Page:Ruffhead - The Statutes at Large - vol 6.djvu/142

 80 C. 17. Anno quinto Georgii II. A. D. 1732. of the faid Company, together with the Annuity attending thereon, be redeemed and difcharged for the Benefit of the Publick. Claufe relating HI. And be it enacted by the Authority aforefaid, That the faid South-Sea Company, or any Member vernor &c". thereof, (hall not incur any Difability for or by Reafon of any Thing done in Purfuance of this Act ; nor (hall the Sub-Governor, Deputy Governor or any of the Directors now or for the Time being, after the Payments hereby directed (hall take Place, be deemed to be difqualified to continue Sub-Governor, Deputy Governor or Directors, if by Reafon of fuch Payments there (hall not remain, in their own re- fpective Names or Rights, fo much Capital Stock of the faid Company, as they were before required to have for the Qualification of fuch Sub-Governor, Deputy Governor or Director refpectively, fo as fuch Sub-Governor, Deputy Governor or Director reflectively, within three Months after his being obliged to receive any Sum or Sums of Money in Difcharge of any Part of his Share or Intereft in the faid Ca- pital Stock of the faid Company, which will reduce his Intereft or Share therein under the Sum re- quired for fuch his Qualification, do or (hall obtain, by Purchafe or otherwife, fo much more Capital Stock of the faid Company, to be transferred into his own Name and Right, as (hall compleat the Sum necefiary for fuch his Qualification. IV. And for the Accommodation of fuch of the Proprietors of the faid Capital Stock as (hall be ob- liged to receive fmall Sums as Dividends of their faid Capital, in cafe fuch Dividends (hall be agreed to be made, and for enabling them to replace the fame with the leaft Expence, Be it enacted by the Au- Method of thority aforefaid, That in all and every Cafe and Cafes, where any Proprietor or Joint Proprietors of any transferring Share or Shares in the faid Capital Stock (hall, out of the faid Sum of one million, be paid off a Divi- &u°ms. aS t0 ma ' dend of Capital on fuch their refpective Shares or Interefts, which Dividend (hall not amount to more than the Sum of one hundred Pounds, it (hall and may be lawful to and for the faid Company, their Officers or Servants, and they are hereby required, at any Time before the Day to be appointed by the Court of Directors for (hutting up their Transfer Books, in order to the Payment of the half Year's Annuity to be due on the twenty-fifth Day of December one thoufand feven hundred and thirty-two, to permit or fuffer any Perfon or Perfons, Body or Bodies Politick or Corporate, being Proprietors of the faid Stock, to transfer to fuch Proprietor or Proprietors reflectively, any Sum or Quantity of South-Sea Capital Stock, not exceeding the Sum or Sums fo divided out of Capital, to him, her or them refpec- tively, by Writing in the Transfer Books of the faid Company, without any of the Stamps being im- prefled thereon, which by any former Act or Acts of Parliament are required in Cafes of Transfers, and without any Fees or other Charges to the faid Company, or their Officers, Clerks or Servants for the fame, and alfo to permit and fuffer the Transferrees, or fome other Perfon or Perfons on their Behalf re- flectively, to accept the fame, and that fuch Transfers without Stamps (fubject to the Reftrictions before mentioned) (hall be as good, valid and effectual in Law to all Intents and Purpofes as if the fame had been damped according to any former or other Law or Laws for that Purpofe ; and that no Penalties or Forfeitures inflicted by any fuch former Law or Laws, for or on Account of making or permitting Trans- fers of Stock without being firft (lamped, (hall be incurred by any Perfon or Perfons acting therein in Purfuance of this Act ; and that it (hall and may be lawful to and for the faid South-Sea Company, within the Time before mentioned, to fell and difpofe of, to any fuch of their Proprietors, any Parcels or Quan- tities of that Part of their Capital Stock as now remains in the faid Company, or in any Perfon or Perfons in Truft for them, not diftributed amongft the reft of their Adventurers, as* (hall be necefiary or fufficient for the Purpofes aforefaid and no more, at fuch Price or Prices as (hall be from Time to Time agreed Transfers to be on between the faid Company and fuch Proprietors, and to caufe the fame to be transferred accordingly, ^'p e ° e f Stamps free from fuch Stamps, Fees or other Charges as aforefaid; any Thing in any former or other Act or Acts of Parliament to the contrary notwithftanding. V. And to the End, Intent and Purpofe that all truft Eftates or Interefts in the faid Capital Stock of the South-Sea Company, in cafe the faid Sum of one million (hall be agreed to be diftributed and divided as aforefaid, may be preferved and improved for the Benefit of the Perfons concerned therein, with the leaft Expence and Inconvenience to them : Be it enacted by the Authority aforefaid, Truft Eftates That in all and every Cafes where, in purfuance of this Act, any Payments or Dividends (hall be made fo be preferved. Q f the Capital of any fuch Stock, as (hall 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 Stock ought to be preferved intire, fuch Payments or Dividends of the Ca- pital Stock (hall not be paid or applied as Dividends of Profit, Annuity or Intereft, but (hall remain in the Hands of fuch Truftees reflectively, till otherwife difpofed of at Intereft; and for that Purpofe it (hall and may be lawful to and for the Truftee or Trufte;s, who (hall 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 Ca- pital Stock of the fame Kind, as at the current Market Price of fuch Stock the Monies received for fuch Dividends (hall, as near as conveniently may be, extend to purchafe ; which new purchafed Stock (hall 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 annexed to fuch Receipts, and figned and acknowledged before one of the Mafters of the High Court of Chancery, (hall declare that the Monies jn the (aid Receipts were the Produce of the faid Dividends of the faid Capital Stock, (which Signing or Acknow- ledgment fuch Mafters in Chancery are hereby required to accept or take) and each and every fuch Maf- ter, (before whom the fame fhall'be done) fhall at the fame time certify the fame, by fubfcribing his Name thereto; for doing whereof fuch Mafter (hall be paid for each Certificate one Shilling ancf no more; then, and in every fuch Cafe, the Stock mentioned in fuch Receipts fo to be transferred, (hall re- fpectively go and be deemed fubject and liable to the fame Trufts, for the Benefit of the fame Perfons, 8 and