§ After Clause 8, insert the following new clause:—
§ Validation of trust funds for the reduction of National Debt.
§ "9.—(1) Where by any instrument directions are given for any property being held upon trust and the income thereof being wholly accumulated (subject only to payment thereout of any costs, charges and expenses of the trustees and any remuneration to which they may be entitled) for any period to be determined under the provisions of the instrument, and for the property and accumulations being transferred at or before the expiration of that period to the National Debt Commissioners to be applied by them in reduction of the National Debt, then, unless the Treasury within three months after they receive notice of the taking effect of the instrument disclaim the interest of the National Debt Commissioners under the said directions, notwithstanding any Act or rule of law to the contrary, the directions shall be valid and effective and no person shall be entitled to require the transfer of any part of the property, income or accumulations otherwise than in accordance with the provisions of the instrument.
§ (2) It shall be the duty of the trustees of any such trust as aforesaid to render to the National Debt Commissioners such 1268 accounts and information relating to the trust as may reasonably be required by the Commissioners."
§ THE LORD CHANCELLORMy Lords, the next Amendment is to insert on page 5 a new clause with the side heading "Validation of Trust Funds for the reduction of National Debt." This is really a Treasury matter and as the Treasury has agreed to it I do not think your Lordships will want me to read the clause. I move that this House doth agree with the said Amendment.
§ Moved, That this House doth agree with the Commons in the said Amendment.—(The Lord Chancellor.)
§ On Question, Motion agreed to.