Page:Ruffhead - The Statutes at Large - vol 4.djvu/534

482 Stock exempted from Taxes,

Guardians to subscribe for Infants.

Executors, Administrators, Trustees, and Mortgagees, to subscribe such Bills, &c. as they shall be possesed of.

How Bills, &c. coming into her Majefty's Hands by Extent, &c. or belonging to several Persons jointly, shall be put into the Joint Stock.

Members of the Company may be Members of Parliament and not liable to be Bankrupts, or to foreign Attachment/

a Personal, and not a Real Estate, and shall go to the Executors or Administrators of the Person or Persons dying possessed thereof, or entitled thereunto, and not to the Heirs of such Person or Persons; any Law, Statute, Usage, or Custom to the contrary notwithstanding.

XXXVIII. And be it further enacted by the Authority aforesaid, That the several Annuities or Payments issuing out of the said yearly Fund, or the Shares, Parts, or Interests of any Members of the said intended Company or Corporation, of and in the Principal or Capital Stock of the same, or of or in the Benefit of Trade to be annexed thereunto, in pursuance of this Act, or the Stock or Money to be raised for that Purpose, during the Continuance of the same, shall be and are hereby exempted from any Taxes, Rates, Assessments, or Impositions whatsoever, by Act of Parliament or otherwise.

XXXIX. Provided also, and be it further enacted, That if any Infants shall, by the Gift, Devise, or Decease of the Parent or other Relation of such Infants, become entitled to any of the said Tallies, Orders, Bills, Certificates, or Debentures, intended to be provided for by this Act, in such Case the Guardian or Guardians, Trustee or Trustees of such Infant or Infants, shall or may be, and they are hereby, jmpowered and required, for the Benefit of such Infant or Infants, to subscribe or put into the Joint Stock of the said Corporation to be erected, as aforesaid, all such Tallies, Orders, Bills, Certificates, or Debentures, to which such Infant or Infants shall be so entitled, and to make the Payment for such Subscription and Subscriptions in the same Bills, Orders, Certificates, or Debentures; and such Infant and Infants shall, on making such Subscriptions and Payment, be and be deemed and become the Contributor thereof, and the said Guardian or Guardians, Trustee or Trustees, shall be discharged from the same; any thing herein contained, or any Law, Usage, or Custom to the contrary in any wife notwithstanding.

XL. Provided also, and be it further enacted. That any Person or Persons, who, as Executor or Administrator, Trustee or Mortgagee, shall be or become possessed of, interested in, or entitled unto any of the Bills, Tickets, Certificates, or Debentures intended to be provided for by this Act, shall and may, and, they are hereby required to subscribe and put such Bills, Tickets, Certificates, or Debentures, as they shall be so possessed of, interested in, or intitled unto, into the Joint Stock of the said Corporation; and as to Executors or Administrators, the Stock they shall be entitled to, for or by Means of such Bills, Tickets, Certificates, or Debentures, shall be the fame Assets in their Hands, as the said Bills, Tickets, Certificates, or Debentures, were or would have been, had they not been put into the Joint Stock of the said Company; and as to Trustees and Mortgagees, the Stock which they shall be entitled unto in the said Company, for or in respect of such Trust or mortgaged Bills, Tickets, Certificates, or Debentures, which they shall so put into the Joint Stock of the said Company, shall be subject and liable to the same Trusts, and Equity of Redemption, as such Bills, Tickets, Certificates, or Debentures were or would have been, had they not been so put into the Joint Stock of the said Company.

'XLI. And forasmuch as several of the said Bills, Tickets, Certificates, or Debentures, or several Parts or Shares of and in some of them, have been seized or come into her Majesty's Hands by Extent or otherwise, and the other Part and Parts of the same do belong to several private Persons; and deveral other of the daid Bills, Tickets, Certificates, or Debentures, do or may belong to several Persons jointly, which has proved and may prove very prejudicial (for want of a Method of dividing and proportioning the same ) to the several Persons concerned therein, according to their several and respective Proportions:'

Now therefore be it further enacted by the Authority aforedaid. That in all Cades where any of the daid Bills, Tickets, Certificates, or Debentures, either for the Whole or any Part thereof, are or shall be in the Hands of her Majedty, her Heirs or Successors, the same shall be put into the Joint Stock of the said Corporation, in such Manner as any three or more of the Commissioners of the Treasury now being, or the Lord High Treasurer, or any three or more of the Commissioners of the Treasury for the Time being shall, by Writing under their Hand or Hands, direct; and the Stock of the said Company, which shall be had for and in lieu of such Bills, Tickets, Certificates, or Debentures, or Parts or Shares of such Bills, Tickets, Certificates, or Debentures last mentioned, and the Produce thereof, upon Sale or otherwise, shall be applicable and applied to such Use and Uses as the same Bills, Tickets, Certificates, or Debentures, and such Parts, and Shares thereof, should or might have been applied, had not the same been put into the Joint Stock of the said Company; and the other Parts and Shares of such Bills, Tickets, Certificates, or Debentures, shall and may be put into the Joint Stock of the said Corporation, by the respective Owners and Proprietors of such other respective Parts and Shares, in his, her, or their own respective Name and Names; and they, shall and may be accordingly respectively admitted into, and become Members of the said Company, for so much as their said respective Parts or Shares of or in such Bills, Tickets, Certificates, or Debentures, shall, amount unto; and that in all Cases where any of the said Bills, Tickets, Certificates, or Debentures, do or shall belong jointly to several Persons, each and every respective Person interested in, or entitled unto any Part or Parts, Share or Shares of or in such Bills, Tickets, Certificates, or Debentures, shall and may subscribe or put his, her, or their respective Part or Parts, Share or Shares of and in such Bills, Tickets, Certificates, or Debentures, into the said Joint Stock of the said Company, in his, her, or their own respective Name or Names, and shall and may be accordingly respectively admitted into, and become Members, of the said Corporation, for so much as their said respective Parts or Shares of or in such Bills, Tickets, Certificates, or Debentures, shall amount unto.

XLII. And be it enacted, That no Member of the said intended Company, to be erected in pursuance of this Act, shall, in respect of his or her being a Member, Governor, Director, or Manager thereof, or. having any Stock therein only, or by reason of any other Matter or Thing in this Act contained, be disabled from being or continuing a Member of Parliament, nor shall be or be adjudged liable to be a Bankrupt within the Intent or Meaning of all or any the Statutes made against or concerning Bankrupts; and that no Stock in the said intended Company shall be subject or liable to any foreign Attachment, by the1; Custom of the City of London, or otherwise. XLII.