February 1651: An Act for Sale of the Fee-farm Rents and for the doubling of moneys thereupon.

February, 1651

[6 February, 1650/1.]

11 March 1649.; 13 August 1650.; 250000 1. to be borrowed.

Whereas by an Act of this present Parliament, Entituled, An Act for Selling the Fee-farm Rents belonging to the Commonwealth of England, formerly payable to the Crown of England, Dutchy of Lancaster, and Dutchy of Cornwal; and also by another Act, Entituled, An Act for the further Explanation of the said former Act for the Sale of all Fee-farm Rents, Tenths, or Rents reserved, Nomine Decimœ, and other Rents and Hereditaments in the said Acts or either of them mentioned, are appointed to be sold by the Trustees therein named: In pursuance of which said Acts, the Trustees have made several Contracts and Sales of part of the premises, and a great part thereof is yet unsold: The Parliament finding themselves pressed with an urgent necessity of raising with all speed a considerable sum of moneys for the carrying on of the publique Service, do Enact and Declare, and be it Enacted and Declared by the authority of this present Parliament, That the sum of Two hundred and fifty thousand pounds shall be borrowed upon the Security of such part of the premises as shall be upon the Sixth day of February, One thousand six hundred and fifty, unsold, and not contracted for, by way of doubling the like sum as shall be due unto any person or persons, Body Politique or Corporate, which by an Act of this present Parliament (Entituled, An Act of the Commons of England in Parliament assembled, for the Abolishing of Deans, Dean and Chapters, Canons, Prebends, and other Offices and Titles of or belonging to any Cathedral or Collegiate Church or Chappel within England and Wales) or by any additional Act, Instructions or Votes in Parliament might have been doubled upon the Security held out by the said Act.

Publique Faith Bill grantable to others.; Double moneys to be a signed.

And be it further Enacted, That it shall and may be lawful to and for any person and persons, his or their Executors and Administrators, Body Politique or Corporate, to grant such his and their Publique Faith Moneys, or other Moneys so admitted to be doubled as aforesaid, and the Bills, Certificates or Receipts for the same, and the Interest due and to be due thereupon, unto any other person and persons; and all and every such Assignee and Assignees, Bodies Politique and Corporate, shall have the like Benefit and Advantages, to all intents and purposes, as the first Lender or owner might have had within the intent of this Act: And that it shall and may be lawful for any person or persons, Body Politique or Corporate, who shall advance by way of Doubling as aforesaid, any sum or sums of money towards the raising of the said two hundred and fifty thousand pounds upon the Security of the premises, to assign the moneys which shall be due unto him or them upon such doubling, and the Interest and Benefit thereof, to any other person or persons, Body Politique or Corporate, that shall become a Purchaser of any part of the premises, all and every sum and sums of money due by or upon such doubled Bills, shall be accepted, reputed and taken in satisfaction of the whole, or any part of the moneys contracted for upon such purchase, as if the same had been paid in ready moneys: And all Officers concerned therein, are hereby authorized and required to admit and allow the same, and to proceed accordingly.

Register Accomptant named.

And be it Enacted and Ordained, That Colonel Robert Manwaring shall be Register-Accomptant for the said premises; and that he shall ascertain the Principal and Interest (where Interest is allowed) of such moneys as shall be doubled by vertue of this Act, and the same to certifie unto the Treasurers formerly appointed for the said premises; And upon such Certificate of what Principal and Interest is due to any as shall be Lenders within the intent of this Act, the said Treasurers or any two of them are hereby authorized to give to such Lender or Lenders a Receipt or Receipts, as well for the old Debt and Interest stated, and certified (as aforesaid) as also for the moneys lent towards the advancement of the said sum. Provided, That the said Register-Accomptant do not certifie any Debt unto the said Treasurers, but such as shall be first allowed of by the Trustees for the said premises, or any five or more of them.

Eight per Cent. to be allowed for Interest.

And be it further Enacted and Declared, That such Lender or Lenders, their Executors, Administrators and Assigns, shall have allowed to him and them, their Executors, Administrators and Assigns, in the purchase of any part of the premises, Eight pounds per Cent. by the year, where Interest is allowed, for such moneys as shall be due unto him or them upon the said Treasurers Receipts as aforesaid.

Double Money how and when to be paid.

And it is further Enacted by the Authority aforesaid, That every person and persons, Body Politique or Corporate, who shall lend any moneys on the said Security as aforesaid, and shall have his or their Debt and Interest stated and certified by the said Register-Accomptant as aforesaid, shall pay in to the Treasurers of the first recited Act named, the moneys wherewith he ought to double as aforesaid, within Ten days next after the Certificate thereof made to the said Treasurers, or otherwise shall forfeit his or their Moneys allowed to be doubled by the said Trustees as aforesaid, unless he or they shew good cause to the Treasurers or any two of them, to be allowed by them or any two of them, for his or their neglect.

Former Acts confirmed.; Not to sell under ten years purchase.

And be it further Enacted and Declared, That both the former Acts for selling of Fee-farm Rents belonging unto the Commonwealth of England, and formerly payable unto the Crown, Dutchy of Lancaster, and Dutchy of Cornwal, shall continue and be in force to the intents and purposes in the said Acts expressed. Provided only, That the said Trustees shall not, nor do not after the Sixth day of February, in the year One thousand six hundred and fifty, sell any of the Fee-farm Rent, or other Rents mentioned in the said Acts under Ten years Purchase.

Trustees enabled to convey.

And the said Trustees, or any five or more of them, are hereby authorized and enabled to convey any part of the premises unto any person or persons, Body Politique or Corporate, as shall become a Purchaser thereof, according to the Rules, Instructions and Directions as are given and set down in the said Acts or either of them.

Salaries; Two pence in the pound.

And be it further Enacted and Ordained, That the said RegisterAccomptant shall have paid unto him quarterly for him and his Clerks, and other Charges for their Service in and about the premises, out of such moneys as shall be doubled upon the said Security, the sum of Two hundred pounds for the year ensuing. And the said Treasurers are hereby enabled and authorized to make payment accordingly. Provided, That the Trustees, Contractors, Treasurers, Register and Comptroller, shall have and receive onely two pence upon every pound so contracted for upon Doubling, presently at the making of the said Contract, which shall be allowed in part of the sum contracted for, to be in lieu of the Salaries for themselves and their Clerks, and to be distributed amongst them, according to the Direction of the first recited Act.