Page:Ruffhead - The Statutes at Large - vol 5.djvu/374

 334 C. 5- Anno feptimo Georgii Regis. Stat. I. A.D. 1720. . Eafl India Com- pany may take up Monies on the'.rCommon Seal, &c. n t exceeding the Sum du'^ from the Publick to them. Eatt India Com- pany may not borrow Mon?y on Cieditof their Capital Stock, nor for a greater Sum ihan /hall be employed in their Trade, &c. and may not dif- count Bills, or keep Cafh for cthers. 6 Geo. 1. c. 4. " ments, Shares not exceeJing 100/. in the Whole, maybe transferred without Stamp or other Charge; " for fuch Transfers." XXXII. And it is hereby enacted by the Authority aforefaid, That it fhall and may be lawful to and foi the faid United Company of Merchants of England trading to the Eqft-Indies, and their Succeflbrs, anc they are hereby enabled from Time to Time, or at any Time or Times to their own Good-liking, to bor- row or take up Money upon any Contracts, Bonds, Bills or Obligations under their Common Seal for car- rying on their Trade, or for lending or advancing Money by way of Bottomry, as is herein after prefcri- bed, fo as by the Monies already borrowed by them, and by the Monies which they fhall hereafter borrow purfuant to this Aft, the whole Sum which they fhall owe at any one Time do not exceed the Sum due at that Time from the Publick to the faid Company, or the Sum of five millions of Pounds Sterling in the Whole. XXXIII. And it is hereby provided and enaded by the Authority aforefaid, That it fhall not be lawful tc or for the fame United Company, or their Succeflbrs, to borrow, owe or give Security for any Sum 01 Sums of Money, on Credit of their Capital Stock or yearly Fund, or upon any Increafe thereof to be made in Purfuance of this Act, or any Part thereof; and that it fhall not be lawful to or for the fame Uni- ted Company, or their Succeflbrs, to borrow, owe or give Security for any other or greater Sum or Sum; of Money, than fuch as fhall be really and bona fide expended and laid out in and for the buying of Goods, Bullion or Commodities to be exported for the proper Account of the fame Company, or fhall be otherwise employed in their Trade, or fliall be really and bona fide advanced or lent on the Bottom of any Ship 01 Veilel, Ships or Veffels, or on Goods or Merchandizes on board any Ship or Veflel, Ships or Veffels, ol the fame United Company, or that is, are or fhall be employed in the Service of the fame United Com- pany, to any Captains or Commanders, Agents, Sailors, Servants or other Peribn or Perfons, which fhal at any Time or Times be employed in the Service of the fame United Company ; all which Sum or Sum: of Money fo to be borrowed for the Purpofes aforefaid, or any of them, fhall be borrowed only on theij Common Seal, and fliall not be made payable or be bona fide agreed to be paid on Demand, or at any Time lefs than fix Months from the Time of borrowing thereof; and_ that it fhall not be lawful for the faid Uni- ted Company of Merchants ol England trading to the Eajl-Indics, or their Succeflbrs, to difcount any Bill of Exchange, or other Bills or Notes whatfoever, or to keep any Books or Cafh of or for any Perfon o Perfons, Bodies Politick or Corporate whatfoever, other than only the proper Monies and Cafh of the fatni United Company ; any Thing in this AG. contained to the contrary notwithftanding. ' XXXIV. And whereas in and by the faid Act of the fixth Year of his Majeity's Reign it was enacted That the faid Corporation of the Governor and Company of Merchants of Great Britain, commonly caller the South-Sea Company, fhould pay into the Receipt of his Majefty's Exchequer the Sum of four million one hundred fifty-fix thoufand three hundred and fix Pounds four Shillings and eleven Pence, by fuch Pro portions and at fuch Times as are thereby appointed for the Payment thereof, and fuch further Sums to b ■ computed after the Rate of four Years and an Half's Purchafe, and fuch further Sums to be compute* after the Rate of one Year's Purchafe, as are therein mentioned, by quarterly Payments at fuch Feaft-Day as were thereby limited for the Payment thereof; and in cafe any Failure in Payment fhould be made of th faid Sum of four millions one hundred fifty-fix thoufand three hundred and fix Pounds four Shillings an eleven Pence, or of the faid Sums to be paid after the Rate of four Years and an Half's Purchafe, e after the Rate of one Year's Purchafe, or any of them, or any Part thereof, a Remedy is by the faid Ac provided for Recovery of the Money, whereof fuch Failure in Payment fhould be made, with Damage after the Rate of five Pounds per Centum per Annum, and the fame Corporation, and their Stock and Fuse were thereby made fubject and liable thereunto : And it was thereby provided, enacted and declared, The the faid Sum of four millions one hundred fifty-fix thoufand three hunded and fix Pounds four Shillings an eleven Pence, and the faid feveral Sums to be paid after the faid Rates of four Years and an Half's Purchafi and one Year's Purchafe, and every of them, and every Part thereof, as faft as the fame fhould be paij into the fame Receipt, fhould be applied in Manner following, (that is to fay) That out of the fii ft Monie: arifing of or for the laid feveral Sums fo to be paid into the faid Receipt, every or any of them, fuc publick Deb s and Incumbrances, carrying Intereft or Annuities after the Rate of five Pounds per Ccntu, per Annum, or more, incurred before the twenty- fifth of December one thoufand feven hundred and fixteeii founded upon any former A£i or A£ts of Parliament in that Behalf (not being Part of the Capital Stoc or Fund of the faid South- Sea Company) as were then redeemable, or might be redeemed at any Time c| .Times on or before the twenty-fifth of December 6fle thoufancl feven hundred and twenty-two, fhould t redeemed and paid ofT in the foil Place ; and that after the fame fhould be redeemed and paid off, c Money fufficient fhould be referved in the Exchequer for redeeming and paying off the fame, accordin to the true Meaning of that Act, then all the Reft, E.efidue and Remainder of the faid Sum of four mil lions one hundred fifty-fix thoufand three hundred and fix Pounds four Shillings and eleven Pence, and ( the faid Sums to be computed after the faid feveral Rates of four Years and an Half's Purchafe, and or Year's Purchafe, and of every 'of them, and of every Part thereof, and as the fame Refidues and R.emaii ders, from Time to Time, fhould grow due from the faid South-Sea Company, and as the fame fhould t, ought to be paid into the faid P.ece:pt of Exchequer, fhould be applied for or towards paying off fo muc. of the Capital Stock and increafed Capital Stock of the fame South-Sea Company, as fhould then can Annuities after the Rate of five Pounds per Centum per Annum; and that upon every fuch Payment or n ferving Money as aforefaid, to make fuch Payment to the faid South-Sea Company, a proportional Part their Annuities or yearly Fund, or of their Annuities or yearly Fund to be increafed by that A£t, for whic that Rate is or fhould be payable, fhould ceafe and determine, as by the fame Adt (Relation bein°- ther unto had) may more fully appear:' Now it is by this prefent A£t provided, declared and enacted by tl Authari