Page:Ruffhead - The Statutes at Large - vol 5.djvu/343

 A. D. 1719. Anno fexto Georgii Regis. C. 18. 303 dary Months after fuch Date; one other full and equal fixth Part thereof within five calendary Months after fuch Date; one other full and equal fixth Part thereof within eight calendary Months after fuch Date ; and the remaining fixth Part thereof within ten calendary Months after fuch Date, without any Deduction, Defalcation or Abatement whatfoever. III. And it is hereby enacted, That in cafe the faid Corporations, or either of them, fhall make FaUOn Failure of lure in Payment oi' the faid feveral Sums of three hundred thoufand Pounds, and three hundred thoufand jL'5' mcn ' •" ,tle Pounds, to be paid by each of them refpectively as aforcfaid, or any Part thereof, at the refpective TJmes m ™, '£ or ^j. herein before limited for Payment of the fame, then and in every or any fuch Cafe or Cafes, the Money twn n>aj be whereof fuch Failure in Payme t fhall be made, fhall and may be recovered in his Majefty's Name againfhucj. the particular Corporation or Corporations making fuch Failure, by Action of Debt or upon the Cafc, Bill, Suit or Information in any his Majefty's Courts of Record at IVeJhnlnJler, wherein no Effoin, Pro- tection, Privilege or Wager of Law fhall be allowed, or any more than one Imparlance; and in fuch Action, Bill, Suit or Information it fhall be lawful to declare, That the faid Corporation fo making de- fault in Payment is indebted to the King's Majefty the Money whereof fuch default in Payment fhall have been made, according to the Form of this Statute, and have not paid the fame, which fhall be fufficient ; and in or upon fuch Action, Bill, Suit or Information there fhall be further recovered againft the Dcfen-Ten per Cent, dants Damage after the Rate of ten Pounds per Centum per Annwn for the Monies fo unpaid, befides full^""?" w ' lh Cofts of Suit ; and each Corporation fo making Default in Payment, and its Str.ck and Effects fhall be s ™. ols ° and are hereby made fubject and liable thereunto ; and if default fhall be made in the Payment of the faid ' feveral and refpective Sums of three hundred thoufand Pounds, or any Part thereof, by the Space of thirty m ^n t ° or thi«y 'Days after any of the Days of Payment limited as aforefaid for the Payment of the fame, or any Propor- Days, Corpora- tion thereof, that then and from thenceforth it fhall and may be lawful to and for the King's Majefty, his tion may be de- Heirs and Succeffors, by any Inftrument or Writing under his or their Great Seal of Great Britain, or tefmlned " Privy Seal, to fignify his or their Pleafure for revoking and making void, and thereby to revoke and make void all the Powers, Privileges and Advantages to be granted as aforefaid to that particular Corporation fo making Default, and to determine the fame Corporation ; and thereupon the faid Powers, Privileges and Advantages fhall accordingly be revoked, and the fame Corporation fhall be determined, without any In- quiution, Scire facias, or any Matter or Thing to make void and determine the fame; any Thing in this prefent Aft contained, or in fuch Charters or Indentures to be contained to the contrary notwithftanding. IV. And be it further enacted by the Authority aforefaid, That each of the two Corporations to be Each Corpora- erected and eftablifhed as aforefaid fhall be obliged, by Force and Virtue of this Act, and of the refpective^ " !° ^T^ 3 Charters or Indentures to be granted or made forth as aforefaid, from Time to Time, during the Conti- ^ Jj'^j, l°i nuance of the fame Corporations refpectively, to caufe fuch a Stock of ready Money to be provided and Demands on referved, as fhall be fufficient to anfwer, from Time to Time, all juft Demands upon their Policies of their Policies. Affurance for any LolTes whatfoever which fhall happen ; and fhall fatisfy, pay and difcharge the fame De- mands from Time to Time, according to the Tenors of their refpective Policies of Affurance, and the true Meaning of this Act ; and in cafe of Refufal or Neglect, the Party or Parties allured, his, her or their On Neglea may Executors, Adminiftrators or Affigns may bring his, her or their Action of Debt or on the Cafe, Bill, b = (uci > &c - Suit or Information for the Money demanded, againft the Corporation refufing or neglecting to pay as aforefaid, in any of his Majefty's faid Courts of Record at TVeJiminJier, wherein no Effoin, Protection, Wager of Law, or more than one Imparlance fhall be granted or allowed ; and in fuch Action, Bill, Suit or Information the Plaintiff or Plaintiffs may declare, That the fame Corporation is indebted to him, her or them the Money fo demanded, and have not paid the fame according to this Act ; and thereupon the. Plaintiff or Plaintiffs fhall recover againft the fame Corporation double Damages, befides full Cofts of Suit, f u ° r h J^w and the Stock and Effects of the particular Corporation fo refufing or neglecting to pay, fhall be alio fub-, r Geo. r. ' ject and liable thereto.. c. 30. tec. 43. ' Altered as to double Damages by S Geo, I. c. 15. lee. 25.' V. And to the End the faid Sums of three hundred thou"and Pounds and three hundred thoufand Pounds may be raifed and duly paid in o the Exchequer for his Majefty's Ufe within the refpective Times before- mentioned ; and that fufficient Provifion of Money may be made for ready anfwering and paying juft De- mands upon the Policies of the faid refpective Corporations for Loffes which fhall or may happen at Sea - %, and that the faid refpective Corporations may be enabled to lend Money upon Bottomry as aforefaid, or to lend or advance Money upon any Parliamentary Securities, and may be furnifhed with Money for other their neceffary or lawful Occafions : It is hereby further enacted by the Authority aforefaid, That each of Each Corp^-ra- the faid Corporations intended to be eftablifhed by this Act fhall be obliged, by Force and Virtue of this ,ion . to raife a Act, and of the refpective Charters or Indentures before-mentioned, to raife fuch Sums of Money as his „of exceed^ Majefty fhall therein direct, not exceeding one million five hundred thoufand Pounds,, within fuc'h Time 1,500 "00' 1? or Times, and by fuch Proportions at a Time, and in fuch manner, as in and by the faid Charters or In- dentures refpectively fhall be appointed ; and the Monies fo raifed fhall be and be called the Capital Stock belonging to each of the fame Corporations refpectively. VI. And be it further enacted by the Authority afofefaid, That it fhall; and" may be lawful to and for How the Capital the faid refpective Corporations (when conftituted) in fuch General Courts thereof as fhall be authorized St0. clt flul! b= to be holden puffuant to the faid Charters or Indentures refpectively,. to raife fuch, Capital Stocks as afore- rzikd ' (aid, either by taking Subfcriptions from particular Perfons (being or not being Members of the faid refpectiys.