No. I.

cate to be issued and paid out of the said consolidated fund from time 3 W. 4, c. 14. to time to the governor and company of the bank of England, to be by them placed to the account of the said commissioners for the reduction of the national debt, for the purposes of paying all such annuities respectively.

Time of payment of an

nuities granted under this act.

XI. That all annuities for lives or years of whatsoever kind, which shall be purchased under the provisions of this act, shall be payable by two equal half-yearly payments, to be respectively made on the fifth day of January and on the fifth day of July, or on the fifth day of April and the tenth day of October, in each and every year, according to the respective periods, as herein-after mentioned, within which any money shall be paid for the purchase of any such annuities for life or years of whatsoever kind respectively; and the first half-yearly payment of every such annuity so purchased shall be made at the times following; (that is to say,) on the fifth day of January in respect of all such purchases completed by the actual payment of money into the bank of England to the account of the said commissioners herein-after mentioned at any time during the quarter ending on the tenth day of October preceding such fifth day of January; on the fifth day of April, in respect of all such purchases so completed at any time during the quarter ending on the fifth day of January preceding the fifth day of April; on the fifth day of July in respect of all such purchases so completed at any time during the quarter ending the fifth day of April preceding such fifth day of July; and on the tenth day of October in respect of all such purchases so completed at any time during the quarter ending on the fifth day of July preceding such tenth day of October; and all future half-yearly payments of every such annuity shall be made with reference to the time of such half yearly payment: Provided Quarterly pay- always, that upon the death of any nominee in respect of any life anment on death nuity, a sum equal to one fourth part of the annuity depending upon of nominee of the life of such nominee (over and above all half-yearly arrears thereof life annuities. respectively,) shall be payable to the person or persons entitled to such annuity, or his, her, or their executors or administrators, (as the case may be), on the half-yearly days of payment next succeeding the production of proof to the said trustees, and by them to the said commissioners, certifying the death of such nominee; provided that such proof shall be produced to the said commissioners within thirty days next preceding the fifth day of January, fifth day of April, fifth day of July, and tenth day of October respectively in every year, and that such last-mentioned payment shall be claimed within two years after the death of such nominee, but not otherwise: Provided also, that the fourth part of any expired life annuity payable under the provisions of this act shall not be payable or be paid upon or in respect of any deferred life annuity, unless one half-yearly payment of such deferred life annuity shall have been actually paid or become due at the time

Proviso as to deferred annuities.

Bargains for

annuities not to

of the decease of such nominee.

XII. That for the space of fourteen days next after any of the said quarterly days for payment of the said annuities respectively, no barbe made for gain or contract shall be made by the said trustees or managers on 14 days after behalf of the said commissioners for the reduction of the national debt, the quarterly for the grant or purchase of any annuity under this act; any thing hereday of payment. in-before contained to the contrary in anywise notwithstanding. Contracts for XIII. That all contracts for life annuities or annuities for a limited annuities to be term of years, whether immediate or deferred, which shall be entered sanctioned by into by the trustees or managers of any savings bank, or by the trustees commissioners or managers of any society in any parish or place authorized by this act for reduction of to contract for the same, shall in each and every case be deemed and national debt taken to be contracts made by the said trustees or managers on behalf of before they are the commissioners for the reduction of the national debt: Provided

entered into.

always, that no life annuity shall be permitted to be contracted for, nor shall any payment of any life annuity be made, under the provisions of this act, until proof of the age of the person proposed to be nominated,

No. I.

and until proof of the existence and identity of the respective nominees upon whose life the payment of any annuity shall be demanded shall 3 W. 4, c. 14. have been previously submitted to and approved of by the said commissioners, or by the comptroller general or assistant comptroller acting under the said commissioners; and the said annuities for lives and for terms of years shall be placed under the same regulations as are contained in the acts now in force for enabling the said commissioners to grant life annuities and annuities for terms of years, so far as the same can be made applicable thereto, save and except that no charge by way of commission shall be made by the said commissioners at any time on any sum of money which shall be paid by any person for the purchase of any annuities under the provisions of this act, and also according to such instructions and regulations as the said commissioners, or the said comptroller general or assistant comptroller, shall from time to time issue and direct for carrying into effect the provisions of this act; and all the provisions, penalties, and forfeitures in the said last-mentioned acts contained shall apply and be in force with regard to any and all annuities granted under this act in the same manner as though the same were expressly enacted herein, except so far as the same shall be altered or varied by this act.

XIV. That upon the production to the proper officer of the said com- On production missioners for the reduction of the national debt of proof of the exist- of proof of ence and identity of the respective nominees, as herein-before enacted, existence, &c. and upon the same being approved by such officer, it shall be lawful for certificate shall any two trustees of the savings bank wherein such respective nominees be granted for shall be registered, and also for any two trustees of any society duly payment of established in any parish under this act, to draw upon the said commis- annuity for sioners for the half-yearly payment of the several annuities then due upon the lives of such nominees respectively; and such officer shall and he is hereby required to pay to the said trustees as aforesaid, or their respective agents, now appointed or hereafter to be appointed, within five days after the production of such draft, the several half-yearly payments then due.

life.

XV. That in all cases of annuities for terms of years it shall be lawful Annuities for for the said trustees, as herein-before mentioned, to draw upon the said terms of years commissioners for the half-yearly payment of the several last-mentioned to be paid annuities then due; and the said officer shall and he is hereby required without proof. to pay to the said trustees or their respective agents, now appointed or hereafter duly appointed, within five days after the draft is presented, the several half-yearly payments then due.

XVI. That the right, title, interest, and benefit in and to any annuity, Annuities of whatsoever kind, whether such annuity shall be immediate or de- granted under ferred, which may be purchased under the provisions of this act, shall this act not not be transferrable or assignable by the purchaser thereof so as to transferrable, enable the assignee to receive the same during the lifetime of the said except in case of bankruptcy purchaser, except in case of his or her insolvency or bankrupty when or insolvency. the same shall become the property of his or her assignee or assignees for the benefit of his or her creditors, and the same shall, in such case, after due notice of such insolvency or bankruptcy, be paid to such assignee or assignees aforesaid; and in case of any such bankruptcy or insolvency, the said commissioners for the reduction of the national debt shall re-purchase the said annuity according to the value thereof, the same being computed upon the same tables upon which the said annuity was originally purchased; and the receipt of the assignee or assignees shall be a sufficient discharge to the said commissioners.

XVII. That life annuities and annuities for terms of years, purchased As to the liaunder the provisions of this act, shall not be subject or liable to any bility of annuitaxes, charges, or impositions whatever; and that all such annuities ties to taxes. shall be deemed personal estate, and in all cases where the same shall Annuities shall not depend upon the life of the person entitled thereto shall go to the be personal executors or administrators of such person as personal estate, and shall estate. not be descendible to the heirs.

No. I.

payments to be returned.

XVIII. Provided always, That whenever it shall happen that any 3 W. 4, c. 14. person, having made any one or more annual payment or payments, in cases where the consideration for any deferred life annuity or annuity If annual pay- for terms of years shall be by annual payments for or in the purchase ments are not of any deferred annuity under this act, or their respective executors or kept up, or administrators, shall make default in paying or continuing to make the if party die residue of such annual payments until the whole consideration for any before annuity, such life annuity or annuity for terms of years shall be fully paid accommences, all cording to the agreement for the same, or in case the person so contracting for such life annuity or annuity for terms of years should die previous to the said annuity becoming payable, then and in every such case the amount of all annual payments which shall have been actually made previous to such default shall be returned, exclusive of interest, to the said person so making default as aforesaid; or in case of the death of the party having entered into such contract as herein-before mentioned, the annual or other payment or payments which shall have been actually made previous to his death shall be paid, exclusive of interest, to his executors or administrators; and that the money so returned shall be charged, paid, and defrayed out of the monies standing in the names of the commissioners for the reduction of the national debt at the bank of England, under the provisions of this act.

Registers, receipts, &c. exempt from stamp duty.

Appointment

of clerks and officers.

For defraying expences attending the execution of this act.

XIX. That no stamp duty whatever shall be paid or payable upon or in respect of any copy of any register of the birth or baptism or marriage or burial of any nominee or other person, or upon or in respect of any certificate or declaration to be made or taken in pursuance of this act, or any certificate or other instrument whatsoever respecting the payment of money for the purchase of any annuity under this act, or any power of attorney authorizing the receipt; or any receipt for the payment of any such annuity or any part thereof, but that the same shall be respectively free from all stamp duties whatsoever, any thing in any act or acts to the contrary notwithstanding.

XX. That it shall be lawful for the commissioners for the reduction of the national debt, and they are hereby authorized and empowered, from time to time to appoint such officers, clerks, and other persons as may be necessary for carrying this act into execution, and as may be approved of by the commissioners of his Majesty's treasury.

XXI. That it shall be lawful for the lord high treasurer, or the commissioners of his Majesty's treasury, or any three or more of them for the time being, to order and direct to be issued and paid, out of the fund upon which the establishment of the commissioners for the reduction of the national debt is chargeable, any sum or sums of money for the payment of salaries to officers and clerks acting in the execution of this act, in such manner as the said lord high treasurer, or commissioners of the treasury, or any three or more of them, shall from time to time think fit and reasonable: Provided always, that any incidental expences incurred by the said commissioners for the reduction of the national debt in carrying into execution this act, or the said act made and passed in the ninth year of the reign of king George the fourth, intituled An Act to 9 G. 4, c. 92. consolidate and amend the Laws relating to Savings Banks, or the act made and passed in the tenth year of the reign of king George the fourth, intituled An Act to consolidate and amend the Laws relating to Friendly 10 G. 4, c. 56. Societies, shall and may be defrayed by the commissioners for the reduction of the national debt out of any monies, stocks, or funds standing in the names of the said commissioners at the bank of England.

Quorum of XXII. That it shall be lawful for any three or more of the commiscommissioners. sioners for the reduction of the national debt for the time being to execute and do all matters and things which the said commissioners are required or empowered to do for the execution of this act.

Account to be

annually laid before parlia

ment of an

XXIII. That there shall be prepared and annually laid before both houses of parliament, on or before the twenty-fifth day of March in every year if Parliament shall be then sitting, and if parliament shall not be then sitting, then within fourteen days after the commencement

No. I.

4, c. 24.

of the then next session of parliament, an account, made up by the commissioners for the reduction of the national debt to the fifth day of 3 W. January preceding, of the gross amount of all sums of money paid to the said commissioners, and the gross amount of annuities for lives and nuities granted, for terms of years which shall have been granted for the same, under the and of money provisions of this act, within the year ending on the fifth day of January paid for anas aforesaid.

nuities.

invested in

XXIV. That the said commissioners for the reduction of the national Monies paid to debt shall cause all monies placed to their said accounts in pursuance of commissioners the provisions of this act to be invested from time to time, under such on account of regulations as the said commissioners shall direct, in the purchase of this act to be bank annuities, or annuities for terms of years, or exchequer bills, bank annuities any or in either of them, and to be carried to the accounts herein-before pro- for term of vided; which said bank annuities and exchequer bills (as the case may years, or exbe) shall be forthwith cancelled, and all interest or dividends on such chequer bills, bank annuities shall cease to be charged upon or to be issued out of the which shall be consolidated fund from and after the day upon which any such bank cancelled. annuities shall have been purchased by the said commissioners: Provided nevertheless, that it shall and may be lawful for the said commis- Commissioners sioners for the reduction of the national debt to retain and reserve from may reserve a time to time so much of such monies as they shall deem expedient for part of such the purpose of enabling the said commissioners to return and pay back sums to repay any sum or sums of money, as herein-before directed, to such person or persons who shall have contracted for the purchase of any annuity death, &c. of under the provisions of this act, by annual or other payments, but who, from death or otherwise, may not be enabled to make good and keep up chasing the same, or to his, her, or their executors or administrators, as well as annuity. to the executors or administrators of such person or persons who may die before the annuity which he, she, or they may have contracted for becomes payable.

money claimed

in case of

party pur

XXV. That it shall be lawful for the said commissioners for the re- Commissioners duction of the national debt from time to time, and as they shall think may sell and fit, to sell and dispose of the bank annuities and exchequer bills, or any dispose of bank part thereof, which may be now standing or may hereafter stand in their annuities, &c. names in the books of the bank of England, in pursuance of the said act now standing made and passed in the ninth year of the reign of King George the in their names, fourth, intituled An Act to consolidate and amend the Laws relating to pursuant to 9 G. 4, c. 92, Savings Banks, and of the said act made and passed in the tenth year of and 10 G. 4, the reign of his said late Majesty George the fourth, intituled An Act to c. 56, and purconsolidate and amend the Laws relating to Friendly Societies, and with chase other the proceeds thereof to purchase in lieu thereof any other description bank annuities, of bank annuities, or annuities for terms of years, or exchequer &c. in lieu bills.

thereof.

XXVI. That it shall and may be lawful for the trustees and managers Trustees may of any savings bank, desirous of carrying the provisions of this act into make rules for execution, to frame rules and regulations for that purpose; and that all carrying the the provisions of the said act, made and passed in the ninth year of the provisions of reign of his said late Majesty king George the fourth, as relate to the this act into framing, enrolling, and altering rules of savings banks, as well as to execution. disputes between the said trustees or managers and depositors therein, shall be applicable to the rules and regulations to be made under the provisions of this act, and to the parties purchasing such annuities, as herein mentioned; and that for the purposes of this act every person purchasing an annuity through the medium of a savings bank shall be considered as a depositor in a savings bank.

XXVII. That in any parish or place in the united kingdom where no Where no savings bank is legally established under the provisions of the said act savings bank is herein-before mentioned, it shall and may be lawful to and for any per- legally estasons in such parish or place to establish a society for carrying the provi- blished, other sions of this act into execution; provided that the rector or vicar or minister of the parish, or elder for the time being, or a resident justice of the peace, shall be one of the trustees of such society; and provided

trustees

may

establish a

society for the purpose of

No. I.

also, that all the provisions of the said last-mentioned act and of this 3 W. 4, c. 14. act, in as far as the same can or may be applicable, shall apply to the trustees and managers of any such society to be formed for the purposes of this act, and to the parties purchasing such annuities as herein mentioned, and to the rules and regulations to be made for carrying the same into effect.

granting an. nuities. Provisions of

9 G. 4. c. 92, applicable to any society formed under this act.

Executors, &c. of officers of

savings banks

to pay money due to savings banks before any other debts.

So much of

9 G. 4, c. 92,

as relates to withdrawing deposits and re-depositing repealed.

XXVIII. That if any person already appointed under the provisions of the said act made and passed in the ninth year of the reign of his late Majesty king George the fourth, or who may hereafter be appointed to any office in a savings bank, or in a society established under this act, and being entrusted with the keeping of the accounts, or having in his hands or possession, by virtue of his said office or employment, any monies or effects belonging to such savings bank or society, or any deeds or securities relating to the same, shall die, or become a bankrupt or insolvent, or have any execution or attachment or other process issued against his lands, goods, chattels, or effects, or make any assignment thereof for the benefit of his creditors, his executors, administrators, or assignees, or other persons having legal right, or the sheriff or other officer executing such process, shall, within forty days after demand made by two of the trustees of the said savings bank or society as aforesaid, deliver and pay over all monies and other things belonging to such savings bank or society to such person as the said trustees shall appoint, and shall pay out of the estates, assets, or effects of such person all sums of money remaining due which such person received by virtue of his said office or employment, before any other of his debts are paid or satisfied, or before the money directed to be levied by such process as aforesaid is paid over to the party issuing such process; and all such assets lands, goods, chattels, estates, and effects shall be bound to the payment and discharge thereof accordingly.

XXIX. That from and after the twentieth day of November in the year of our Lord one thousand eight hundred and thirty-three so much of the said act, made and passed in the ninth year of the reign of king George the fourth, as relates to depositors withdrawing their deposits, and re-depositing the same, provided the sum invested does not in any one year exceed thirty pounds additional principal money, shall be and the same is hereby repealed; and that no money, whether such money No money exceeding 30l. to shall have been previously withdrawn from such savings banks or not, be deposited in shall at any time be received by the trustees or managers from any deany one year. positor which shall in any one year, ending on the twentieth day of November, exceed the sum of thirty pounds.

If annual re. turns are not

XXX. That if the annual statements directed by the said act passed in the ninth year of his late Majesty king George the fourth to be premade pursuant pared and transmitted by the trustees of a savings bank shall not be to 9 G. 4, c.92, prepared and transmitted to the commissioners for the reduction of the s. 46. Name national debt within the time limited by the said act, it shall and may of savings be lawful for the said commissioners, or for the comptroller general, or bank to be published in assistant comptroller acting under the said commissioners, and they and Gazette. he is and are hereby severally required, forthwith to publish in the London Gazette, and also in any newspapers published in the county in which the savings bank is established, the name of every such savings bank so neglecting or making default in transmitting such annual statement as aforesaid, in such form and words, for the information of the depositors, and under such regulations, as the said commissioners or the said comptroller general or assistant comptroller shall from time to time think fit.

Statement of

expences may be required

XXXI. That it shall and may be lawful for the commissioners for the reduction of the national debt, or the comptroller general or assistant comptroller acting under the said commissioners, if they or he shall from trustees or think fit, to require from time to time of and from the trustees or managers of any savings bank a detailed statement of all the expences whatever incurred by the said trustees or managers in the management or otherwise of the said savings bank.

managers.