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| Lending by Revenue Accounts to National Loans Fund. |
135. - (1) Where, at the close of business on any day, a sum stands to the credit of-
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(a) the General Account of the Commissioners of Customs and Excise, or |
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(b) the General Account of the Commissioners of Inland Revenue, |
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that sum may be lent to the National Loans Fund on that day.
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(2) Subsection (1) above does not apply to any sum to the extent that it is required to be paid, on the day in question, in accordance with section 10 of the Exchequer and Audit Departments Act 1866.
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(3) A loan made by virtue of subsection (1) above shall be repaid before the close of business on the day after the loan is made or, where that day is not a business day, before the close of business on the next business day.
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(4) Subject to subsection (3) above, a loan made by virtue of subsection (1) above shall be made in such circumstances, and on such terms and conditions, as the Treasury may from time to time direct.
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(5) In this section "business day" means any day other than-
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(a) a Saturday or Sunday; |
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(b) Good Friday or Christmas Day; |
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(c) a day which, in England and Wales, is a bank holiday under the Banking and Financial Dealings Act 1971; |
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(d) a day specified in an order under section 2(1) of that Act (days on which financial dealings are suspended) and declared by that order to be a non-business day for the purposes of this paragraph; or |
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(e) a day appointed by Royal proclamation as a public fast or thanksgiving day. |
| Definition of Government Stock. |
136. - (1) The descriptions of stock and bonds specified in Part I of Schedule 11 to the Finance Act 1942 (description of Government stock and bonds to which the provisions of that Act regarding transfer and registration apply, and which by virtue of section 16(3) of the National Loans Act 1968 include descriptions of certain securities issued under that Act) do not include-
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(a) any securities (of whatever series) of any of the descriptions specified in subsection (2) below issued before 20th July 1998, or |
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(b) any securities issued, on or after 20th July 1998, under the auspices of the Director of Savings. |
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(2) The descriptions referred to in subsection (1) are-
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National Development Bonds; |
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National Savings Indexed Income Bonds; |
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National Savings Income Bonds; |
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National Savings Deposit Bonds; |
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National Savings Capital Bonds; |
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National Savings FIRST Option Bonds; |
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National Savings Pensioners Guaranteed Income Bonds. |
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(3) The modifications made by this section shall be deemed always to have had effect.
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| National Savings Bank: disclosure of information. |
137. The following shall be inserted after section 12(2) of the National Savings Bank Act 1971 (secrecy)-
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"(2A) Subsection (1) above shall not prevent the disclosure, by a person authorised by the Director of Savings, of information to any person for a permitted purpose.
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(2B) A permitted purpose is a purpose connected with the provision of information about-
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(a) the business of the National Savings Bank; |
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(b) any other means by which money is raised under the auspices of, by or through the Director of Savings. |
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(2C) A person to whom information is disclosed in pursuance of subsection (2A) above shall not-
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(a) use the information for a purpose other than a permitted purpose; |
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(b) disclose the information to any other person." |
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Supplemental |
| Interpretation. |
138. In this Act "the Taxes Act 1988" means the Income and Corporation Taxes Act 1988.
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| Repeals. |
139. - (1) The enactments mentioned in Schedule 20 to this Act (which include provisions that are spent or of no practical utility) are hereby repealed to the extent specified in the third column of that Schedule.
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(2) The repeals specified in that Schedule have effect subject to the commencement provisions and savings contained or referred to in the notes set out in that Schedule.
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| Short title. |
140. This Act may be cited as the Finance Act 1999.
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