Sec. 1. For the transfer of the accounts of minors.
Sec. 2. For the funds of a Savings Bank closing its business to be paid over to the National Debt Commissioners, the money arising from the sale of property to be carried to the separate surplus fund; the receipt of the trustees on the sale of property to be a sufficient discharge to the purchaser. The trustees of Savings Banks about to close to have power to compensate their officers out of the separate surplus fund.
Sec. 3. The information necessary as to the steps to be taken when the trustees of any bank have determined to close.
Sec. 4. For the conversion of perpetual Government annuities at three per cent. into capital stock at two pounds ten shillings per cent.
Sec. 5. Power to trustees to appoint managers to sign transfer certificates.
Sec. 6. That the warrants for converting annuities into capital stock shall be laid before Parliament.
26 Victoria, c. 25, entitled “An Act to make further Provision for the Investment of the Moneys received by the Commissioners for the Reduction of the National Debt from the Trustees of Savings Banks established under the Act 9 Geo. IV. c. 92,” (8th June, 1863,) provides:—
Sec. 1. For the cancelling of 24,000,000l. of capital stock of annuities, and the creation of a charge on the Consolidated Fund for that amount.
Sec. 2. That the Treasury may cancel an additional amount of stock not exceeding 5,000,000l. creating equivalent terminable annuities chargeable upon the Consolidated Fund.
Sec. 3. That the Commissioners may invest the interest payable on the securities created under this Act, and other moneys remitted to them, in the purchase of parliamentary securities, or in any stock or debentures or other securities the interest for which is guaranteed by Parliament.