred pounds of the capital sums in respect whereof they are
payable ....

NATIONAL DEBT ACT 1870 - SECT 6
Stock charged on Nation Loans Fund.

6. The annuities and dividends aforesaid shall continue to be
charged on and payable out of [the National Loans Fund with
recourse to] the consolidated fund.

Ss.710 rep. by SLR 1950

NATIONAL DEBT ACT 1870 - SECT 11
Annuities to be several joint stocks.

11. The annuities of each denomination mentioned in the first
schedule to this Act taken together shall continue to constitute one
capital or joint stock; and all persons for the time being entitled
thereto shall continue to have a proportional interest in every such
capital or joint stock.

Money for payment to be issuable.

NATIONAL DEBT ACT 1870 - SECT 12

12. Sufficient money to pay the dividends on all stock, with the
charges attending the same, shall continue to be from time to time
issuable for that purpose out of the [National Loans Fund].

NATIONAL DEBT ACT 1870 - SECT 13
Banks to have chief cashier and accountant general.

13. Until all stock is redeemed, the Banks of England and Ireland
shall each continue to employ within their office a fit person as
their chief cashier, and another fit person as their accountant
general.

NATIONAL DEBT ACT 1870 - SECT 14
Issue by Treasury.

14. The money from time to time and at any time issuable out of
the [National Loans Fund] and 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 paid to the
respective chief cashiers of the Banks of England and Ireland by
way of imprest and on account for the payment of those dividends.

NATIONAL DEBT ACT 1870 - SECT 15
Application of issues by cashier.

15. The chief cashier to whom money is from time to time so
issued shall from time to time without delay apply the same in
payment of the dividends on stock.

NATIONAL DEBT ACT 1870 - SECT 16
Accounting by cashier, &c.

16. The chief cashier to whom money is so issued shall from time
to time render his accounts thereof, and the same shall be audited,
as the Treasury from time to time direct; but the Treasury may, if
they think fit, dispense with such audit.

The respective accountants general of the Banks of England and
Ireland shall from time to time inspect and examine all receipts
and payments of the respective chief cashiers of those Banks, and
the vouchers relating thereto, in order to prevent fraud, negligence,
or delay.

Ss.1721 rep. by SLR 1883; 1889 c.6 s.6 sch.; SLR 1950; SLR 1966

S.22 rep. by 1942 c.21 s.47 sch.11 Pt.III

NATIONAL DEBT ACT 1870 - SECT 23
Transfer by executors, &c.

23. The interest of a stockholder dying (before or after the
passing of this Act) in stock shall be transferable by his
executors or administrators, notwithstanding any specific bequest
thereof.

The Bank of England or of Ireland shall not be required to allow
any executors or administrators to transfer any stock until the
probate of the will of or the letters of administration to the
deceased has or have been left with the Bank for registration, and
may require all the executors who have proved the will to join in
the transfer.

NATIONAL DEBT ACT 1870 - SECT 24
Evidence of title on transfer.

24. The Banks of England and Ireland respectively before allowing
any transfer of stock may, if the circumstances of the case appear
to them to make it expedient, require evidence of the title of any
person claiming a right to make the transfer.

That evidence shall be the declaration of competent persons under
the Statutory Declarations Act, 1835, or of such other nature as
the Banks respectively require.

S.25 rep. by 1942 c.21 s.47 sch.11 Pt.III

Part V is prospectively repealed (with a saving for outstanding
certificates and coupons) by the Finance Act 1963 (c.25) ss.71(6),
73(8)(b) sch.14 Pt.VIII

Certificate of title to stock.

NATIONAL DEBT ACT 1870 - SECT 26

26. A stockholder may obtain a stock certificate, that is to say,
a certificate of title to his stock or any part thereof, with
coupons annexed, entitling the bearer of the coupons to the
dividends on the stock.

NATIONAL DEBT ACT 1870 - SECT 27
Descriptions of stock for which certificates may be issued.

27. ... the Treasury may by warrant declare that any ... stock
specified in the warrant shall be subject to this part of this
Act, and thereupon stock certificates may be issued in respect of
that stock ....

NATIONAL DEBT ACT 1870 - SECT 28
Limitation of amount of certificate.

28. A stock certificate shall not be issued in respect of any sum
of stock not being fifty pounds or a multiple of fifty pounds, or
exceeding one thousand pounds.

S.29 rep. by 1893 c.53 s.51 sch.

NATIONAL DEBT ACT 1870 - SECT 30
No notice of trust.

30. No notice of any trust in respect of any stock certificate or
coupon shall be receivable by the Bank or England or of Ireland.

NATIONAL DEBT ACT 1870 - SECT 31
Stock in certificate outstanding not transferable.

31. Where a stock certificate is outstanding the stock represented
thereby shall cease to be transferable [in manner provided by
regulations made under section forty-seven of the Finance Act, 1942].

NATIONAL DEBT ACT 1870 - SECT 32
Distinction between stock certificates to bearer and nominal
certificates.

32. A stock certificate, unless a name is inscribed therein, shall
entitle the bearer to the stock therein described, and shall be
transferable by delivery.

The bearer of a stock certificate may convert the same into a
nominal certificate by inserting therein, in manner prescribed by any
regulation made in pursuance of this part of this Act, the name,
address, and quality of some person.

A stock certificate when it becomes nominal shall not be
transferable, and the person named therein (in this part of this
Act called the nominee), ... shall alone be recognized by the Bank
of England or of Ireland as entitled to the stock described in the
certificate.

On the death of the nominee, his personal representative, ... shall
alone be recognized by the Bank of England or of Ireland as
entitled to the stock described in the certificate, and shall be
deemed the nominee in that certificate.

NATIONAL DEBT ACT 1870 - SECT 33
Nominee in a nominal certificate not entitled to have it renewed as
nominal.

33. The nominee in a nominal stock certificate shall not be
entitled to have the same renewed as nominal, but he shall, on
delivery up of his certificate, and of all unpaid coupons belonging
thereto, to the Bank of England or of Ireland by whom the
certificate was issued, and on compliance with any regulation made
in pursuance of this part of this Act, be entitled to receive in
exchange from that Bank a stock certificate to bearer.

The nominee in a nominal stock certificate, and the bearer of a
stock certificate to bearer, may, on the like delivery, and on
compliance with any regulation made in pursuance of this part of
this Act, require to be registered [in the appropriate register kept
by the Bank of England or Ireland in accordance with regulations
made under section forty-seven of the Finance Act, 1942, and
thereupon the stock shall be entered in that register] and shall
become transferable, and the dividends thereon shall be payable, as
if no certificate had been issued in respect of such stock.

NATIONAL DEBT ACT 1870 - SECT 34
Rules as to coupons.

34. The coupons annexed to a stock certificate shall comprise the
dividends to be payable in respect of the stock therein described,
for not less than five years from the date of the certificate.

At the expiration of that period fresh coupons shall be issued for
a further period of not less than five years, and so for
successive periods of not less than five years each, during the
continuance in force of the stock certificate.

But the Bank of England or of Ireland may, if they think fit, in
lieu of issuing fresh coupons in respect of a stock certificate,
give in exchange a fresh stock certificate with coupons annexed.

NATIONAL DEBT ACT 1870 - SECT 35
Payment of coupons.

35. Coupons payable by the Bank of England or of Ireland shall be
payable at the chief establishment of the respective Bank at the
expiration of three clear days from the day of presentation, and at
any branch establishment of the same Bank, situate more than ten
miles from the chief establishment, at the expiration of five clear
days from the day of presentation.

The payment to the bearer of a coupon of the amount expressed
therein shall be a full discharge to the Bank of England or of
Ireland from all liability in respect of that coupon and the
dividend represented thereby.

NATIONAL DEBT ACT 1870 - SECT 36
Income tax.

36. Income tax shall be deducted from coupons in the same manner
and subject to the same regulations in and subject to which it may
by law be deducted from dividends payable by the Bank of England
or of Ireland in respect of stock of stockholders inscribed in the
books of that Bank; save only that income tax shall be deducted
from a coupon, although the dividend represented thereby does not
amount to [#2.50].

S.37 rep. by SLR 1950

NATIONAL DEBT ACT 1870 - SECT 38
Loss or destruction of certificate or coupon.

38. If a stock certificate or coupon is lost or destroyed, the
Bank of England or of Ireland (as the case requires) shall issue a
new certificate or coupon, on receiving indemnity to their
satisfaction against the claims of all persons deriving title under
the certificate or coupon lost or destroyed.

NATIONAL DEBT ACT 1870 - SECT 39
General regulations with respect to stock certificates and coupons.

39. The Banks of England and Ireland respectively, with the sanction
of the Treasury, may from time to time issue any forms that may
be required for carrying into effect this part of this Act, and
may from time to time make any regulations not inconsistent with
this part of this Act relative to the following things:

(1)The time for which coupons are to be given:

(2)The conversion of a stock certificate to bearer into a nominal
certificate:

(3)The authority under which and the mode in which the Bank are to
act in issuing stock certificates or exchanging nominal certificates
for certificates to bearer, or registering in their books the
holders of stock certificates, or taking any other proceedings in
relation to stock authorized to be taken under this part of this
Act:

(4)The mode of proving the title of or identifying any person
applying for a stock certificate or deriving any title under a
stock certificate:

(5)The mode of proof of the death ... of the nominee ...:

(6)The mode of proof of the loss or destruction of a stock
certificate or coupon:

(7)Any other matter necessary to carry this part of this Act into
effect:

Regulations so made before the passing of this Act shall continue
in force unless and until altered by regulations made after the
passing of this Act under this part thereof.

Any regulation so made before or after the passing of this Act
shall be deemed to be part of this Act in the same manner as if
it were enacted in this part of this Act.

S.40 rep. by 1892 c.48 s.8(3) sch. Pt.I

NATIONAL DEBT ACT 1870 - SECT 41
Stock in certificate to have incidents of other stock, except as to
transfer, &c.

41. Stock described in a stock certificate shall be charged on the
same securities, and be subject to the same powers of redemption,
and save as relates to the mode of transfer and payment of
dividends thereon, shall be subject to the same incidents in all
respects, including the remuneration payable to the Bank of England
or of Ireland [as if it were transferable in manner provided by
regulations made under section forty-seven of the Finance Act, 1942].

NATIONAL DEBT ACT 1870 - SECT 42
Application of this part to stock certificates already issued, &c.

42. Where a stock certificate has been issued under any former Act,
this part of this Act shall have effect in relation thereto, and
to the coupons annexed thereto and to the stock and dividends
represented thereby respectively, in like manner, as nearly as may
be, as if the certificate were issued after the passing of this
Act under this part thereof.

Part VI (ss.4350) rep. by 1929 c.29 s.36(1) sch.2 Pt.I; 1942 c.21
s.47 sch.11 Pt.III

Ss.5153 rep. by 1942 c.21 s.47 sch.11 Pt.III; 1955 c.6 (4 & 5
Eliz.2) s.5(5) sch.2 Pt.III

NATIONAL DEBT ACT 1870 - SECT 54
Subsequent dividends on stock transferred to be invested, &c.

54. Where stock is transferred under this part of this Act all
dividends accruing thereon after the transfer shall be paid to the
National Debt Commissioners, and shall, ... be placed to their
account of unclaimed dividends.

All such dividends ... shall be held by those Commissioners for the
public, subject to the claims of the parties entitled thereto.

NATIONAL DEBT ACT 1870 - SECT 55
Re-transfer and payment to person showing title.

55. The Governor or Deputy Governor of the Bank of England or of
Ireland may direct the accountant general or deputy accountant
general or secretary or deputy or assistant secretary of that Bank
to re-transfer any stock transferred under this part of this Act to
any person showing his right thereto to the satisfaction of the
Governor or Deputy Governor, and to pay the dividends due thereon,
as if the same had not been transferred or paid to the National
Debt Commissioners.

But in case the Governor or Deputy Governor is not satisfied of
the right of any person claiming to be entitled to any such stock
or dividends, the claimant may, by petition in a summary way, state
and verify his claim to the Court of Chancery.

The petition shall be served on Her Majesty's Attorney General and
on the National Debt Commissioners, and the Court shall make such
order thereon (either for re-transfer of the stock to which the
petition relates and payment of the dividends accrued thereon, or
otherwise), and touching the costs of the application, as to the
Court seems just.

All costs and expenses incurred by or on behalf of the Attorney
General, or the National Debt Commissioners, in resisting or
appearing on any such petition, if not ordered by the Court to be
paid out of the stock and dividends thereby claimed, shall be paid
by the National Debt Commissioners, out of unclaimed dividends.

Where any re-transfer or payment is made to any such claimant,
either with or without the authority of the Court, the Bank of
England or of Ireland (as the case requires) shall give notice
thereof to the National Debt Commissioners within three days after
making the same.

Ss.56, 57 rep. by 1937 c.54 s.34(6) sch.6 Pt.II

NATIONAL DEBT ACT 1870 - SECT 58
Application to court to rescind order.

58. At any time before re-transfer of stock or payment of dividend
as aforesaid to a claimant any person may apply to the Court of
Chancery, by motion or petition, to rescind or vary any order made
for re-transfer or payment thereof.

NATIONAL DEBT ACT 1870 - SECT 59
Bank not responsible to second claimant.

59. Where any stock or dividends having been re-transferred or paid
as aforesaid to a claimant by either Bank is or are afterwards
claimed by another person, the Bank and their officers shall not be
responsible for the same to such other claimant, but he may have
recourse against the person to whom the re-transfer or payment was
made.

NATIONAL DEBT ACT 1870 - SECT 60
Order in favour of second claimant showing title.

60. Provided, that if in any case a new claimant establishes his
title to any stock or dividends re-transferred or paid to a former
claimant, and is unable to obtain transfer or payment thereof from
the former claimant, the Court of Chancery shall, on application by
petition by the new claimant, verified as the Court requires, order
the National Debt Commissioners to transfer to him such sum in
stock, and to pay to him such sum in money for dividend, as the
Court thinks just.

Such transfer shall be made from stock transferred to the National
Debt Commissioners under this part of this Act; and such money for
dividend shall be paid from dividends received by those Commissioners
on stock so transferred, or the accumulations thereof, ... or from
other money at their disposal.

Ss.61, 62 rep. by 1949 c.47 s.52(10) sch.11 Pt.II; 1955 c.6 (4 &
5 Eliz.2) s.5(15) sch.2 Pt.III. S.63 rep. by 1955 c.6 (4 & 5
Eliz.2) s.5(15) sch.2 Pt.III. S.64 rep. by 1892 c.48 s.8(3) sch.
Pt.I. S.65 rep. by 1955 c.6 (4 & 5 Eliz.2) s.5(15) sch.2 Pt.III

NATIONAL DEBT ACT 1870 - SECT 66
Indemnity to Banks.

66. The Banks of England and Ireland and their respective governors,
deputy governors, and officers are hereby indemnified in respect of
every transfer or re-transfer of stock or payment of dividends under
this part of this Act, and shall not be in any manner responsible
to any person having or claiming any interest therein.

NATIONAL DEBT ACT 1870 - SECT 67
Application of this part to stock already transferred, &c.

67. Where under any former Act relating to unclaimed stock or
unclaimed dividends any stocks, funds, or annuities, or any principal
or other sums have, in consequence of the same or of the dividends
thereon being unclaimed, been transferred to the National Debt
Commissioners, or any unclaimed dividends have been paid to those
Commissioners, this part of this Act shall have effect in relation
to the stocks, funds, annuities, principal or other sums, and
dividends so transferred and paid, and to any stock or security
representing the same or any of them, and to all accumulations and
investments of those dividends, in the manner, as nearly as may be,
as if such transfer, payment, and investment were made after the
passing of this Act under this part thereof.

S.68 rep. by 1929 c.29 s.36(1) sch.2 Pt.I; SLR 1966

S.69 rep. by SLR 1950. S.70 rep. by 1942 c.21 s.47 sch.11 Pt.III;
SLR 1963. S.71 rep. by 1963 c.22 (NI) s.21 sch.3 Pt.II. S.72 rep.
by 1946 c.27 s.3(4) sch.3

NATIONAL DEBT ACT 1870 - SECT 73
Extension of provisions as to executors, &c., to all stocks, &c.

73. Such of the provisions of Parts III and IV of this Act as
relate to ... transfer of stock by executors or administrators, and
to evidence of title to ... stock, ... and to payment of dividends
on stock by sending warrants through the post, shall apply to all
stock of any company or corporation, funds or annuities, transferable
in the books of the Bank of England or of Ireland.

NATIONAL DEBT ACT 1870 - SECT 74
Protection to Banks.

74. The Bank of England or of Ireland, or any member of the
corporation thereof respectively, shall not incur any disability for
or by reason of those banks respectively doing anything in pursuance
of this Act.

annuities.

...

Second Schedule rep. by SLR 1883; SLR 1893 (No.2); 1929 c.29
s.36(1) sch.2 Pt.I. Third Schedule rep. by SLR 1950






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