§ MR. LEA (Londonderry, S.)asked Mr. Chancellor of the Exchequer, Whether he has considered how (if the Conversion Scheme is carried) performance is possible in the case of a covenant in a marriage settlement to transfer to the Trustees thereof, for benefit of the younger children within three months after covenanter's death, £50,000 Bank Three per Cent Annuities?
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)I think the hon. Member will find that the case he puts is met by a sub-section inserted in the Bill on Tuesday last, which provides that—
In any Act passed or instrument executed before the passing of this Act references to any stock liable to be converted or exchanged in pursuance of this Act may, if the stock is so converted or exchanged, be construed as references to new stock.