Page:Ruffhead - The Statutes at Large - vol 5.djvu/342

 3 02 C. 1 8. Anno fexto Georgii Regis. A. D. Hts Majefly may grant Charters to two diftincT: Companies for /Iffurance of Ships, and for lending Money or. Bottomry, io have perpe- tual Succeflion, but tubjecr. co Redemption. They may choole their own Governors, &c. The-iirft Go- vernor, Sec. to be appointed by his Majefty. To continue in their Places for three Years, Sec, To have a Com- mon Seal. May purchafe Lan'ofi to the Value of -toool. per Ann. May Are or be iucd. Each of the Corporations to pay into the Exchequer 300,000 1* for ■discharging the Debts of the Chtl lift. -/'Ceo. t.c.zj, i'ec, 26, Times of Pay- 1719. v Liberty To to do according to their own Option or Choice : And whereas it has alfo been a Cuftom or '■Ufagc in this as well as in other Nations, for Merchants or Traders, who adventure their Ships and Merchandizes at Sea, to borrow Money to be repaid upon the Return or Arrival of fuch Ships, which Kind of borrowing is commonly called, taking up Money on Bottomry ; in which Cafes the Lenders run a Rifque or Hazard, more or lefs, of loiing their Principal, and are therefore allowed to contract 1 for fuch lntereft or Confideration-Money for the Ufe or Forbearance of the Principal, as can be agreed upon between the Borrowers and the Lenders ; and it is confidered, That it may be a great Advantage and Encouragement to Trade and Navigation, if fuch Merchants and Traders might have it in their Power, at their own Election, cither to have Recourfe to one of the Corporations to be erected and f eilabliihed in purfuance of this Act, or to private or particular Perfons for borrowing Money upon Bot- tomry as aforefaid, at fuch Rate or Rates as fhall be agreed upon between fuch Borrowers and Lenders refpectively.: And whereas the fole Right and Prerogative of granting Charters of Incorporation (not 6 being fuch as are repugnant to any Law or Statute of this Realm) doth belong to your Majefty ; and it 6 is confidered, That if your Majefty fhall be gracioufly pleafed to grant two fuch diftinct Charters as ' aforefaid, the Members of each Corporation fo to be erected and eftablifhed (for and in Confideration of c the Advantages which may accrue to them refpectively thereby, and for having reafonable Powers and ' Sums of Money, at fuch Times and by fuch Proportions, as are herein after mentioned :' Be it there- fore enacted by the King's moft Excellent Majefty, by and with the Advice and Confent of the Lords Spiritual and Temporal, and Commons, in this prefent Parliament aflembled, and by the Authority of the fame, That it fhall and may be lawful to and for his Majefty, by one Charter or Indenture under the Great Seal of Great Britain, to declare and grant, That fuch and fo many Perfons (who fhall be named therein, and of whofe Abilities and Fitnefs his Majefty fhall thereby declare himfelf to be well fatisfied) and all and every fuch other Perfon and Perfons as hereafter from Time to Time fhall be duly admitted as Members into their Corporation, fhall be one diftinct and feparate Body Politick and Corporate for the Aflurance of Ships, Goods and Merchandizes at Sea, or going to Sea, and for lending Money upon Bot- tomry, by fuch Name, as his Majefty fhall think moft proper : And that it fhall and may be lawful to and for his Majefty, by another Charter or Indenture under the Great Seal of Great Britain, to declare and grant, That fuch and fo many other Perfons (who fhall be named therein, and of whofe Abilities and Fitnefs his Majefty fhall thereby declare himfelf to be well fatisfied) and all and every fuch other Perfon and Perfons as hereafter from Time to Time fhall be duly admitted as Members into their Corporation, fhall be one other diftinct and feparate Body Politick and Corporate for Aflurance of Ships, Goods and Merchandizes at Sea, or going to Sea, and for lending Money upon Bottomry, by fuch Name as his Ma- jefty alfo fhall think moft proper : And that the faid feveral and refpective Corporations, by their refpective Names aforefaid, fhall have perpetual Succeflion, fubject neverthelefs to fuch Redemption or Power of Revocation as hereafter in this Act is provided concerning the fame ; and that the faid feveral and refpec- tive Corporations, during the Continuance thereof refpectively, fhall have Power from Time to Time to choofe their refpective Governors, Directors and other Officers and Servants, for better Management of the Affairs of the fame Corporations refpectively, in fuch manner and under fuch Qualifications, as fhall be prefcribed in and by the faid refpective Charters or Indentures in that Behalf; neverthelefs the firft Gover- nor and Directors of each of the faid two Corporations fhall or may be appointed by his Majefty, in and by the f.ime Charters or Indentures refpectively ; and that the faid firft Governors and Directors, and alj fubfequent Governors arid Directors, fhall continue in their refpective Offices for three Years, and in cafe of Death or Removal be fupplied as in fuch refpective Charters or Indentures fhall be prefcribed; and that each of the faid Corporations or Bodies Politick, by fuch refpective Names as aforefaid, fhall and may have and ufe a Common Seal only for the Bufinefs of the fame Corporations refpectively, and fuch Seal from Time to Time may break, change, make new or alter, as fhall be found moft expedient ; and that each of the faid Corporations fhall be able and capable in Law to purchafe, take and enjoy Mefluages, Lands or Tenements not exceeding the Value of one thoufand Pounds per Annum, and to grant, alien, demife or difpofe the fame, or any Part thereof, at their free Wills and Pleafures ; and fhall be able and capable in Law to fue and implead, be fued and impleaded, anfwer and be anfwered in Courts of Record, or elfe- where, in all Actions, and Caufes whatfoever, for, touching or concerning the Aflurance of Ships, Goods or Merchandizes at Sea, or lending Money upon Bottomry, or any other Matter or Thing whatfoever concerning the fame Corporations refpectively. II. And it is hereby further enacted by the Authority aforefaid, That each of the faid two Corporations to-be erected and eftablifhed as aforefaid (for and in Confideration or* the Benefits and Advantages which may accrue to them refpectively by virtue of the faid refpective Charters or Indentures, and the Grants thereby to be made to each of them) fhall be obliged by Force and Virtue of this Act, and, of the refpec- tive Charters or Indentures before-mentioned, to pay or caufe to be paid into the Receipt of the Exche- quer at Weflminjf.er, for the Ufe of the King's Majefty, in order to difcharge the Debts and Expences of his Civil Government, the full Sum of three hundred thoufand Pounds of lawful Money of Great Britain (which for both Corporations will amount in the whole to fix hundred thoufand Pounds ;) the faid Pay- ments for each Corporation to be made in manner following; that is to fay, One full and equal third Part thereof within one calendary Month after the Date of the refpective Charter or Indenture, for or upon Account of which fuch Payment is to be made ; one full and equal fixth Part thereof within three calen- dary
 * Privileges fecured to them in purfuance of this Act) may be willing to pay to your Majefty's Ufe fuch