Page:Ruffhead - The Statutes at Large - vol 5.djvu/344

304 respective Corporations) for advancing Money for this Purpose, according to the Orders of such General Courts respectively, or by Calls of Money from the respective Members for the Time being of the said several Corporations, or by such other Ways and Means, and in such Methods* as to such General Courts respectively shall sem meet and expedient for making up the said Capital Stocks respectively ; and that all and every Person and Persons, by or for whom any Subscription shall be accepted, or any Payment made pursuant to the Orders of such General Courts respectively, for or towards the raising the said Capital Stocks, not exceeding one million five hundred thousand Pounds* and one million five hundred thousand Pounds as aforesaid, his, her and their Executors, Administrators and Assigns respectively shall have and be entitled to a Share of and in the said Capital Stock of that Corporation, towards which he, she or they shall have contributed, in proportion to the Monies which he, she or they shall have so contributed towards making up the same, and to a proportional Share of the Profits and Advantages attending the Ca- pital Stock of such Corporation respectively, and shall be admitted to be Members of the same ; but that no Person or Persons shall be entitled to any greater Share in the Capital or Nominal Stock of either of such respective Corporations than the Money which he, she or they shall have paid towards the same.

And be it enacted by the Authority aforesaid, That the said respective Corporations to be erected may make Calls and established as aforesaid, for better enabling them to answer all just Demands upon their respective Po- licies of Assurance for Losses which may happen at Sea, and to lend Money upon Bottomry as aforesaid, at any Time or Times during the respective Continuances of those Corporations, according to the true Intent and Meaning of this Act, shall have Power in their respective General Courts, from Time to Time, as they shall see Cause, to call in or direct to be paid, from and by their respective Members for the Time being, proportionally according to their respective Share or Shares in the Capital Stock or Stocks which do or shall belong to each of the said Corporations, any further Sum and Sums of Money as by such General Courts respectively shall from Time to Time be judged necessary, and be ordered to be called in or raised; and that all Executors, Administrators, Guardians, Trustees and Mortgagees shall be indemnified in paying, and are hereby impowered to pay in their respective Proportions of the Money called for: And in case any Member or Members, who shall be required to pay in Money upon any Call or Calls to be made pursuant to this Act, shall refuse or neglect to pay his, her or their Share of the Money so called for at the Time or Times appointed for that Purpose, by Notice inserted in the London Gazette and upon the Royal Exchange in London, It shall and may be lawful to and for the said respective Corporations, and their Successors, not only to stop the Share, Dividends and Profits which shall from Time to Time become payable by that particular Corporation to such Member or Members so neglecting or refusing, and to apply the same from Time to Time for or towards Payment of the Share of Money so called for, and which ought to have been paid by such Member or Members so neglecting or refusing, until the same shall be satisfied ; but also to stop the Transfers or Assignments of the Share and Shares of every such Defaulter and Defaulters, and to charge such Defaulter and Defaulters with Interest after the Rate of eight Pounds per Centum per Annum for the Money so by him, her or them omitted to be paid, from the Time the same was appointed to be paid, until the Payment thereof ; and that the Share and Stock Shares and Stocks of such Defaulter and Defaulters shall be liable to make good and answer the said Monies so appointed to be paid, and the Interest thereof, as aforefaid; and in case the same Principal and Interest shall be unpaid by the Space of three Months, then the same respective Corporations, or their respective Courts of Directors for the Tine being, shall have Power to authorize such Person or Persons as they respectively shall think fit, to sell, assign and transfer so much of the said Stock or Stocks of such De- faulter or Defaulters, as will satisfy and pay the same, rendring the Overplus (if any be) to the Pro- prietors ; and the Money so called for and paid in shall be deemed Capital Stock, and shall be written in the Books of the said respective Corporations; and the respective Members paying the same shall have Credit in the said Books for their respective Proportions or Shares thereof; nevertheless the said respective- Corporations, and their respective Successors, in a General Court, from Time to Time, when they judge their Affairs will admit thereof, shall or may cause any Sum or Sums of Money which shall be so called in, or any Part thereof, to be divided and distributed to and amongst the then Members of that Corpo- ration, according and in proportion to the respective Share or Shares which they shall then have of or in. the respective Capital Stock or Stocks of the same; and their respective Shares in the Capital shall proportionably be abated.

VIII. And be it further enacted by the Authority aforesaid, That the said respective Corporations to be erected and established as aforesaid, for better enabling them to lend or advance Money upon any Parliamentary Securities at any Time or Times during the respective Continuances of those Corporations as aforesaid, shall have Power from Time to Time (in case they shall think fit) to borrow or take up Money upon Bills, Bonds or Obligations, under their Common Seal, at Such Rate or Rates of Interest, for any Time not less than six Months from the borrowing thereof, as they shall think fit, so as all the Principal Monies which they shall respectively so borrow, shall not at any Time exceed the Principal Monies which shall be then owing to such Corporation respectively upon such parliamentary Securities, exclusive of the Monies which shall have been advanced for or upon account of the said several Sums of three hundred thousand Pounds before mentioned; and that all such Bills, Bonds or Obligations, under the Common Seal of either of the said Corporations, shall not be chargeable with any Duties upon Stampt, Vellum, Parchment or Paper; any Law or Statute made or to be made to the contrary notwithstanding. IX. And