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7 Ann. cap. 7. 5. 72.
9 Ann. cap.
7. s. 11.
12 Ann. stat. 1.cap.
The bank shall continue a body corporate, and enjoy their yearly fund of 100,0001. 11. s. 23. subject to the following power of redemption:
Upon twelve months' notice, after the 1st of August, 1742, upon repayment by Parliament to the bank of 1,600,000l. and all arrears of the said 100,000l. per ann. and of all money owing to them upon tallies, Exchequer orders, or parliamentary funds, such funds, for redemption whereof other provision is made, excepted, the said yearly fund of 100,000l. shall cease.
3 Geo. 1. cap. 8. s. 1.
the shares by them received will extend, to pay the debts which shall remain due to any persons, who may sue for the same, besides treble costs, by action of debt or upon the case, &c.
It shall be lawful for the said Governor and Company to call in any sums of money, which they in a general court shall think necessary, to be paid by their members proportionably, which shall have before been divided, out of the said capital of 4,402,3431. and in case any member shall neglect to pay his share, at the times appointed, by notice in the London Gazette, and fixed up on the Royal Exchange, it shall be lawful for the Governor and Company to stop the dividends of such members, and also to stop the transfers of their shares, and to charge the defaulters with interest at six per cent. and in case the principal and interest be not paid in three months, they shall have power to sell the stock of such defaulters, to pay the same.
Every person who shall be elected Governor, Deputy-Governor, or Director of the Bank of England, shall, during that year, be incapable of being chosen Director for the management of the affairs of the united Company of Merchants of England, trading to the East Indies, and vice versa.
After such redemption the Corporation shall cease.
It shall be lawful, as well for the bank as for any others, to lend money to the Trea surers of the Navy, &c. upon South-Sea stock, pursuant to the stat. 10 Ann. cap. 19.
The Governor and Company of the Bank of England, being willing to deliver up to be cancelled, as many Exchequer bills as amount to 2,000,000l. in principal money, and to accept an annuity of 100,000l. being five per cent. for the same, to commence from Christmas, 1717, redeemable upon one year's notice.
The bank shall, before Christmas 1717, deliver up as many Exchequer bills as shall amount to 2,000,000l. in principal money, to be cancelled.
After Christmas 1717, the bank shall for ever have one annuity, of 100,000l. being five per cent. computed on the said sum of 2,000,000l. which yearly sum shall be paid out of the aggregate fund, and duties on houses, and shall be paid to the bank for ever, at the four usual feasts.
Upon one year's notice to be given at Christmas 1717, or at any quarterly feast after, and upon repayment to the bank of the 2,000,000l. and of all arrears of the said yearly sum of 100,000l. the said yearly sum shall cease.
For the better payment of the annuity of 100,000l. standing orders shall be signed by the Treasury.
As the several duties chargeable with the payment of the said annuity shall be brought into the Exchequer, such money shall be issued upon such orders, weekly or otherwise, towards discharging the several annuities thereon charged, to grow due at the end of the quarter of a year, so as such weekly payments exceed not the sums of the several quarterly payments, which shall grow due at the end of each quarter.
The said annuity of 100,000l. shall be deemed personal estate; and the same and the stocks which the bank now have, and those they shall be entitled unto by virtue of this act, and the sums payable to them in respect of any such stock, shall be free from all taxes, and not liable to foreign attachment.
The said duties on houses, aggregate fund, and other duties, shall be continued to 3 Geo. 1. his Majesty, his heirs, and successors for ever, and shall be raised, &c. by such me- 17. thods, &c. as are prescribed by the respected acts now in force.
cոp. 8, ..
The monies of the said duties, &c. which shall be brought into the Exchequer for Sect. 18. purposes in this act, except the charges for raising, &c. the same, are appropriated for discharging the growing payment on the said annuity of 100,000l. which payments are to be satisfied without charge, but subject to redemption. And in case any officer of the Exchequer shall misapply any of the monies, or shall not keep books, and do all other things by this act required, he shall forfeit his office, and be incapable to serve his Majesty in any employment of trust or profit, and be liable to pay double the sum misapplied, with costs to the party grieved; to be recovered in any of the courts at Westminster.
The annual sum of 100,000l. shall be preferred in payment before the yearly sum of Sect. 22. 120,000l. to the civil list.
After satisfying the payment aforesaid, the deficiencies on the original fund of 100,000l. Sect. 23. per ann. payable to the bank out of five-seventh parts of certain duties of excise, see 5 and 6 Will. and Mar. cap. 20. s. 19. before recited, shall be satisfied out of the monies by this act appropriated; after which the yearly sum of 4000l. shall be issued to the sheriffs.
The surplus of the duties, &c. hereby appropriated at the end of any quarter, shall Sect. 24. attend the disposition of Parliament.
In case the produce of the said duties, &c. shall be deficient, such deficiency shall sect. 25. be made good out of the produce of the said duties, &c. in any subsequent quarter.
If such deficiency shall happen at the end of any year, reckoning each year to end at Sect. 26. Michaelmas, such deficiency shall be made good out of the next aids to be granted in Parliament.
It shall be lawful for the bank, from time to time, as they shall see cause, to call for, Sect. 38. from their members, in proportion to their respective interests in the capital stock, any sums of money, as in a general court shall be judged necessary; and all executors, &c. shall be indemnified in paying the same; and if any member shall neglect to pay his share of the money so called for, at the time appointed, by notice in the London Gazette, and fixed upon the Royal Exchange, it shall be lawful for the bank not only to stop the dividend of such member, and to apply the same towards payment of the money so called for, but also to stop the transfers of the share of every such defaulter, and to charge him with an interest of five per cent. per ann. for the monies so by him omitted to be paid, till payment thereof: and if the principal and interest shall be three months unpaid, the bank shall have power to sell so much of such defaulter's stock as will satisfy the same, rendering the overplus to the proprietors; and the bank may, in a general court, when they shall adjudge their affairs will admit thereof, cause any sum of money so called in, to be divided amongst the then members, in proportion to their respective shares in the capital stock.
The bank may borrow money on any contracts, &c. under their common seal, or Sect, 39, upon credit of their capital stock, at such interest as they shall think fit, though it exceed the interest allowed by law, and give such security as shall be to the satisfaction of the lenders; and they may contract with any persons, upon such terms as they shall find necessary, for the better enabling them to perform such things as they are to do in pursuance of this act, and take subscriptions from such persons for that purpose; and: such contract, &c. shall not be chargeable with stamp duties.
No member of the bank, for any thing in this act contained, shall be disabled from sect. 43. being a Parliament man, or adjudged liable to be a bankrupt.
S Geo. ).
The bank may in a general court make such addition to their capital stock, in regad c. 8. 5.45, of their undertaking to discharge Exchequer bills, as they shall think fit; and so much as shall be so declared, shall be deemed capital stock, and the members of the bank, who shall have a share in such stock, may transfer the same in method, &c. prescribed by any statute or charter now in force for assignments.
Transfers of bank stock shall not hereafter be made liable to any higher duties than are now payable for the same.
The bank may, under their common seal, assign the said annuities of 100,0001. or any part thereof, and also such annuities of five per cent. per ann. to any persons whatsoever, and so toties quoties; which assignments shall not be subject to any tax, so as an entry be made of such assignments in the office of the auditor of the receipt.
Nothing in this act shall hinder the making good any deficiency in the yearly fund of 116,5731. 12s, mentioned in the act 1 Geo. I. cap. 2.
Any vote of the House of Commons signified by their Speaker in writing, and delivered at the office of the bank, shall be deemed a sufficient notice within this act.
21 Geo. 1.
The Governor and Company of the Bank of England having agreed, that from the 9.5.1. feast day of St. John Baptist, 1727, their annuity of 100,000l. upon the sum of
2,000,0001. See 3 Geo. I. cap. 8. s. 6. before recited, shall be reduced to four per cent. It is enacted, that after the nativity of St. John Baptist, 1727, the said annuity shall cease, and the Governor and Company of the Bank, subject to the proviso of redemption in this act contained, shall have in lieu thereof, one annuity of 80,000l. which shall be payable out of the duties on houses, and the aggregate fund; and shall be paid to the said Governor and Company, and their successors for ever, from Midsummer, 1727, at the four usual feasts, in such manner and on such conditions, as in the former act 3 Geo. I. cap. 8. in relation to the said annuity of 100,000l.
On repayment by Parliament to the Bank of England, of the principal sum of 2,000,0001. and of all arrears of the said annuity, the annuity shall cease.
If at any time payment be made of any sum, not less than 500,000l, in part for the
The bank shall continue a corporation, and enjoy the said several annuities, till all the said annuities shall be redeemed, according to the provisos in this act.
For encouragement of such persons as are willing to advance monies for paying of the principal sums amounting to 8,762,6251. upon the Lottery Acts of 9 and 10 Ann. for redeeming annuities on act 12 and 13 Will. III. cap. 12. to patentees, out of the weekly sum of 3,7001. out of the excise, for which the persons advancing the same are to have annuities of five per cent. redeemable by Parliament: It is enacted, that till the annuities of five per cent. shall be redeemed by the Parliament, the bank shall employ two persons within their office of London, one to be their chief cashier, the other their accountant general; and the monies coming into the Exchequer for the payment of such annuities, shall be paid quarterly to the said cashier, by way of imprest and on account, and the accountant-general shall inspect the receipts and payments of the cashier, and the vouchers relating thereto; and all the monies to be advanced for such annuities shall be one capital joint-stock, on which the said annuities shall be attending; and all persons in proportion to the monies they shall advance, shall have a share in such stock, and in the annuity attending the same; and such shares shall be transferable and adviseable as is prescribed by the act 1 Geo. I. cap. 19. and no stamp duties shall be chargeable on such transfers: and the bank, notwithstanding the redemption of any of their own funds or annuities, shall continue a Corporation, relating to the receiving, &c. the annuities last mentioned, till the same be redeemed by Parliament; and no fees shall be taken for paying the said annuities, or for such transfers. Nevertheless, the Treasury may allow out of the monies to be impressed as aforesaid, salaries to the cashier and accountant-general.
principal sum, and of all arrearages; then so much of the said annuity as shall bear proportion to the monies so paid in part of the principal shall cease.
The annuity shall be deemed personal estate; and the same and the stock which the 21 Geo. 1. Company now have, or may be entitled unto, by virtue of this act; and all the prin- c. 9. s. 4. cipal sums and annuities payable to the Company in respect of any such stock, shall be free from taxes, and shall not be liable to foreign attachments.
The former acts, and all the powers, &c. therein contained, such alterations as are Sect. 5. made by this accepted, shall continue to be used, &c. and the Governor and Company of the Bank of England shall continue a Corporation, and shall enjoy these annuities till they shall be redeemed, &c.
If any person shall alter, forge, or counterfeit any bank bill, or bank note, made for Sect. 6. payment of money, by, or for the said Governor and Company, or any bank note, or shall erase any such bill or note, or any endorsement thereupon, or shall tender in payment, utter, &c. any such altered, forged, or conterfeited bill or note, or any erased or altered bill or note, or the endorsement thereupon, &c. knowing such bill or note, or endorsement, to be altered, forged, counterfeited, or erased, and with intention to defraud the said Governor and Company, or any other person; every such person shall be adjudged a felon.
The Governor and Company of the Bank of England having agreed to pay into the 1 Geo. 2. Exchequer 1,750,000l. for the purchase of an annuity of 70,000l. subject to redemption; stat It is enacted, that every year after the feast day of St. John Baptist, 1728, a yearly fund of 70,0001. being four per cent. for the sum of 1,750,000l. shall be payable in manner herein expressed, for the satisfying the annuities to be purchased in pursuance of this act, till redemption thereof by Parliament.
The said yearly fund of 70,000l. shall be payable out of the monies, which after the Sect. 2. said feast of St. John Baptist, 1728, shall arise into the Exchequer for the duties on coals and culm, granted by 9 Ann. cap. 22. continued by 5 Geo. I. cap. 9. and made perpetual by 6 Geo. I. cap. 4.
The Governor and Company of the Bank of England shall advance into the receipt of Sect. 3. his Majesty's Exchequer, the sum of 1,750,000l. by the 24th of July, 1728.
On payment by the bank, of the said sum of 1,750,000l. in manner aforesaid, the Sect. 5. Governor and Company, and their successors and assigns, shall be intituled to receive at the receipt of the Exchequer, out of the said yearly fund, one annuity of 70,000l. to commence from the 24th of June, 1728, and to be paid by half-yearly payments, at Christmas and Midsummer, till redemption thereof by Parliament, and the said annuity of 70,000l. shall be free from taxes.
An order shall be signed by the Treasury for payment of the said annuity, and the Sect. 6. same shall not be determined by the death or removal of any of the Commissioners of the Treasury, &c.
As the money of the said duties shall be brought into the Exchequer, the same shall Sect. 7. be issued upon the said orders towards discharging the said annuity, to grow due at the end of the half year in which such payment shall be made; so as such payment do not exceed the half-yearly payment which shall grow due.
The said annuity shall be a personal, and not a real estate, and shall not be liable to Sect. 8. foreign attachment.
If after the 24th of June, 1728, the produce of the said imposition on coals and culm Sect. 9. shall be so deficient, as that the monies arising therefrom shall not be sufficient to discharge the half year's annuity then due, then the deficiency of such half year shall be supplied out of the overplus monies of the said duties arising in any subsequent half year; and if at any time after the 25th of December, 1728, such produce shall be so deficient, at the end of any one year, computing the same to begin at Christmas yearly,
1 Gen. 2.
Whatever monies shall be so issued out of the sinking fund, shall be replaced out of Stat. 2.c.8. the first supplies to be granted in Parliament.
2 Geo. 2. e. 3. s. 1.
as that the same shall not be sufficient to discharge the whole year's annuity then due, every such yearly deficiency shall be made good out of the first supplies which shall be granted in Parliament; and if no such supplies shall be granted within six months, then the same shall be made good out of any monies which shall be in the receipt of the Exchequer of the sinking fund, except such monies of that fund as are appropriated to particular uses.
If there should be any surplus monies arising by the duties at the end of any year, computing the same to end at Christmas yearly, after the said annuity of 70,000l. and all arrears thereof are satisfied, &c. such surplus shall be reserved for the disposition of Parliament.
Upon repayment by Parliament to the Bank of England, of the said 1,750,000l. and of all arrears, the said annuity shall cease; and after such redemption, the monies arising by the said duties shall not be applied but as shall be directed by future acts of Parliament.
If at any time after the 25th of December, 1729, payment be made to the bank of any sum, not less than 500,000l. in part of the principal sum, at which the annuity is redeemable, and also of all arrears of the said annuity, then so much of the annuity, as shall bear a proportion to the monies so paid in part, shall cease.
The bank shall continue a Corporation till the redemption of the whole annuity of 70,0001.
All former powers granted to the bank for assigning any annuities or capital stock, formerly purchased by them, and now belonging to them, shall be revived; and the Governor and Company are empowered to transfer the said annuity of 70,000l. as they shall think proper; subject, nevertheless, to redemption by Parliament, and without power to enlarge their capital stock out of the same.
After reciting the act of 12th Ann. sess. 2. cap. 9, for laying additional duties on soap and paper, and on certain linens, silks, calicoes, and stuffs, and upon starch, and exported coals, and upon stamped vellum, parchment, and paper, &c. and that the Governor and Company of the Bank of England have agreed to pay into the Exchequer 1,250,000l. for the purchase of an annuity of 50,000l. subject to redemption by Parliament, to be charged on the surplus monies to arise from the said additional duties; it is enacted, that yearly, from the feast of St. John Baptist, 1729, a yearly fund of 50,0001. being after the rate of four per cent. for the sum of 1,250,000l. be settled for satisfying the annuities to be purchased in pursuance of this act, till redemption thereof by Parliament.
The said yearly sum of 50,000l. shall be payable out of the overplus monies of the said additional duties, which shall remain after satisfying, &c. so much as shall be due to the South Sea Company, on their annuity and additional allowance for charges of management, granted by the act 6 Geo. I. cap. 4. and the Treasury shall quarterly, in every year, after the feast of St. John Baptist, 1729, at the four usual feasts, or within six days after, cause the overplus monies of the said additional duties to be computed, and applied towards making good the said yearly sum of 50,000l. without diverting any of the monies which by the said act 6 Geo. I. cap. 4. ought to be reserved for satisfying the said annuity to the South Sea Company.
The Governor and Company of the Bank of England shall pay into the Exchequer 1,250,000l. before the 6th of October, 1729.
On payment of the said 1,250,000l. the Company shall be intitled to one annuity of 50,000l. from the 24th of June, 1729, to be paid by quarterly payments till redemption thereof by Parliament; and the said annuity of 50,000l. shall be free from taxes.