Page:Ruffhead - The Statutes at Large - vol 5.djvu/401

 A. D. 17 2 1. Stat. 2. 355 Anno Regni Georgii Regis Magnse Britanniae, Francis 5c Hiberniae, feptimo. T the Parliament begun and holden at Wejlminfter the feventeenth Day of March, Anno Domini Note ; Thcie i: one thoufand (even hundred and fourteen, in the firft Year of the Reign of our Sovereign Lord "i^oi" of °" "" ' G E R G E by the Grace of God, of Great Britain, France, and Ireland, King, Defender o( the „j = w ^flioa* ' Faith, &c. and from thence continued by feveral Prorogations to the thirty-firft Day of July one ' thoufand feven hundred and twenty-one ; being the feventh Seflion of this prefent Parliament. A STAT. II. An Aft for making feveral Provifions to reftore the Publick Credit, which fuffers by the Frauds and Mifmanagements of the late Directors of the South-Sea Company, and others. WHEREAS in and by an A£t of Parliament of the fixth Year of his Majefty's Reign, intituled, PwamUtttn-' An Ail for enabling the South-Sea Company to increafe their prefent Capital Stock and Fund, by re- ""s the Aii of deeming Juch publick Debts and Incumbrances as are therein ?nentioned; and for raifing Money to be applied for lefening Jeveral of the publick Debts and Incumbrances ; and for calling in the prejeni Exchequer Bills remaining uncancelled ; and for ?naking forth new Bills in Lieu thereof, to be circulated and exchanged upon Demand at or near the Exchequer, It was enacted, that the faid Company fhould pay into the Receipt of his Majefty's Exchequer the Sum of four millions one hundred fifty-fix thoufand three hundred and fix Pounds four Shillings .and eleven Pence, by fuch Proportions, and at fuch Tijnes, as were thereby ap- pointed for the Payment thereof; and fuch further Sums to be computed after the Rate of four Years and an Half's Purchafe, and fuch further Sums to be computed after the Rate of one Year's Purchafe, as are therein mentioned, by quarterly Payments, at fuch Feaft-Days as were thereby limited for Pay- ment of the fame ; and in and by an Aft of Parliament of the feventh Year of his Majefty's Reign, intituled, An Ait to enable the South-Sea Company to ingraft Part of their Capital Stock and Fund into the 7 Ge0 - i.Siat.i. Stock and Fund of the Bank of England, and another Part thereof into the Stock and Fund of the Eaft-India c ' 5' Company; and for giving further Time for Payments to be made by the faid South-Sea Company, to the Ufe of the Publick, It is provided, declared and enacted, That the faid Company fhall pay, and be obliged, by Force and Virtue of that Act, to pay into the Receipt of his Majefty's Exchequer the faid Sum of four millions one hundred fifty-fix thoufand three hundred and fix Pounds four Shillings and eleven Pence, and the faid feveral Sums after the Rate of four Years and an Half's Purchafe, and one Year's Purchafe ; and that the fame fhall be payable by fuch Proportions, and at or by fuch refpective Days or Times of Payment, as are therein limited and appointed, and herein after mentioned for the Pay- ment thereof, and not otherwifej that is to fay, One full and equal fourth Part of the refpective Sums fo payable, fhall be paid on or before the Feaft of the Annunciation of the Bleffed Virgin Alary, which fhall be in the Year of our Lord one thoufand feven hundred and twenty-two ; one other full and equal fourth Part thereof, on or before the Feaft of the Nativity of Saint John Baptifl, which fhall be in the Year of our Lord one thoufand feven hundred and twenty-two; one other full and equal fourth Part thereof, on or before the Feaft of Saint Michael the Archangel, which fhall be in the Year of our Lord one thoufand feven hundred and twenty-two; and the remaining full and equal fourth Part of the laid refpective Sums fo payable, on or before the Feaft of the Birth of our Lord Chiift, which fhall be in the faid Year of our Lord one thoufand feven hundred and twenty-two ; and that the faid South-Sea Company, and their Stock and Funds (except as therein is excepted) are and fhall be fubject and li- able to the Payment of the faid feveral Sums, at or before the faid refpective Days and Times by the laft- mentioned Act appointed for the Payment thereof, without any Deduction, Defalcation or Abatement whatfoever : And it is thereby further enacted, That in cafe Default fhall be made by the faid South-Sea Company in the Payment of all or any Part or Parcel, Parts or Parcels, of the faid feveral Sums of four millions one hundred fifty-fix thoufand three hundred and fix Pounds four Shillings and eleven Pence, and of the faid Sums to be paid after the Rate of four Years and an Half's Purchafe, and one Year's Purchafe, or any of them, at the refpective Days or Times by that Act limited for the Payment thereof, then the Commiffioners of the Treafury, or any three or more of them, or the High Treafurer for the Time being, or the Officers of the Exchequer for the Time being, fhall, and they refpeitively are thereby authorized, injoined and required, to caufe the Money, whereof fuch Default in Payment fhall be made, with Intereft for the fame, after the Rate of five Pounds per Centum per Annum (to be computed as is therein mentioned) to be ftopt out of the Monies which, weekly or otherwife, fhall be payable to the faid Company at the Exchequer, for or upon their Annuities or yearly Funds (except as therein is ex- cepted) and to caufe the Principal and Intereft fo ftopt, to be applied as is therein after directed in that Behalf; as by the faid feveral Acts of Parliament, Relation being thereunto refpectively had., may more fully appear : And whereas by the many Frauds, Abufes, and Breaches of Truft, which were committed by the late Sub-Governor, Deputy-Governor, and Directors of the faid Company, and others in Con- federacy with them, or fome of them, the faid Company has fuffered an immenfe Lofs and Damage, and the Publick Credit (as well as the Credit of the faid Company) hath been extremely reduced and dif- ordered, contrary to the Purport and true Meaning of the Act of Parliament firft above in Part recited, 6 Gco - *• «• $• whereby the faid Company is become unable to comply with all the Payments required to be made by the Act of Parliament laft in Part before recited ; and if their Capital Stock, and the Annuities and . • Z z 3 ' yearly