Page:Ruffhead - The Statutes at Large - vol 6.djvu/106

 44 C. 6. Anno quarto Georgii II. A. D. 1731. e II. But as it may fo happen, that on the faid Feaft-Day of Saint Michael the Archangel, which fhall be in the Year of our Lord one thoufand feven hundred and thirty-one, there may not be fufficient Money in the Receipt of the Exchequer, arifen from the faid Surpluses, to fatisfy and pay the faid in- ' one intire Payment, in order to make one Diftribution of the whole amongft all the Proprietors of ' their faid Capital Stock of Annuities at one Time ;' Be it further enacted by the Authority afore- Moncymaybe faid, That upon Application being made by the faid Company to the CommifTioners of his Majefty's lent at 41. per Treafury now or for the time being, or the Lord High Treafurer for the time being, and giving ofthe'siiSng them Notice of fuch their Defire to have and receive the faid one million in one intire Payment ten Fund to make Days at leaft before the faid Feaft-Day, it ihall and maybe lawful to and for the faid CommifTioners up a Deficiency f the Treafury, or any three or more of them, or the Lord High Treafurer, by Warrant under their at Michaelmas. fj an( j s to permit or fuffer any Perfcn or Perfons, Body or Bodies' Politick or Corporate, to advance or lend to his Majefty at the Receipt of his Exchequer fo much Money, as together with the Monies then remaining in the Exchequer of the faid Surpluffes, Exceffes or Overplus Monies, commonly called The Sinking Fund, (hall be wanting to compleat the faid Sum of one million, upon Credit of the grow- ing Produce of the faid Surpluffes, Exceffes and Overplus Monies, and to be repaid out of the fame, as they lhall quarterly afterwards arife, together with an Intereft for the Forbearance thereof, in the mean Time, after a Rate not exceeding four Pounds per Centum per Annum; and in fuch cafe the Mo- ney fo to be lent or advanced, fhall be iffued and paid to the faid Company, together with the Monies then remaining in the Exchequer of the faid Surpluffes, to compleat the Payment of the faid entire Sum of one million; and the Monies which from thenceforth fhall arife from the faid Surpluffes, fhall quarterly be iffued and applied to difcharge and fatisfy fuch Loans with the Intereft thereof, in the due Order and common Courfe of the Exchequer, in cafes of Loans ; any thing herein before contained to the contrary notwithftanding. The Money to III. And be it enacted by the Authority aforefaid, That the faid South Sea Company fhall forthwith, up- h h 6 a' ib " t ted to on the Receipt of the faid Sum of one million, or as foon after as conveniently may be, divide out, and Proprietors^ diftribute the fame as near as may conveniently be done, amongft all the feveral Proprietors of their faid Capital Stock of Annuities, towards finking and difcharging fo much of their Shares or Interefts in the faid Capital Stock of Annuities, by even and equal Dividends amongft them all, in Proportion to their refpective Shares or Interefts therein. Tru flees of An- jy_ ^ nc j to t j ie ]r nc ] ? i nte nt and Purpofe that all truft Eftates and Interefts in the faid Capital Stock mutants ow to ^ Annuities of the South-Sea Company, may be preferved and improved for the Benefit of the Per- fons concerned therein, with the leaft Expence and Inconvenience to them : Be it enacted by the Au- thority aforefaid, That in all and every Cafes where, in purfuance of this Act, any Payments or Divi- dends lhall be made of the Capital of any fuch Annuity Stock, as lhall be vefted in any Perfon or Perfons in Truft for other Perfons, who have or claim diftinct or different Interefts therein, or for any other Ends or Purpofes, for which the Capital Sum or Annuity ought to be preferved intire, fuch Payments or Dividends of the Capital Stock of Annuities ihall not be paid or applied as Dividends of Profit, An- nuity or Intereft, but ihall remain in the Hands of fuch Truftees reflectively, till otherwife difpofed of at Intereft ; and for that Purpofe it ihall and may be lawful to and for the Truftee or Truftees, who ihall receive the fame, at his or their Difcretion, to lay out or difpofe of the fame or any Part thereof, in the Purchafe of fo much other Capital Stock of the fame Kind, as at the current Market Price of fuch Annuity Stock the Monies received for fuch Dividends fliall, as near as conveniently may be, extend' to purchafe ; which new purchafed Stock of Annuities fhall be transferred to fuch Truftee or Truftees, and a Receipt or Receipts (hall be given and figned by the Perfon or Perfons transferring the fame, for the Monies paid for the fame ; and in cafe fuch Truftees reflectively, by Writing indorfed on or an- nexed to fuch Receipts, and figned or acknowledged before one of the Mafters of the High Court of Chancery, fhall declare that the Monies in the faid Receipts were the Produce of the faid Dividends of the faid Capital Stock of Annuities, which Signing or Acknowledgment fuch Mafters in Chancery are hereby required to accept or take ; and each and every fuch Mafter, before whom the fame fhall be done, fliall at the fame time certify the fame, by fubfcribing his Name thereto; for doing whereof fuch Mafter fliall be paid for each fuch Certificate one Shilling and no more ; then, and in every fuch Cafe, the An- nuity Stock mentioned in fuch Receipts to be transferred, fliall refpectively go and be deemed fubject and liable to the fame Trufts, for the Benefit of the fame Perfons, and for the fame Ufes, Ends, Intents and Purpofes, as the reft of the truft Annuity Stock remaining in fuch Truftees refpectively will or ought to be fubject and liable to ; and fuch Truftees refpeclively fliall from thenceforth be indemnified from any Lofs, Charges or Damages, on account of their fo doing, at the Expences of the faid truft Eftates.. Tariher Prom- V. Provided always, That nothing in this Act contained ihall extend or be conftrued to extend to jiom concerning retrain or prohibit any fuch Truftees from laying out or difpofing of any of the faid truft Monies in 'thtoTifE'ii. an y other Purchaies or any other Securities, whether publick or private, if they ihall fo think fit, in I Geo. a! "c" 2$ the fame Manner and with the fame Freedom and Security to themfelves as they might have done if this 6 28. Act had not been made. 7 Geo. 2. c. 17. 9 Geo. 2. c. 34. 10 Geo. 2. c. 17. zo Geo. 2. c. 3. §. 60. 24 Go. 2. c. 2 & li. 26 Geo. 2. c. 16. CAP. VI. An Act to indemnify Perfons who through Ignorance of Law have omitted to qualify themfelves for Imploymcnts or' Offices, by taking the Oaths, and making and fubfcribing the Declaration againft Tranfubftantiation, and receiving the Sacrament, and Members of Corporations who have neglected to
 * tire Sum of one million, and the faid South-Sea Company may defire then to receive the whole Sum in