
1 
There shall be paid to the Bank of England during the period in this Act mentioned as remuneration for the management of the National Debt inscribed in their books, an annual sum calculated at the rate of three hundred and twenty-five pounds for every million pounds of such debt up to five hundred million pounds, and at the rate of one hundred pounds for every million pounds of such debt above the said five hundred million pounds: Provided that during the said period the said annual sum shall not be less than one hundred and sixty thousand pounds.
2 
There shall be paid to the Bank of Ireland, during the period in this Act mentioned, as remuneration for the management of the National Debt inscribed in their books an annual sum calculated at the rate of four hundred and twenty-five pounds for every million pounds, if such debt does not exceed thirty million pounds, and if it does exceed that sum, then at the rate of three hundred pounds for every million pounds of such debt: Provided that during the said period the said annual sum shall not be less than eight thousand pounds.
3 
There shall be paid to the Bank of England, during the period in this Act mentioned, for the management in every financial year, of Exchequer bonds, Exchequer bills, and Treasury bills, an annual sum calculated at the rate, as respects Exchequer bonds and Exchequer bills, of one hundred pounds, and, as respects Treasury bills, of two hundred pounds, for every million pounds of bonds or bills outstanding on the last day of the previous financial year.
4 

(1) The annual sums fixed by this Act for the management of the National Debt inscribed in the books of the Bank of England or Ireland and of Exchequer bonds, Exchequer bills, and Treasury bills shall be payable in respect of that management for every financial year up to and including the year ending the thirty-first day of March, one thousand nine hundred and twelve, and thereafter from year to year until Parliament otherwise directs.
(2) The annual sums for the said management in any financial year shall be paid before the fifth day of July in the following financial year.
(3) The National Debt Commissioners shall certify the amount of the unredeemed National Debt which on the last day of every financial year is inscribed in the books of the Bank of England and Bank of Ireland respectively, and the annual sums for the management of the Debt in the following financial year shall be calculated on the amount so certified.
(4) Such certificate shall state the nominal capital amount of all the unredeemed National Debt so inscribed, and shall state the capital amount of every terminable annuity at fifteen years purchase thereof if originally created for a term exceeding fifty years, and at ten years purchase thereof if originally created for a term of fifty years or under.
(5) The said annual sums shall continue to be payable out of the permanent annual charge for the National Debt.
(6) For the purpose of calculating the said annual sums, the National Debt shall include the Local Loans stock and Guaranteed Land stock, but such proportion of those sums as is payable in respect of the management of the two last-mentioned stocks shall be paid to the Bank in the case of the Local Loans stock out of the Local Loans fund, and in the case of Guaranteed Land stock out of money provided by Parliament for the service of the Irish Land Commission.
5 
Whereas the Bank of England and the Bank of Ireland respectively have consented to the annuity or interest on the debt to them from the public being reduced to the rate of two and three-quarters per cent per annum until the fifth day of April one thousand nine hundred and three; Be it therefore enacted as follows:
(1) The annuity or interest payable as part of the permanent annual charge for the National Debt—
(a) in respect of the debt due from the public to the Bank of England, (which at the passing of this Act amounts to eleven million fifteen thousand and one hundred pounds); and
(b) in respect of the debt due from the public to the Bank of Ireland, (which at the passing of this Act amounts to two million six hundred and thirty thousand seven hundred and sixty-nine pounds four shillings and eightpence),
shall be at the rate of two pounds fifteen shillings per cent per annum, until the fifth day of April, one thousand nine hundred and three, and after that day, at the rate of two pounds ten shillings per cent per annum : Provide that if the Bank concerned by notice in writing to the Treasury six months before the said day decline to accept such lower rate of interest, the debt to that Bank may be paid off without further notice, and until payment, the said annuity or interest shall continue to be payable at the rate of two pounds fifteen shillings per cent per annum.
(2) The said annuity or interest shall be paid by equal quarterly payments on the fifth day of January, the fifth day of April, the fifth day of July, and the fifth day of October in each year.
6 

(1) Where Bank of England notes issued more than forty years have not been presented for payment, the Bank of England may write off the amount, or any proportion of the amount of the said notes from the total amount of notes issued from the issue department, and the Bank Charter Act 1844 shall apply as if the amount of notes so written off had not been issued ; Provided that—
(a) a return of the amount of notes so written off shall be forthwith sent to the Treasury and laid by them before Parliament; and
(b) this section shall not affect the liability of the Bank to pay any note included in the amount so written off, and if it is presented for payment the amount shall either be paid out of the bank notes, gold coin, or bullion, in the banking department, or, if it is exchanged for gold coin or bullion in the issue department, or for a note issued from the issue department, a corresponding amount of gold coin or bullion shall be transferred from the banking department and appropriated to the issue department.
(2) This section shall be construed as one with the Bank Charter Act, 1844.
7 

(1) It shall be lawful for Her Majesty the Queen to grant, and for the Bank of England to accept, a supplemental charter regulating the internal affairs of the corporation of the Bank of England, and if such charter is granted the Acts specified in Part III. of the schedule to this Act shall be repealed as from the date of such supplemental charter to the extent in the third column of that schedule mentioned.
(2) Notwithstanding the repeal of any enactment by this Act the capital stock of the Bank of England as existing at the passing of this Act shall be subject to the enactments so far as unrepealed which relate to stock of the Bank of England, and the holders of the stock shall be members of the corporation of the Bank of England.
8 

(1) This Act may be cited as the Bank Act, 1892.
(2) This Act shall take effect as from the beginning of the current financial year.
(3) The Acts set out in Parts I. and II. of the schedule to this Act are hereby repealed to the extent in the third column of that schedule mentioned.
SCHEDULE
Section 8.
PART I

Session and Chapter. Title or Short Title. Extent of Repeal.
5 & 6 Will. & Mar. c. 20. The Bank of England Act, 1694. Section twenty-one ; section thirty-two ; and section thirty-four.
8 & 9 Will. 3. c. 20. The Bank of England Act, 1696. Section twenty-six, from " or for whom such " subscriptions shall "be made" down to " twentieth day of " June be and," and from "at all times" down to " June " ; section thirty-two, down to "by virtue of " the said recited Act " and "; and the words " from and after the " compleating the said " subscriptions" ; section thirty-three down to " ninety-seven" ; section thirty-seven; section forty-seven ; section forty-eight.
6 Anne c. 59. (c. 32. in the old editions). An Act for regulating the qualifications of the elections of the governor, deputy governor, directors, and voters of the Governor and Company of the Bank of England. The whole Act.
7 Anne c. 30. (c. 7. in the old editions). The Bank of England Act, 1708. Preamble; sections one to five, section sixty-seven down to " persons, and that " and from " and the said " allowances " down to " governor and company," and from " allowances and " down to " governor " and company as " aforesaid"; section sixty-eight.
3 Geo. 1. c. 8. The Bank of England Act, 1716. Section forty-five.
11 Geo. 1. c. 9. An Act the title of which begins with the words " An Act for continuing " the several annuities," and ends with the words "redeemable by Parliament." Preamble and sections one and five.
1 Geo. 2. Stat. 2. c. 8. An Act for granting an aid to His Majesty by sale of annuities to the Bank of England at four pounds per centum redeemable by Parliament, and charged upon the duties on coals and culm. Section five.
2 Geo. 2. c. 3. An Act for raising the sum of one million two hundred and fifty thousand pounds by sale of annuities to the Bank of England after the rate of four pounds per centum per annum, redeemable by Parliament, and for applying the produce of the sinking fund. Section five.
15 Geo. 2. c. 13. An Act for establishing an agreement with the Governor and Company of the Bank of England for advancing the sum of one million six hundred thousand pounds towards the supply for the service of the year one thousand seven hundred and forty-two. Sections six and seven.
19 Geo. 2. c. 6. An Act the title of which begins with the words " An Act for establishing " an agreement," and ends with the words " one " thousand seven hundred " and forty-six." Section three ; section five ; section eight ; sections thirteen and fourteen.
23 Geo. 2. c. 1. An Act for reducing the several annuities which now carry an interest after the rate of four pounds per centum per annum to the several rates of interest therein mentioned. The whole Act, except section eight.
23 Geo. 2. c. 22. An Act for giving further time to the proprietors of annuities after the rate of four pounds per centum per annum to subscribe the same in the manner and upon the terms therein mentioned, and for redeeming such of the said annuities as shall not be so subscribed. The whole Act, except sections eight and fourteen.
56 Geo. 3. c. 96. An Act for establishing an agreement with the Governor and Company of the Bank of England, for advancing the sum of three millions for the service of the year one thousand eight hundred and sixteen. Section three, down to " service as aforesaid," and from " making an " encrease" to the end of the section ; and section five.
24 & 25 Vict. c. 3. An Act to make further provision respecting certain payments to and from the Bank of England, and to increase the facilities for the transfer of stocks and annuities, and for other purposes. The whole Act except sections four, five, nine, and ten.
29 & 30 Vict. c. 25. The Exchequer Bills and Bonds Act, 1866. Section twenty-nine.
33 & 34 Vict. c. 71. The National Debt Act, 1870 Sections forty and sixty-four.
40 & 41 Vict. c. 2. The Treasury Bills Act, 1877 Section eleven and section twelve from " The " allowance" to the end of the section.
50 & 51 Vict. c. 16. National Debt and Local Loans Act, 1887. Section eighteen.
51 & 52 Vict. c. 2. The National Debt (Conversion) Act, 1888. Section thirty-one.
52 & 53 Vict. c. 4. The National Debt Redemption Act, 1889. Section seventeen.
PART II

Session and Chapter. Title or Short Title. Extent of Repeal.
28 & 29 Vict. c. 16. An Act to make further provision for the management of the unredeemed public debt in Ireland and for the reduction of the interest payable on certain sums advanced by the Bank of Ireland for the public service. The whole Act.
PART III

Session and Chapter. Title or Short Title. Extent of Repeal.
8 & 9 Will. 3. c. 20. The Bank of England Act, 1696. Section thirty-four from " within seven days " to the end of the section ; section fifty-two.
15 Geo. 2. c. 13. An Act for establishing an agreement with the Governor and Company of the Bank of England for advancing the sum of one million six hundred thousand pounds towards the supply for the service of the year one thousand seven hundred and forty-two. Section thirteen.
24 Geo. 2. c. 4. An Act for enabling the Bank of England to hold general courts and courts of directors in the manner therein directed. The whole Act, so far as unrepealed.
7 Geo. 3. c. 48. An Act for regulating the proceedings of certain public companies and corporations carrying on trade or dealings with joint stocks in -respect to the declaring of dividends, and for further regulating the qualification of members for voting in their respective general courts The whole Act, so far as it applies to the Bank of England.
35 & 36 Vict. c. 34. The Bank of England (Election of Directors) Act, 1872. The whole Act.