6. The Bank Council shall acquire all Bank of A.D. 1926. England stock, property and assets in existence at the passing of this Act. Acquisition of Bank of England stock, propetty and assets. 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 Parliament 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 the Commissioners incurred in the execution of their duties, 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 England stock. Powers of Bank Council. 8.-(1) For the purpose of paying the purchase price on Bank of England stock the Treasury shall, by warrant addressed to the Bank Council, direct the creation of a new 5 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. (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. 10 (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. 9.-(1) Subject to the provisions of this Act, it shall be lawful for the Bank Council generally to manage, 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 shareholders 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. 15 20 (4) The Bank Council may, from time to time, in (b) Construct, erect or purchase, lease or otherwise (c) Enter into and enforce contracts and engage- (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 depreciation fund, in respect of capital expended. tion fund. 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 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. to Bank 13. This Act may be cited as the Bank of England Title and 40 (Nationalisation) Act, 1926, and shall come into opera- commencetion on the first day of January, nineteen hundred and ment. valuations and transferences of Bank of England stock to the Bank Council and all other arrangements for the A.D. 1926. twenty-seven, which shall be the appointed day, and all carrying out of this Act shall be concluded on or before the first day of January, nineteen hundred and twenty- 5 eight. To provide for the national acquisi- Presented by Mr. Maxton, Mr. Stephen, Mr. Buchanan, Mr. Kirkwood, Mr. Duncan Graham, Mr. Thomas Henderson, Ordered, by The House of Commons, to be Printed, 5 February 1926. To be purchased directly from H.M. STATIONERY OFFICE at the following addresses: 1, St. Andrew's Crescent, Cardiff; or 120, George Street, Edinburgh; Printed by Eyre and Spottiswoode, Ltd., Printers to the King's most Excellent Majesty. [Bill 18] [Price 2d. Net.] [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. s. 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. |