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CONSOLIDATED FUND (PERMANENT CHARGES REDEMPTION) ACT 1873

CONSOLIDATED FUND (PERMANENT CHARGES REDEMPTION) ACT 1873 - LONG
TITLE

An Act to make provision for the Redemption of divers permanent
Charges on the Consolidated Fund and on the Votes of Parliament.{1}
[28th July 1873]
Preamble rep. by SLR 1893 (No.2)

CONSOLIDATED FUND (PERMANENT CHARGES REDEMPTION) ACT 1873 - SECT 1
Short title.

1. This Act may be cited as "The Consolidated Fund (Permanent
Charges Redemption) Act, 1873."

CONSOLIDATED FUND (PERMANENT CHARGES REDEMPTION) ACT 1873 - SECT 2
Contract for redemption of annuity.

2. Where any annuity (as defined by this Act) is charged on and
payable out of the Consolidated Fund of the United Kingdom, or
moneys provided by Parliament, either in perpetuity or for a period
not determinable with the life of the individual to whom the same
is for the time being payable, the Treasury may at any time
contract for the redemption of the same or any part thereof by
payment out of moneys provided by Parliament of a capital sum not
exceeding such sum as would, according to the average price of
Government securities at the date of such contract, purchase an
amount of Government securities yielding annual dividends equal to
the amount of such annuity.

In entering into any such contract, the Treasury shall have regard
to the contingency (if any) of the determination of the annuity,
and may surrender such contingency upon such terms as they may
think reasonable.

Where the person to whom such annuity is for the time being
payable is a limited owner. the contract made for the redemption of
the annuity shall not be valid unless it is assented to, ... by
the [High Court] but when so assented to shall be binding on the
heirs, successors, executors, and administrators of such limited
owner, and all other persons interested in the annuity.

CONSOLIDATED FUND (PERMANENT CHARGES REDEMPTION) ACT 1873 - SECT 3
Payment of money and cesser of annuity.

3. The money for the redemption of the annuity,... where the owner
is a limited owner shall, and in any case where the owner is not
a limited owner may be [paid into the Supreme Court], and shall be
applied by or under the direction of... [the High Court]... for the
benefit of the person entitled thereto.

As soon as any money is paid in pursuance of any contract for the
redemption of any annuity, that annuity shall cease to be charged
on and payable out of the Consolidated Fund, or moneys provided by
Parliament, so, however, that any proportionate part of such annuity
which may be due up to the time of such payment shall be paid to
the person entitled thereto.

CONSOLIDATED FUND (PERMANENT CHARGES REDEMPTION) ACT 1873 - SECT 4
Proviso in case of annuities under five pounds, or redemption money
under #100.

4...., if the annuity does not exceed five pounds a year, or the
sum payable for the redemption of the annuity does not exceed one
hundred pounds, the contract need not be assented to by the [High
Court], and the money need not be [paid into court], but may be
paid to the person entitled for the time being to receive the
annuity, and the receipt of such person shall be a good discharge
for money so paid.

CONSOLIDATED FUND (PERMANENT CHARGES REDEMPTION) ACT 1873 - SECT 5
Miscellaneous provisions.

5. Where any doubt exists either as to whether a person to whom
an annuity for the time being is payable is or is not a limited
owner, or as to the title of a person to any annuity, the
contract may be assented to, the money paid, and other proceedings
under this Act had, as if the person to whom such annuity is
payable were a limited owner.

Any power vested by this Act in the [High Court] may be exercised
by a judge thereof sitting at chambers.

Any contract made in pursuance of this Act may, if it is so
agreed, provide for the redemption of an annuity by the transfer of
any Government securities instead of the payment of a sum of money;
and the provisions of this Act shall be construed accordingly, with
the necessary modifications.

The average price of Government securities shall be determined
according to the average price stated in the account sent by the
Bank of England to the Commissioners for the Reduction of the
National Debt, in pursuance of any Act of Parliament.

CONSOLIDATED FUND (PERMANENT CHARGES REDEMPTION) ACT 1873 - SECT 6
Return of transactions under this Act.

6. The Treasury shall cause to be laid before the House of Commons
in every year an account of all annuities redeemed in pursuance of
this Act, and the particulars of such redemption and the reasons
therefor.

CONSOLIDATED FUND (PERMANENT CHARGES REDEMPTION) ACT 1873 - SECT 7
Definitions.

7. In this Act

Definition rep. by SLR 1893 (No.2)

The term "Government securities" means any consolidated, reduced, or
new, three pounds per centum Bank annuities:

The term "annuity" includes any pension or annual payment, but does
not include any Government securities or any annuities, for life or
years, granted or payable by the Commissioners for the Reduction of
the National Debt:

The term "person" includes a body corporate:

The term "limited owner" means a corporation (aggregate or sole),
tenant in tail or for life,..., a guardian, a committee of a
lunatic or idiot, a trustee for any purpose, charitable or other,
an executor or administrator, and any person entitled to any less
interest in an annuity than a tenancy for life.

S.8 (application to Ireland)