§ 14 — Payment of interest

14.—(1) Subject to subsection (2), the interest payable on any security issued under this Act must be paid half‑yearly as specified in the Regulations relating to the issue of the security.(2) Where any security that is redeemable at the election of the holder thereof at any time is redeemed before its maturity date, a portion of the half‑yearly interest payable on that security (calculated on a pro‑rata basis) is payable on such date as may be specified as the redemption date in the duly served notice of intention under section 12(b)(i) to redeem that security.

(3) The Minister must, in respect of any security issued under this Act —(a)

in each half‑yearly period ending on the day on which interest on the security falls due; or

(b)

if security is redeemable at the election of the holder thereof at any time, as soon as practicable after due notice of intention under section 12(b)(i) to redeem the security before its maturity date is given,

withdraw from the Consolidated Fund a sum equal to the appropriate interest (or a portion thereof) on the security that is due and payable in order to pay that interest.

—(1) Subject to subsection (2), the interest payable on any security issued under this Act must be paid half‑yearly as specified in the Regulations relating to the issue of the security.

(2) Where any security that is redeemable at the election of the holder thereof at any time is redeemed before its maturity date, a portion of the half‑yearly interest payable on that security (calculated on a pro‑rata basis) is payable on such date as may be specified as the redemption date in the duly served notice of intention under section 12(b)(i) to redeem that security.

(3) The Minister must, in respect of any security issued under this Act —(a)

in each half‑yearly period ending on the day on which interest on the security falls due; or

(b)

if security is redeemable at the election of the holder thereof at any time, as soon as practicable after due notice of intention under section 12(b)(i) to redeem the security before its maturity date is given,

withdraw from the Consolidated Fund a sum equal to the appropriate interest (or a portion thereof) on the security that is due and payable in order to pay that interest.