the year ending on the thirty-first day of March one thousand eight hundred and ninety-seven the sum of twenty-seven million four hundred and forty-two thousand two hundred and seven pounds.
Power to the Treasury to Borrow2. The Treasury may borrow from any person, and the Bank of England may advance to the Treasury on the credit of the said sum, any sum or sums not exceeding in the whole the sum of twenty-seven to borrow, million four hundred and forty-two thousand two hundred and seven pounds, and the Treasury shall repay the moneys so borrowed with interest not exceeding five pounds per centum per annum, out of the growing produce of the Consolidated Fund at any period not later than the next succeeding quarter to that in which the said moneys were borrowed-
Any moneys so borrowed shall be placed to the credit of the account of the Exchequer, and shall form part of the said Consolidated Fund, and be available in any manner in which such fund is available.
Short title 3. This Act may be cited as the Consolidated Fund (No. 2) Act,1896.
CHAPTER 8.
BE it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows :
Short title 1. This Act may be cited as the Life Assurance Companies (Payment into Court) Act, 1896.
Interpretation 2. In this Act —
- The expression "life assurance company" means any corporation, company, or society carrying on the business of life assurance, not being a society registered under the Acts relating to friendly societies;
- The expression "life policy" includes any policy not foreign to the business of life assurance.
Power to pay into court 3. Subject to rules of court any life assurance company may Power to pay into the High Court, or where the head office of the company is situated within the jurisdiction of the Chancery Court of the County Palatine of Lancaster either into that court or into the High Court, any moneys payable by them under a life policy in respect of which, in the opinion of their board of directors, no sufficient discharge can otherwise be obtained.
Receipt of officer sufficient discharge 4. The receipt or certificate of the proper officer shall be a sufficient discharge to the company for the moneys so paid into court, and such moneys shall, subject to rules of court, be dealt with according to the orders of the High Court or the Palatine Court, as the case may be.
Extent of Act 5. This Act does not extend to Scotland.
