Charles II, 1662: An Act declaratory concerning Bankrupts.

Recital that Persons not bred up to Trade become Members of Public Companies, and that there is an Opinion that such Persons are subject to the Bankrupt Law.

No Person by reason of Monies put into such Companies by them to be therefore subject to the Bankrupt Law.

WHEREAS divers Noblemen Gentlemen and persons of quality no wayes bred up to Trade or Merchandize do oftentimes put in great stocks of money into the East India Company or Guiney Company and the Fishing Trade and such other publiq[ue] Societies and receive the procede of those Stocks sometimes in ready moneys sometimes in Comodities which they usually sell for money or exchang again by which meanes the Trade of those Companies is much encouraged Fishing and Navigation increased and the publique good of the whole Kingdome very much advanced Notwithstanding which great advantages to the publique there hath been lately some opinion conceived that such persons may and ought to be made subject to the Statutes provided against Bankrupts For the better declaring and explaining the Law therein and to the end such persons may not be discouraged in those honourable indeavors for promoting publique undertakings Be it declared [an (fn. 1) ] enacted by the Kings most Excellent Majesty with the advice and assent of the Lords Spiritual and Temporal and the Commons in this present Parliament assembled and by the authority of the same That no person or persons whatsoever who have adventured or put in or who hereafter shall adventure or put in any sum or sums of money into the said East India Company or Guiney Company or into any joynt stock or stocks of money by them or either of them made or raised or to be made and raised for and towards the maintaining and carrying on the Trade by the said East India Company or Guiney Company managed or to be managed or who have formerly or shall hereafter adventure or put in any su[m]m or su[m]ms of money into any stock or stocks of money for the managing and carrying on of the said fishing trade or the trade now called the Royal Fishing Trade and shall receive and take his or theire part or dividend of Fish Goods or Merchandizes in specie and shall sell or exchange the same shall for or by reason onely of such adventure of moneys so put into the said East India Company or Guiney Company or into any Stock or Stocks for and towards the said fishing Trade or for or by reason only of the receiving and taking such Fish Goods and Merchandizes in Specie or selling for money or exchanging the same againe be adjudged taken esteemed or reputed a Merchant or Trader within any Statute or Statutes for Bankrupts or bee liable to the same

II. Persons trading in any other Way liable to the Bankrupt Laws.

Provided alwaies and it is hereby declared That every person or persons who shall Trade Traffique or Merchandise in any other way or manner then in the said Royal Fishing Trade or the Trade managed by the said East India Company or the Guiney Company as aforesaid shall for and by reason of his and theire trading traffiquing and merchandising be lyable to Commission and Commissions against Bankrupts as fully to all intents and purposes and not otherwise as if this Act had never been made Any thing in this Act to the contrary notwithstanding

III. Verdict and Judgment in Replevin, whereby Sir John Wolstenholme, a Member of the East India Company, was adjudged liable to a Commission of Bankrupt, declared contrary to Law.

And be it further enacted That a Verdict and Judgement in Replevin heretofore had or given in the Terme of Easter in the Yeare One thousand six hundred fifty three in the Kings Bench betwixt Phineas Andrewes Plaintiffe Richard Woolward and William Meggs Defendants whereby Sir John Wolstenholme Knight and Adventurer in the said East India Company was adjudged and found lyable to a Commission of Bankrupts only for and by reason of a share hee had in the joynt Stock of the said Company and a pretended selling for money part of the return which hee had in Specie for his said Adventure shall be and is hereby declared contrary to Law and is hereby reversed and made void and null.

IV. Proviso for Proceedings under the said Judgment.

Provided alwaies and be it enacted That no Act Sale or Disposition of any the Lands Tenements Hereditaments Goods Chattels Debts or Creditts of the said Sir John Wolstenholme or any distribution of the same or of any money heretofore made or done by the Commissioners of Bankrupts or any claiming under them or any of them by vertue or colour of any Commission or Commissions taken out against [the said (fn. 2) ] Sir John Wolstenholme and whereof any person or persons is by vertue or colour of or under any such Act Sale or Disposition actually seised or possessed shall be hereby impeached or frustrated but that the same be injoyed for and toward satisfaction of the Debts for which the same have been disposed or distributed.