Page:Ruffhead - The Statutes at Large - vol 6.djvu/513

 ,D. ij^.2. Anno decimo quinto G corgi i IL C. 13. 44.7 JEORCE the Firft, intituled. An Ail to enable the South Sea Company to difpofe of the Effects in their Hands f ivtiy of Lottery or Subfeription, or to fell Part of their Fund or Annuity, payable at the Exchequer, 'in order to ay the Debts of the /aid Company ; and for Relief of fuch who were intended to have the Benefit of a laic Ail inching Payment of ten Pounds per Centum therein ?nentioned; and in and by one other Act of Parliament i Geo. z, c. S. lade and parted in the firft of Year of his prefent Majefty's Reign, intituled, An Ail for "ranting an Aid to is Majejby by Sale of Annuities to the Bank of England at four Pounds per Centum redeemable by Parliament, nd charged upon the Duties on Coals and Culm ; and for further applying the Produce of the Sinking Fund; and trWlargihg the'Time for exchanging Nevis and Saint C'hriftoprier'j Debentures, for Annuities of three Pounds' icr Centum; and for applying the Arrears if his late A-fajefy's Civil Lift Revenues .;•' 'and by one other Act sfl 'arliament made and palled in the Second Year of the Reign of his faid prefent Majefty, intituled, An AB * Ceo. 2. c. 3. 'or raifmg a Sum of one million two-hundred- and fifty thoufand Pounds by Sale of Annuities to the Bank of Eng- uid, after the Rate four Pounds per Centum per'Annum redeemable by Parliament ; and for applying the Pro- 'lice of the Sinking Fund; always and only excepted ; then, and in fuch Cafe, and not till then, the faid Nearly Fund of one hundred thoufand Pounds fhall ceafe and deteimine. V. And to prevent any Doubts that may arife concerning the Privilege or Power given by former Aits of 'arliament to the faid Governor and Company of excluftve banking, and alfo in regard to the creating any idler Bank or Banks by ■Parliament, or reftrairiing other Perfons from banking during theContinuance of the ' aid Privilege granted (o the Governor and Company of the Bank of England, as before recited ; it is hereby urther enacted and declared by thfe Authority aforefaid, That it is the true Intent and Meaning of this Act, NootherBank hat no other Bank fhall be erected, c-ftablifhed or allowed by Parliament, and that it fhall not be lawful for to beerefled in ] my Body Politick or Corporate whatfoever, erected or to be erected, or for any other Perfons whatfoever, P artn "< I »P of jnited or to be united in Covenants or Partnerfhip, exceeding the Number of fix Perfons, -in that Part BPf^rfom "during Great Britain called England, to borrow, owe, or take up, any Sum or Sums of Money on their Bills or the Continuance Notes payable at Demand, or at any lefs Time, than fix Months fromthe borrowing thereof, during tHe-of this Aft. Continuance of fuch faid Privilege to the faid Governor and Company, who are hereby declared to' be- and remain a Corporation, with the Privilege of exclufive banking as befote recited, fubject to Redemption on
 * he Terms and Conditions before mentioned ; that is to fay, on one- Year's Notice after the firft Day of

dugu/l one thoufand feven hundred and fixty-four, and Repayment of the three million two hundred thou- fand Pounds, and all Arrears of the one hundred thoufand Pounds per Annum, and all the Principal and In- tereft Money that fhall be owing them on all fuch Tallies, Exchequer Orders, Exchequer Bills, or Parlia- mentary Funds (fuch Funds as are before-mentioned only and always excepted) which the faid Governor and Company, or their Succeffors, fhall have remaining in their Hands, or be intitled to at the Time of fuch Notice, to be given as afdrefaid, and not otherwife ; any thing in this Act, or ar)y former Actor Acts of Parliament to the contrary in any wife notwithftanding. ' VI. And whereas by the faid recited Act of Parliament made and pafied in the twelfth Year of the ' Reign of her late Majefty Queen Anne, it is, amongft other Things enacted, That it fhall and may be ' lawful- for the faid Governor and Company of the Bank of England, and their Succeffors, for thtir ne- ' ceffary Occafions, to call in, or direct to be paid to the faid Governor and Company, and their Succef- ' fors, by the refpective Members of the faid Company for the time being, proportionably to their fefpec- ' tive Interefts in the Fund or Capital Stock of the faid Governor and Company, any Sum or Sums- of ' Money which the faid Governor artd Company in a general Court from time to time fhould think ne- ' cefiary, which Monies' fhould be called in on fuch Notices, arrd in fitch Manner,' and under fuch Penal- ' ties, as in the faid recited Act are prefcribfd ; and that it fhould be lawful for the faid Governor and ' Company, from time to time, in a General Court, to declare the faid Money fo called in, or any Part c thereof, and from fuch Time as fuch General Court fhould direct, to be added to the Capital Stock of ' faid Governor and Company, and that from thenceforth fuch Monies -.fhould be deemed and taken as Part of ' the Capital Stock of the faid Governor and Company, and that the Capital Stock of the faid Governor ' and Company fhould be proportionably enlarged thereby ; but no Power is given them by that or any ' other Act to increafe their Capital Stock, by admitting or taking in Subfcriptions from any other Perfon ' or Perfons than the Proprietors : And whereas it is neceflary that the faid Governor and Company fhould ' be enabled to ferve the Pvblick in fuch way and- Manner as fhali ! be moft fafe and convenient for them;' Be it therefore enacted by the Authority aforefaid, That it fhall' and may be lawful to and for the faid Go- p OW ertoenlsr vernor and Company of the Bank of England, and their Succeffors, in cafe they lnall think fit, and not the Capital of otherwife, to admit and take in Subfcriptions from fuch Perfon or Perfons, and upon fuch Terms and Con- the Bank, ditions, and at fuch Times as they fhall think proper for enlarging their prefent Capital to any Sum not exceeding the further Sum of one million fix hundred thoufarid Pounds additional Stock, and from time to time in a general Court to declare, order, and make the fame or any Part thereof, and from fuch Time or Times as fuch General Court fhall order and direct, to he added to the prefent Capital Stock of the faid Governor and Company, and that then and from thenceforth, fuch Monies fhall be deemed and taken to all Intents and Purpofes, as 'and for Part of the Capital Stock of the faid Governor and Company, and the Capital Stock of the faid Governor and Company fhall be proportionably enlarged thereby, and that all and every the Perfon and Perfons, Natives and Foreigners, who fhall fubferibe any Sum or Sums of Money, or for whom any Sum or Sums .of Money fhall have been fubferibed towards the making up the faid further Sum of one million fix hundred thoufand Pounds Stock, or fuch Part thereof, for which the faid Governor and Company fhall take in Subfcriptions, and who fhall have paid to the faid Governor and Company the Sum fo fubferibed, and the Executors, Adminiftrators, and Afiigns of fuch Perfon and Perfons r fpec- tively, fhall be, and' be deemed and reputed to be, Members of, and united to, and incorporated with the laid Governor and Company of the Bank of England, and fhall at all Times, together with the other Members of the faid Corporation,- and Body Politick, and their Succeffors respectively be, and be ad- judged, conftrued, reputed, accepted, and taken to be one Body Politick and Corporate, by the N.irr.e of ■ge
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