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Bank of England stock, property and assets.

A.D. 1926. 6. The Bank Council shall acquire all Bank of England stock, property and assets in existence at the Acquisition of passing of this Act.

7.-(1) For the purpose of assessing the purchase Bank Com5 price of the stock referred to in section six of this Act, missioners.

it shall be lawful for His Majesty, by Warrants under the Sign Manual, to appoint three commissioners, to be styled the Bank Purchase Commissioners (herein called

" the Commissioners "), of whom one shall be chairman. 10 (2) The Commissioners shall be nominated by the Chancellor of the Exchequer.

(3) At the expiration of twelve months from the passing of this Act, in the event of a majority of the

Commissioners failing to agree as to the purchase price 15 of the said stock, it shall be lawful for the chairman

himself to fix the purchase price, which shall then be deemed to be the price fixed by the Commissioners, but, save as herein expressly provided, the finding of a

majority of the Commissioners voting on any question 20 or as to the purchase price shall be final and conclusive and binding on all parties.

(4) It shall be lawful for His Majesty to remove any commissioner for inability or misbehaviour, and every

order of removal shall state the reasons for which 25 it is made :

Provided that any such order shall be laid before each House of Parliament forthwith, and shall not come into force until it has laid before each House of Parlia

ment for thirty days on which each House has sat, and 30 if an Address is presented to His Majesty by either House

within that period, praying that the order may be annulled, His Majesty may annul the order, and it shall thenceforth be void.

(5) The Commissioners may appoint and employ 35 such assessors, accountants, valuers, clerks, messengers

and other persons required for the due performance of their duties as the Treasury, on the recommendation of the Commissioners, may sanction.

(6) There shall be paid to the Commissioners and to 40 each of the persons appointed or employed under this section

such salary or remuneration as the Treasury may sanction ; and all such salaries and remuneration and the expenses of

A.D. 1926. to such amount as may be sanctioned by the Treasury, shall

be paid out of moneys provided by Parliament. Issue of new

8.-(1) For the purpose of paying the purchase price on Bank of

Bank of England stock the Treasury shall, by warrant England

addressed to the Bank Council, direct the creation of a new 5 stock.

capital stock (to be called the new Bank of England stock) yielding interest at the rate of five per centum per annum.

(2) Interest shall be payable by equal half-yearly or quarterly dividends at such times in each year as may be fixed by the warrant first creating the stock.

10 (3) The stock shall be redeemed at the rate of one hundred pounds sterling for every one hundred pounds of (stock at such times and by such drawings as the Treasury, on the recommendations of the Bank Council, may think fit.

(4) The stock may be issued at such times and in such 15 amounts and subject to such conditions as the Treasury may direct, and may be issued as bearer bonds with quarterly or half-yearly interest coupons attached.

(5) The stock shall be transferable in the books of the Bank of England in like manner as other stock is transferable 20

under the National Debt Act, 1870.
Powers of 9.-(1) Subject to the provisions of this Act, it
Bank shall be lawful for the Bank Council generally to manage,
Council.

control and carry on the business of banking in relation
to the Bank of England with the same powers, duties, 25
rights, authority and liabilities as are at the date of the
passing of this Act vested in or exercised by the share-
holders and court of directors of the Bank of England
by charters, statutes or otherwise.

(2) All contracts, covenants, liabilities and engage- 30
ments of the shareholders or court of directors of the
Bank of England made, incurred or entered into before
the commencement of this Act may be enforced by and
against the Bank Council in like manner as they might
have been by and against the said shareholders and 35
court of directors.

(3) For the purpose of all contracts of employment and service at present subsisting between the court of directors or the shareholders of the Bank of England and their employees in relation to the management, 40 control and carrying on of the business of banking in connection with the Bank of England, as also in the case

of all superannuation and pension funds, the Bank A.D. 1926. Council shall, from and after the appointed date, be substituted in the place of the said court of directors or

shareholders as a party to such contracts or to such 5 superannuation and pension funds, and shall have all

the powers, rights and duties and shall receive all the benefits and liabilities of such contracts, superannuation or pension funds, in so far as the same concern the court

of directors or the shareholders of the said bank, from 10 that time forward.

(4) The Bank Council may, from time to time, in such manner and on such terms as they think fit(a) Appoint or continue in employment, or dismiss,

managers, cashiers, agents, clerks, workmen, 15

servants and other persons; and
(6) Construct, erect or purchase, lease or otherwise

acquire buildings, land or property and sell or
otherwise dispose of the same when no longer

required; and
20 (c) Enter into and enforce contracts and engage-

ments; and
(d) Generally carry on the business of bankers.

10. The Bank Council shall cause full and faithful Accounts. accounts to be kept of all moneys received and expended 25 under this Act, and of all assets and liabilities and of

all profits and losses, and shall annually lay such accounts before Parliament.

11. After full provision has been made for all out- Sinking goings, losses and liabilities for the year, the net surplus fund and 30 profits then remaining shall be applied in establishing depreciaa sinking fund and, subject thereto in establishing a

tion fund. depreciation fund, in respect of capital expended.

12. All Acts and provisions now in force under Existing charter or otherwise concerning the shareholders and provisions 35 court of directors of the Bank of England shall, subject applicable

to Bank to the provisions of this Act, continue in force and be

Council. construed as referring to the Bank Council in place of the said shareholders and court of directors.

13. This Act may be cited as the Bank of England Title and 40 (Nationalisation) Act, 1926, and shall come into opera- commence

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B 1 L L
To provide for the national acquisi-

tion and control of the Bank of
England.

A.D. 1926. twenty-seven, which shall be the appointed day, and all

valuations and transferences of Bank of England stock
to the Bank Council and all other arrangements for the
carrying out of this Act shall be concluded on or before
the first day of January, nineteen hundred and twenty- 5
eight.

Presented by Mr. Maxton,

supported by
Mr. Stephen, Mr. Buchanan, Mr. Kirkwood,

Mr. Johnston, Mr. Hardie,
Mr. Duncan Graham, Mr. Thomas Henderson,
Mr. Westwood, Mr. Thomas Kennedy, and

Mr. Neil Maclean.

Ordered, by The House of Commons, to be Printed,

5 February 1926.

LONDON:
PUBLISHED BY HIS MAJESTY'S STATIONERY OFFICE.

To be purchased directly from
H.M. STATIONERY OFFICE at the following addresses :
Adastral House, Kingsway, London, W.C. 2; 28, Abingdon

Street, London, S.W.1; York Street, Manchester:
1, St. Andrew's Crescent, Cardiff; or 120, George Street, Edinburgh;

or through any Bookseller. Printed by Eyre and Spottiswoode, Ltd.,

East Harding Street, E.C. 4, Printers to the King's most Excellent Majesty.

[Price 2d. Net.]

[Bill 18]

(H.L.]

ARRANGEMENT OF CLAUSES.

Clause. 1. Amendments of 4 & 5 Geo. 5. c. 59. s. 26. 2. Explanation of 4 & 5 Geo. 5. c. 59. s. 33. 3. Amendment of 4 & 5 Geo. 5. c. 59. s. 39. 4. Recovery of property transferred without knowledge

of receiving order. 5. Amendments of 4 & 5 Geo. 5. c. 59. s. 154. 6. Explanation of 4 & 5 Geo. 5. c. 59. s. 156. 7. Amendments of 4 & 5 Geo. 5. c. 59. 8. 158. 8. Amendment of 4 & 5 Geo. 5. c. 59. s. 161. 9. Repeal of 4 & 5 Geo. 5. c. 59. s. 163. 10. Amendment of 4 & 5 Geo. 5. c. 59. s. 164. 11. Amendment of 4 & 5 Geo. 5. c. 59. sch. 2. 12. Short title, citation and construction.

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