Page:Ruffhead - The Statutes at Large - vol 6.djvu/76

 14 C. 1 6. Anno tertio Georgii II. AD. 1730. ' fmall Error in computing the Amount of the whole increafed Capital Stock, and fince rectified, and by ' a Payment and Application of a Sum of five hundred thoufand Pounds in Moieties towards reducing ' the Capital Sums both of the Stock of the Company and of the Joint Stock of Annuities, in purfuance 3G30. 2,, Stat.s. ' ot an ^ft f lne £ r p c Year of the Reign of his prefent Majefty, the Capital Sum remaining due on each ' Pounds twelve Shillings and nine Pence Farthing refpectively, and no more : And whereas it is deemed ' expedient for this Time and on this prefent Occafion, that the Sum of one million of Pounds Sterling ' ihould be paid and applied for and towards paying off fo much of the faid remaining Capital Stock or ' Principal Sum belonging to the faid Company in their own Right, commonly called The South-Sea Slhkine Fund ' Stock :' Be it therefore enacted by the Authority aforefaid, That by or out of fuch Monies as are or orr one minion ma '^ De m tue Receipt of the Exchequer of the Surpluffes, Exceffes or Overplus Monies, commonly 5outh-SeaStock. called The Sinking Fund, arifen or to arife at or from the Feaft of the Nativity of Saint John Baplift which fhall be in the Year of our Lord one thoufand feven hundred and thirty (after Payment of or referv- ing fufficient to pay fuch Monies as have been directed by any former Act or Acts of Parliament to be paid out of the fame) there fhall be iffued and applied to the Governor and Company of Merchants of Great Britain trading to the Soutb-Seas and other Parts of America, and for encouraging the Fifnery, at the laid Feaft-Day, and afterwards quarterly from Time to Time, as the fame (hall arife, fuch Sum or Sums of Money as fhall on fuch Quarter-Day or Days be in the faid Receipt of the Exchequer, for or towards redeeming Part of the Annuities attending on the faid Capital Stock or Sum remaining due to the faid Company in their own Right, until the fame Payments fhall in the whole amount to the Sum of one million of Pounds Sterling; and that as the faid Payments of Principal Money fhall be from Time to Time made, a proportional Part of their faid Capital Stock, and of the Annuities attending thereon, If Money not fh a |l a ]f from, time to time ceafe and determine, for the Benefit of the Publick; but as it may io happen, ixcheq^V," that ° n th e f ai d Feaft-Day of the Nativity of Saint John Baptiji which fhall be in the Year of our Lord Tieafury may one thoufand feven hundred and thirty, there may not be fufficient Money in the Receipt of the Exche- borrowat4i, quer, arifen from the faid Surpluffes, to fatisfy and pay the faid intire Sum of one million of Pounds, and the faid South-Sea Company may delire then to receive the whole Sum in one intire Payment, in order to make one Diftribution of the whole amongft all the Proprietors of their faid Capital Stock at one Time ; Be it therefore enacled by the Authority aforefaid, That upon Application being made by the faid Company to the Commiffioners of His Majefty's Treafury now or for the time being, or the Lord High Treafurer for the time being, and giving them Notice of fuch their Defire to have and receive the faid one million of Pounds in one intire Payment ten Days at leaft before the faid Feaft- Day, it (hall and may be lawful to and for the faid Commiffioners of the Treafury, or any three of them, or the Lord High Treafurer, by Warrant under their Hands to permit or fuffer any Perfon 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, fhall be wanting to com- pleat the faid Sum of one million of Pounds, upon Credit of the growing Produce of the faid Sur- pluffes, Exceffes and Overplus Monies, and to be repaid out of the fame, as they (hall 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 Jtinum ; and in fuch cafe the Money fo to be lent or ad- vanced, (hall 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 of Pounds ; and the Monies which from thenceforth fhall arife from the faid Surpluffes, (hall quarterly be jffued 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. South-SeaCom- V. And be it enacted by the Authority aforefaid, That the faid South Sea Company fhall forthwith, up- {nrt/out the 1 " on the Receipt of the faid Sum of one million of Pounds, or as foon after as conveniently may be, divide Money to tiie out, and diftribute the fame, amongft all the feveral Proprietors of their faid Capital Stock, towards (ink- Proprietors. i n g an( i difcharging fo much of their Shares or Interefts in the faid Capital Stock, by even and equal Divi- dends amongft them all, in Proportion to their refpective Shares or Interefts therein. .Sub-Governor, VI. And be it enacted by the Authority aforefaid, That the faid South-Sea Company or any Member fea'companynot tnere0 ^ ft> au not incur any Difability for or by reafon of any thing done in purfuance of this Act ; nor to incur any Dif- fhall the Sub-Governor, Deputy-Governor or any of the Directors now or for the Time being, after ability hereby, the Payments hereby directed fhall take place, be deemed to be difqualified to continue Sub-Governor, Deputy-Governor or Directors, if, by reafon of fuch Payments, there fhall not remain in their own re- fpeilive Names or Rights fa- much Capital Stock of the faid Company, as they before were required to have for the Qualification of fuch Sub-Governor, Deputy-Governor or Director refpectively, fo as fuch Sub-Governor, Deputy-Governor or Director refpectively, 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 Capi- tal Stock of the faid Company, which will reduce his Intereft or Share therein under the Sum required^ for fuch his Qualification, do or fhall obtain, by Purchafe or otherwife, fo much more Capital Stock of the faid Company, to be transferred into his own Name and Right, as fhall compleat the Sum neceffary for fuch his Qualification. VII. 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, and for enabling them to replace the fame with the leaft Expence : Be it enacted by the Authority aforefaid, That in all and every Cafe and Cafes, where any Proprietor or joint Proprietors of any Share or Shares in the faid Capital Stock, (hall, out of the
 * of them doth now amount to fixteen millions fix hundred fifty-one thoufand one hundred and one