William and Mary, 1694: An Act for enabling such persons as have Estates for life in Annuities payable by several former Acts therein mencioned to purchase and obtaine...interests in such Annuities... [Chapter V Rot. Parl. pt. 1. nu. 4.]

Recital of 4 & 5 W. & M. c. 3.

§ 8; and of 5 & 6 W. & M. c. 20; § 11. 12; §33; And that under the said Act, and of 5 & 6 W. & M. c. 5. divers Persons had advanced Monies amounting to £1,300,000, and were entitled to receive Annuities for Lives; And that Persons may be willing to change their Terms for Life into 96 Years; Any Persons having £14 per Cent. for Life upon the former Acts may turn it into an Estate of 96 Years for £63 more; and such Persons to have Tallies. What such Tallies to contain; And in case the Tally import a present Interest, the Persons so contributing or the Nominee to have a good Estate in such Annuity as herein mentioned; So where the Tallies import a future Interest.

WHEREAS in and by an Act of this present Parliament made in a Session which was held in the Fourth and Fifth yeares of the Reigne of King William and Queen Mary intituled An Act for granting to their Majesties certaine Rates and Duties of Excise upon Beer Ale and other Liquors for secureing certaine Recompences and Advantages in the said Act mencc[i]oed to such persons as shall voluntarily advance the sum of Ten hundred thousand pounds towards carrying on the War against France certaine Rates or Duties of Excise upon Beer Ale Vinegar Cyder Perry Brandy and other Liquors or Commodities therein enumerated and mentioned are granted charged and made payable dureing the space and terme of Ninety and nine yeares co[m]mencing from the Five and twentieth day of January in the yeare of our Lord One thousand six hundred ninety and two which Rates or Duties are thereby appointed to bee levyed collected and paid dureing the said terme of Ninety and nine yeares and to bee brought into the Receipt of Exchequer in such manner and forme and by such rules ways and meanes and under such penalties and forfeitures as in and by the said Act are prescribed mentioned or referred unto And it was thereby enacted that it should and might bee lawfull for any Persons Natives or Forreigners to contribute towards the advanceing the su[m]m of Ten hundred thousand pounds for the purposes therein mentioned by paying into the Receipt of Exchequer such su[m]m or su[m]ms of money by such time and upon such termes respectively as in the said Act are particularly mentioned and expressed. And whereas by another Act of this present Parliament made in a Session held in the Fifth and Sixth yeares of the Reigne of King William and Queen Mary entituled An Act for granting to their Majesties several Rates and Duties upon Tunnage of Ships and Vessells and upon Beer Ale and other Liquors for secureing certaine Recompences and Advantages in the said Act menc[i]oed to such persons as shall voluntarily advance the su[m]m of Fifteene hundred thousand pounds towards carrying on the Warr against France diverse Impositions Rates and Duties for and upon the Tunnage of such Ships and Vessells as are therein mentioned are granted and made payable dureing the terme of Foure yeares co[m]mencing from the First day of June in the yeare of our Lord One thousand six hundred ninety-foure And it was thereby further enacted that from and after the Seventeenth day of May which should bee in the yeare of our Lord One thousand six hundred ninety seven there should bee raised levied collected and paid to his Majesty and the late Queen of blessed memory their Heires and Successors for Beer Ale Cyder and other Liquors therein expressed by way of Excise certaine additional Rates and Duties therein particularly expressed and the said Impositions Rates or Duties soe to arise by or upon the Tunnage of Ships or Vessells granted for the terme of Foure yeares as aforesaid and the said additional Rates or Duties of Excise soe granted and made payable, for ever by the Act last mentioned are to bee raised levyed and collected and to bee brought into the Receipt of Exchequer in such manner and forme and by such rules ways and meanes and under such penalties and forfeitures as by the same Act are prescribed And it is thereby further enacted That each weekly or other payment ariseing by and out of the Duties and Impositions granted by the Act last mentioned should by the Auditor of the Receipt of the Exchequer from time to time as the same should bee paid in bee separated and divided into five seventh parts and two seventh parts And it was thereby enacted thåt it should and might bee lawfull for any Persons Natives or Foreigners to contribute towards the advancing of the su[m]m of Three hundred thousand pounds (part of the su[m]m of Fifteen hundred thousand pounds therein mentioned) by paying into the Receipt of the Exchequer such su[m]m and su[m]ms of money within such time and upon the several and respective termes of haveing and receiving certaine Annuities for one two or three lives according to the several rates and proportions as are in the same Act particularly expressed as by the said several Acts of Parliament (relation being thereunto had) may more fully appeare. And whereas by virtue or in pursuance of the said Act which granted certaine Duties of Excise to secure recompences and advantages to the persons that should advance the su[m]m of Tenne hundred thousand pounds as aforesaid and another Act of this present Parliament for supplying the deficiency of the money which was to bee raised by the Act last menc[i]oed and by virtue or in pursuance of the Clauses relateing to the said su[m]m of Three hundred thousand pounds in the said Act imposeing a duty of tunnage upon Ships and additional Rates of Excise as aforesaid diverse Persons as well Natives as Forreigners have actually advanced and contributed and paid into the Receipt of the Exchequer several su[m]ms of money amounting in the whole to Thirteen hundred thousand pounds upon the several and respective termes in the same Acts mentioned in relation to such contributions and for part thereof (to witt) for the sum of Nine hundred eighty one thousand six hundred and nineteen pounds one shilling and nine pence or thereabouts soe advanced [or (fn. 1) ] contributed the respective Contributors of the same are or were intituled to have receive and enjoy for and dureing several single lives onely (that is to say) dureing the life of every such Contributor or the Nominee of such Contributors respectively an annuity yearely rent or payment after the rate of Fourteene pounds of lawfull English money for every hundred pounds soe advanced or contributed payable att the foure most usual Feasts in the yeare by equal portions. And whereas the persons who are or may bee intituled to such Estates for single lives in the said Annuities or some of them are or may bee willing and desirous (for a reasonable price or consideration) to have such their respective Estates for single lives changed or converted into a certaine terme or termes for ninety six yeares to bee computed from the Five and twentieth day of January which shall bee in the yeare of our Lord One thousand six hundred ninety five of and in such or the like Annuities as they have for single lives as aforesaid or that they or such as they shall nominate his her or their Executors Administrators and Assignes respectively (for the like price or consideration) shall or may bee intituled to have receive and enjoy the like Annuity from and after the determination of his her or their Estate for a single life as aforesaid for and dureing the residue which shall bee then to come and unexpired of the said terme of Ninety six yeares and in cases where the present Owner of an Annuity for a single life as aforesaid is or may bee unwilling (if any such bee) to purchase a further or more certaine Estate or Interest therein it is likely that some other person or persons is or may bee desirous to bee admitted (though att a rate or consideration something higher) to purchase a future Estate or Interest in such or the like Annuity or Annuities to take effect from and after the determination of the term for the single life in being and to continue for and dureing the residue and remainder of the said terme of Ninety six yeares which shall bee then to come and unexpired. Now for the encouragement of such persons as shall voluntarily contribute or advance att the respective rates herein after mentioned any moneys into the Receipt of his Majesties Exchequer for such further or more certaine Estates or Interests as aforesaid and for y^e better supplying of moneys (with as much ease and att as little charge as may bee) for the carrying on the Warr against the French King Be it enacted by the Kings most excellent Majestie by and with the advice and consent of the Lords Spiritual and Temporal and the Co[m]mons in this present Parliament assembled and by the authority of the same that it shall and may bee lawfull to and for any Person or Persons Natives or Forreigners being (as original Contributors or by mesne assignments or by other lawfull ways and means) intituled to any Estate for one life (his own or the life of any other person) of or in any Annuity purchased or obtained upon the Acts aforesaid or any of them att the said rates of One hundred pounds for every Foureteen pounds per Annum att any time before the Foure and twentieth day of July One thousand six hundred ninety five to advance and pay into the Receipt of his Majesties Exchequer soe much money as every or any such Annuity being computed for Foure yeares and an halfe doth or shall amount to (that is to say) every such person shall or may pay to his Majesties use for every hundred pounds that was paid for the single life in an Annuity of Fourteen pounde per Annum the su[m]m of Sixty three pounds more for changeing or converting the same into a certaine terme for the said Ninety six yeares or for a further interest to take effect after the Estate for life as aforesaid and in the same proportion for higher or larger Annuities and every such person on such payment made shall im[m]ediately have one or more Tallie or Tallies importing the Receipt of the consideration money soe paid and upon every [such (fn. 2) ] Talley there shall be written proper words purporting (att the election of the Contributor or of the person by him authorized to pay in his money) that such payment is made either in consideration of changeing and converting such his Annuity for life into a certaine and absolute Estate or terme for the said Ninety six yeares or else in consideration of a like Annuity to bee payable to him or them or such as hee or they shall nominate his her or their Executors Administrators and Assignes from the determination of such Estate for life dureing the then residue of the said Ninety six yeares and that by or upon the makeing every such payment as aforesaid in every case where the Talley shall import the changing or converting the Estate for life into a terme of Ninety six yeares the person or persons so contributing the said consideration money or the person or persons to bee nominated as aforesaid his her or their Executors Administrators and Assignes shall bee intituled to have receive and enjoy and shall have receive and enjoy and shall have a good sure and absolute Estate and Interest of and in an Annuity yearely rent or payment (equal by the yeare to the Annuity which hee she or they had before for one life) for and dureing the said whole terme of Ninety six yeares to bee paid and payable out of some of the Funds in the said Acts menc[i]oed (that is to say) out of such of them respectively as the Annuity for life was by the said Act charged upon and to bee paid att the foure most usual Feasts in the yeare by equal portions as the Annuities by the said former Acts are payable and in all such cases the said present estates for Life shall bee understood to bee merged or extinguished in the said terme of yeares and that in every case where the said Tallies shall import the consideration money to bee paid for a future interest to take effect either in the person that contributes the same or in any others to bee nominated as aforesaid the person or persons soe contributeing the said consideration money or so to bee nominated his her or their executors administrators and assignes shall presently have a good sure and absolute estate vested in him her or them by this Act and which shall take effect (as a future interest) after the determinac[i]on of the estate for Life and continue and endure dureing soe long time as shall bee then to come and unexpired of and in the said terme of Ninety six yeares and in the cases last mentioned it is to bee understood that the present estate for life is continued.

II. Person having an Estate for Life, not taking Advantage before July, any other paying £70 shall have a Term of 96 Years charged with the present Estate for Life;

and to have a Tally as herein mentioned; and have a good Estate in such Annuity, subject to the Estate for Life.

And bee it further enacted by the authority aforesaid that if any person or persons being intituled to any estate for one Life in being in any such present Annuity or Annuities as aforesaid shall not before the said Foure and twentieth day of July One thousand six hundred ninety five advance and pay into the receipt of the Exchequer such rate or considerac[i]on money as is before mentioned for changeing such his her or their estate for life into a terme certaine or for a future interest as aforesaid that then and in every such case it shall and may bee lawfull to and for any person or persons whatsoever Natives or Forreigners (haveing or not haveing any property or interest in such estate for life) att any time or times after the said Foure and twentieth day of July and on or before the Twelfth day of November in the yeare of our Lord One thousand six hundred ninety five to contribute advance and pay into the said receipt of the Exchequer soe much money as any such annuity being computed for Five yeares doth or shall amount to (that is to say) For every hundred pounds that was paid for the single Life in an annuity of Foureteen pounds a yeare there shall bee paid in all the cases last menc[i]oed the su[m]m of Seventy pounds for the said terme of Ninety six yeares (to commence and bee reckoned as aforesaid and to bee charged with and subject to the present estate for Life) of and in the same or the like annuity and there shall bee paid a rate or consideration in the same proportion for annuities exceeding fourteen pounds a yeare and every such person on such payment made shall immediately have a Talley or Tallies importing the receipt of the consideration money soe paid and upon every such Talley proper words shall bee written signifying that such payment is made in considerac[i]on that such Contributor or Contributors or such person or persons as shall bee named by him her or them or by such as hee she or they shall authorize to pay in the money his her or their executors administrators and assignes are to have and enjoy the said termes of ninety six yeares in such annuity charged with and subject neverthelesse to the said particular estate for Life then in being and that by or upon the makeing of every such payment after the rate of Seventy pounds per centum the person or persons soe contributing or advanceing the consideration money or the person or persons to bee nominated as aforesaid his her or their Executors Administrators and Assignes shall have a good estate or interest in every or any such annuity so to bee purchased or paid for dureing the said terme of Ninety six [yares (fn. 3) ] (subject neverthelesse to the said particular estate for Life in being) and after the determination of such particular estate for Life shall have receive and enjoy and bee intituled to have receive and enjoy such annuity or yearely rent or payment soe purchased or paid for dureing all the rest and residue which shall bee then to come and unexpired of and in the said terme of Ninety six yeares to bee paid and payable out of such of the said Funds as the annuity for Life was first charged upon or payable out off and to bee [paid (fn. 4) ] att the Foure most usual Feasts in the yeare by equal portions as aforesaid.

III. Order in the Exchequer for Payment, and Appropriation of the Duties given by the former Acts to Payment of this new Advance;

such Orders assignable as by the said former Act of Excise; and under the like Penalties, &c. Such Penalties to be sued for as by the said last mentioned Act; Officers to keep Books, &c; Access thereto without Fee; Penalty.

And bee it further enacted by the authority aforesaid that immediately after the levying and strikeing of the several and respective Tallies before mentioned Orders (according to the forme and course of the Exchequer in Parchment or Velom) shall bee drawne and signed for makeing the payments which by this Act are to bee made and according as by this they are appointed to bee made upon the several and respective annuities so to bee purchased or obtained in pursuance hereof which orders shall not bee determinable revocable or countermandable and the monies payable by such orders or any of them or any part thereof shall bee assignable and transferrable in such and the same manner and forme as are enacted prescribed or appointed in and by the abovesaid Act which granted Duties of Excise to secure recompences and advantages to such as should advance the su[m]m of Tenne hundred thousand pounds for or concerning the orders which were to bee given to the Contributors upon that Act and soe much of the several rates and duties of Excise and of the said imposition ariseing by the Tunnage of Ships and Vessells granted by the several Acts above mentioned as is and shall bee sufficient to pay and satisfie the several su[m]ms of money which shall from time to time grow due and bee payable upon the said several annuities to bee purchased and obtained in pursuance of this Act and which shall [bee respectively (fn. 5) ] charged upon the rates duties or [impositions (fn. 6) ] aforesaid is and shall bee appropriated and applied and the same is hereby appropriated to and for the payment of the said several annuities to bee purchased and obtained in pursuance of this Act according as the same shall become due by the purport and true meaning thereof and shall not bee diverted or divertable to any other use intent or purpose whatsoever under the like penalties forfeitures and disabilities in respect to all and every the Officers and other persons that are or ought to bee concerned in the payments thereof as are appointed and enacted (in case of diverting or misapplying or not paying) in and by the said Act which granted duties of Excise to secure recompences and advantages to such as should advance the su[m]m of Tenne hundred thousand pounds and every article rule and clause in the said last mentioned Act [cotained (fn. 7) ] as for and concerning any penalties forfeitures and disabilities upon any Officers or others for misapplying or diverting any of the duties or su[m]ms of money thereby granted shall bee of full force and effect to all intents and purposes dureing the continuance of the said terme of Ninety six yeares and the said penalties and forfeitures shall bee sued for prosecuted recovered paid in such manner and forme as the penalties in the Act last mentioned are appointed to bee sued for prosecuted recovered or paid in which suit noe Protection Priveledge of Parliament or other Priveledge Wager of Law or any more then one imparlance shall bee allowed And the said Officers are hereby required to keep books and registers and to make entries of the names of all persons who shall advance moneys on this Act and of [all (fn. 8) ] persons to bee nominated as aforesaid and of the several su[m]ms soe advanced and the times of paying in the same respectively and of the nature of each payment to bee made in pursuance of this Act to which all persons concerned shall have accesse all which the said officers for the time being shall doe or performe without fee or reward under the like penalties forfeitures and disabilities as in the like cases are appointed to bee inflicted by the Act last mentioned.

IV. Monies by this Act advanced Tax-free.

And bee it further enacted That any moneys payable to any person or persons upon or by virtue of this Act for annuities to bee purchased or obtained as aforesaid shall not bee charged or chargeable to or with any Taxes or publick rates duties or impositions whatsoever.

V. Guardian may advance for Infants.

And bee it further enacted That it shall and may bee lawfull for any Guardian or Trustee haveing the disposeal of the money of any infant under the age of Twenty one yeares for the use and benefitt of such infant to advance and pay any su[m]m not exceeding Seventy pounds of the moneys of such infant upon any the termes in this Act mentioned and such infant upon payment of the same shall become a Contributor within the meaning of this Act and bee intituled to the anuity for which such su[m]m shall bee soe paid and the said Guardian or Trustee as to the su[m]m soe advanced is hereby discharged.

VI. Fraudulently advancing Money, Nominee being dead, Consideration Money forfeited.

Penalty £100.

And bee it enacted by the authority aforesaid That if any person or persons shall fraudulently contribute any su[m]m or su[m]ms of money upon this Act under colour or pretence of having an estate for a single life changed or converted into a terme certaine as aforesaid or under colour or pretence of purchaseing or obtaineing an interest to take effect (in point of payment) after a single life supposed to bee in being when in truth and reallity the particular estate for such single life (att the time of the paying the consideration money soe to bee contributed or advanced) shall bee actually determined by death of the nominee or person dureing whose Life such particular estate was to continue that then and in every such case the consideration money or su[m]m soe to bee advanced or contributed shall bee forfeited and lost to his Majesty and noe estate interest or terme for or in respect of the same shall by this Act arise or bee vested either in such Contributor or in any person to bee nominated for him her or them as aforesaid or in his her or their executors administrators or assignes and such Contributor for every such offence shall forfeit the su[m]m of one hundred pounds one moiety thereof to his Majesty and the other moiety to him or them that shall discover such offence and sue for the said su[m]m by action of debt bill suit or informac[i]on as aforesaid any thing herein contained to the contrary notwithstanding.

VII. Manner of Orders upon the aforesaid change.

Certificate of Nominee being alive in what case not necessary.

Provided always and it is hereby enacted That when as any the said particular estates for single lives shall bee changed into certaine termes of yeares and bee thereby merged or extinguished according to the true meaning of this Act as aforesaid the orders which were made and signed pursuant to the said former Acts for the annuities payable dureing such single lives shall bee brought into the receipt of the Exchequer and there remaine as vouchers for the payments already made without makeing any further issues or payments thereupon for any time beyond the Feast of the Nativity of our Lord which shall bee in the yeare one thousand six hundred ninety five from which feast day the issues or payments of the respective annuities hereby appointed to bee paid shall bee made upon the said orders which are to bee drawne and signed in pursuance of this Act and in all cases where the said annuities or any of them are by this Act to bee paid to the contributor or such as hee shall nominate his executors administrators or assignes for a terme of yeares without depending upon a life it shall not bee necessary or requisite for him or them in order to obtaine his or their payments thereof to produce a certificate signed by any Minister or Churchwardens or to make any other proof of a nominees being alive any thing in this or the said former Acts or any of them to the contrary notwithstanding.

VIII. Appropriation of Money advanced.

And it is hereby further enacted by the authority aforesaid That out of the money that shall bee levyed or paid by virtue of this Act into the receipt of [their Majesties (fn. 9) ] Exchequer as well upon loans as otherwise one moiety thereof shall bee and is hereby appropriated for the services of the navy and ordnance for sea service performed and to bee performed and that all other money which shall bee levied and paid by virtue of this Act into the receipt of the Exchequer as well upon Loans as otherwise shall bee applied and appropriated and is hereby appropriated to and for the payment of his Majesties land-forces and armies and the paying for armes ammunition and other charges incident to the warr and not otherwise.

IX. Rules for Payment, Appropriation, &c.

1 W. & M. Sess. 2. c. 1.

And for the more effectual doeing thereof and that the su[m]ms by this Act appropriated may not bee diverted or applied to any other purpose then is hereby declared and intended Bee it enacted by the authority aforesaid That the rules and directions appointed and enacted in one Act made in the first yeare of his Majesties reigne entituled An Act for a grant to theire Majesties of an aid of two shillings in the pound for one yeare for the speedy payment of money thereby granted into the receipt of the Exchequer by the Collectors and Receivers and for distribution and application thereof and keeping distinct accounts of the same and all other provisions [penalties pains (fn. 10) ] and forfeitures thereby enacted in case of diversion of any money thereby appropriated are hereby revived and enacted to bee in force and shall bee practised applied executed and putt in ure for and concerning the distribution and application of the said su[m]ms hereby appropriated as fully amply and effectually as if the same were here particularly repeated and reenacted.

X. Clause of Loan if £618, 420. 0s. 6d. be not advanced before 1st August 1695.

And bee it enacted by the authority aforesaid That if the whole su[m]m of six hundred eighteene thousand foure hundred and twenty pounds and sixpence bee not advanced and paid into the Exchequer upon this Act before the first day of August One thousand six hundred ninety and five that then it shall and may be lawfull for his Majesty or his Officers in the receipt of his Majesties Exchequer by his command and appointment to borrow and take into the said receipt for his Majesties use by way of loane any su[m]m or su[m]ms of money which together with the whole value or amount of all the su[m]ms of money which shall before the said first day of August bee contributed or adventured as aforesaid shall not exceed the su[m]m of six hundred eighteen thousand foure hundred and twenty pounds and six pence which su[m]m or su[m]ms soe taken upp by way of loan shall and may bee charged upon the creditt of his Majesties Exchequer in general and tallies of loan and orders of repayment of the same shall bee levyed and drawne accordingly which said orders shall bee assigneable and transferrable from one person to another.

XI. Monies raised under this Act liable to Repayment of Monies advanced, with Interest at £5 per Cent.

if deficient, next Aid liable; and if no Aid before 20th Feb. then Money in the Exchequer.

And it is hereby enacted that all and every su[m]m and su[m]ms of money soe to bee borrowed not exceeding as aforesaid together with interest for the same not exceeding the rate of five pounds per Centum per Annum to bee paid every three months until satisfaction of the principal shall bee payable and satisfied unto the respective lender or lenders of the same his her or their executors administrators or assignes out of the moneys which shall afterwards arise and bee brought into the Exchequer by or for contributions or consideration moneys upon this Act soe farr as the same will extend and in case the money soe ariseing by this Act shall not bee sufficient for the paying thereof then the said Loans which shall remaine unsatisfied and the interest of the same shall bee paid & satisfied out of the next aids or supplies to bee granted to his Majesty in Parliament and shall bee transferred and transferrable thereunto as soon as any such aid or supply shall bee granted to his Majesty and if noe such aids or supplies shall bee granted to his Majesty before the twentieth day of February which shall bee in the yeare of our Lord one thousand six hundred ninety and five then the said su[m]m and su[m]ms of money soe to bee borrowed not exceeding as aforesaid and the interest thereof shall bee payable and bee paid and satisfied to the said lender or lenders his her or their executors administrators or assignes respectively by and out of any of his Majesties treasure which from thenceforth shall come into bee or remaine in the receipt of his Majesties Exchequer not being already appropriated to any particular uses by any Act or Acts of Parliament before this time made.