William III, 1697-8: An Act to give further time for the administring of Oaths relating to Talleys & Orders and for the easier dispatch of the Publick Businesse in the Exchequer & in the Bank of England. [Chapter III. Rot. Parl. 9 Gul. III.p.1.n.3.]

Recital of 8&9 W. III.c.20. § 58;

and that many Persons through Ignorance, &c. had neglected to take Assignments, &c. in Writing, as prescribed by the said Act, &c.; and that the like Omissions may happen before the 10th June 1698; Persons having purchased since 10th June 1697, or who may before the 10th June 1698, purchase Tallies, &c., and neglect to take Assignments, &c. as by the said Act, may do so on or before the 10th June 1698.

Whereas by an Act made in the Parliament holden att Westminster in the Eighth and Ninth Yeares of His Majesties Reigne intituled An Act for making Good the Deficiencies of several Funds therein mentioned and for enlargeing the Capital Stock of the Bank of England and for raiseing the Publick Creditt (amongst other Provisions Matters and Things therein contained) itt was enacted That no Assignement or Transference which from and after the Tenth Day of June One thousand six hundred ninety seven should be made of any of the Orders or Talleys therein mentioned or of any of the Moneys contained or specified therein upon the selling buying or bargaining of the same should be good and available either in Law or Equity or be in any wise effectual for the assigning or transferring the Right or Property of any such Order or Talley or any the Moneys thereby due or payable unlesse such Assignement or Transference be made in Writing and be signed or sealed in the manner therein mentioned and be within Ten Days after the Signing thereof entred or registred in the manner therein expressed and that Oath be made within the said Ten Days before such Officers or Persons as are therein appointed that no Allowance Premium Gratuity or Consideration whatsoever exceeding the lawfull Int[er]est and an Allowance exceeding the Rate of Six Pounds per Centum directly or indirectly or by any Way Device Shift Exchange Chevisance [Wager (fn. 1) ] or otherwise howsoever was taken accepted gained gotten or agreed to be taken accepted gained or gotten for or in respect of such Assignement and it is thereby further enacted and provided That where any such Orders of Loan or Parts thereof or such Talleys were actually & bona fide purchased. and bought before the said Tenth Day of June One thousand six hundred ninety seven and Oath thereof should be made att any time or times within Three Months from thence next ensuing before the Officers or Persons therein mentioned in all such cases the Person or Persons claiming such Orders or Parts of Orders or Talleys should not in respect thereof be obliged by that Act to take the said other Oath concerning the Premium Reward or Allowance as by the said Act relation being thereunto had may more fully appeare And whereas many Persons through ignorance or inadvertency or by some other Impediment have neglected to take such Assignements or Transferences as aforesaid in Writing signed or sealed in the manner prescribed by the said former Act or to enter or register the same or to make such respective Oath concerning such Talleys or Orders as is required by the said Act as aforesaid within the respective times thereby limitted and the like Neglects or Omissions may possibly happen before the Tenth Day of June which shall be in the Yeare of our Lord One thousand six hundred ninety eight whereby the Assignements so made or intended and the Right or Property of the Assignees thereupon are or may in strictnesse of Law be invalidated by virture of the said Act Now to the end that Relief may be given to such p[er]sons who may suffer by reason of such Neglects or Omissions and yett that the Remedy provided by the said former Act against Extortion and unreasonable Bargains concerning the said Talleys and Orders may still be preserved Be it enacted by the Kings most Excellent Majesty by and with the Advice and Consent of the Lords Spiritual and Temporal and of the Co[m]mons in this present Parliament assembled and by Authority of the same That all and every Person and Persons Bodies Politick or Corporate who since the said Tenth Day of June One thousand six hundred ninety seven or before the said Tenth Day of June One thousand six hundred ninety eight have bought or purchased [or shall have bought or purchased (fn. 1) ] any Orders or Part of Orders or Talleys and have neglected or shall neglect to take such Assignements and register the same and to make an Oath there upon concerning the premium or Allowance within the Ten Days time limited by the said former Act in the manner thereby required and the Executors Administrators Successors and Assignes of all and every such Person and persons Bodies Politick or Corporate shall have Liberty for the doing thereof att any time or times upon or before the said Tenth Day of June One thousand six hundred ninety eight and the respective Officers Co[m]missioners or other Persons who were impowered by the said Act to administer the said Oaths within the respective times thereby limitted are hereby authorized to administer the like Oaths within the respective times by this Act appointed.

II. Persons having, before 10th June 1697, purchased;

Orders of Loan, &c. and neglected to have their Assignments registered, &c. and making Oath thereof upon or before 10th June 1698, not obliged, on claiming such Orders, &c. to take the Oath concerning the Premium, &c.; and in such Case the Assignment, &c. to be good in Law.

And whereas diverse Persons did before the said Tenth Day of June One thousand six hundred ninety seven purchase and buy several Orders of Loan or Parts thereof or such Talleys as aforesaid neglecting to have their Assignements thereof duely registred as the Law directs and many of them instead of taking formal Assignements which might be registred have accepted from the Person or Persons who should make the same the indorsing of his or their names onely upon such Orders Be it further enacted and provided by the Authority aforesaid That where any such Orders of Loan or Parts thereof or such Talleys were actually and bona fide purchased and bought before the said Tenth Day of June One thousand six hundred ninety seven and Oath thereof shall be made att any time or times upon or before the said Tenth Day of June One thousand six hundred ninety eight before any of the Officers or Persons appointed by the said former Act for administring the other Oaths concerning the Premium or Allowance who have hereby Power given to them in that behalfe in all such cases the Person or Persons claiming such Orders or Parts of Orders or Talleys by such Assignements not registred or by such Indorsements shall not in respect thereof be obliged by virtue of this or the said former Act to take the said other Oath concerning the Premium Reward or Allowance and that in all and every case and cases where the respective Oath shall be duely made pursuant to this Act and within the respective time hereby limitted for or concerning such Orders or Parts of Orders or Talleys as aforesaid the Assignement or Transferrence thereof shall be as good and available in Law and Equity and shall be as effectual for the assigning & transferring the Right or Property of any such Order or Talley or any the Moneys thereby due or payable as if the respective Oath concerning the same had been made within the respective times limitted by the said former Act Any thing therein contained to the contrary notwithstanding.

III. Recital that under the Circumstances herein mentioned the Exchequer Tallies had been so much multiplied so as to render Dispatch in Payment of the Interest difficult, and that many of the Holders were desirous of fewer Orders.

Officers of the Exchequer empowered to take in and cancel certain Orders and Tallies, and to give fewer Orders and Tallies of the same Value, &c., as herein mentioned.; No new Order to contain more than £5,000; Indorsement thereon; New Orders to be valid; Principal and Interest thereon paid.

And whereas it hath been found necessary to accomodate—all such Persons as lent any Moneys upon the Creditt of the Aids Taxes and Impositions given by Parliament with as many Orders and Talleys as they desired by which Means and the long Continuance of the late Warr the Orders and Talleys of Loan given out of the Exchequer are multiplied to so great a Number that the Officers of the Exchequer cannot without great difficulty dispatch the Payment of the Interest (which is payable every Three Months) to the satisfaction of the Lenders And whereas great Numbers of the said Orders of Loan are now come into the Hands of particular Persons or Bodies Politick who had rather have fewer Orders & Talleys as well for the case of themselves as the said Officers and to promote the dispatch of the Publick businesse in the Receipt of Exchequer Be it enacted by the Authority aforesaid That from and after the Tenth day of January One thousand six hundred ninety seven itt shall and may be lawfull to and for the Officers of the Receipt of Excheq[uier] att the Request of any Person or p[er]sons Bodies Politick or Corporate who are or shall be lawfully entituled to such Orders and Talleys or any of them to take in and cancel so many Orders as follow successively in Number and Course and are of one and the same Date & are payable to one and the same Person or Corporation and whereof the Interest shall appeare to have been paid to [one (fn. 2) ] and the same time together with the Tallies belonging to such Orders and to give them as few Orders and Talleys in lieu thereof of the same Value and in the same Course of Payment as shall be desired by such Persons or Bodies Politick respectively so as any one such new Order doe not containe in the whole more than Five thousand Pounds upon which new Orders the Auditor of the Receipt of Exchequer shall cause Indorsements to be made how farr the Interest of the principal Su[m]ms payable by such new Orders hath been satisfied and to whome last assigned which said Orders and Talleys so to be given out as aforesaid shall be good valid and effectual in the Law to all Intents and Purposes to the several Owners & Proprietors thereof And that the principal Moneys upon such new Orders & Talleys [or any part thereof (fn. 2) ] shall be paid and payable in Course and the Interest thereupon every Three Months as fully and effectually as if the former Orders or Talleys respectively were not cancelled Any thing in this or any former Act or Acts of Parliament to the contrary notwithstanding.

IV. Recital of 8&9W.III.c.20. §48.

and that the making Dividends at the End of every Four Months was inconvenient; Bank to make Dividends every Six Calendar Months.

And whereas by the Act before recited or mentioned itt was also enacted That the Moneys which from time to time should become due and payable by virtue of any Talley or Order subscribed into the Capitall Stock of the Governor and Company of the Bank of England by virtue of the said Act as soon as conveniently might be after the same should be received out of the Excheq[uer] or any Publick Office by the said Governor and Company their Officers Servants and Agents and att farthest ( (fn. 3) ) every Foure Months should be divided by the said Governour and Company among the Members of the whole Corporation ratably and in Proportion to their several and respective Parts Shares and Interests in the said Capital Stock for the particular proper and onely Use and behoofe of the said Members seperately and in their private and personal Capacities as by the said Act relation being thereunto had may appeare And whereas since the enlarging the Capital Stock of the said Governor and Company of the Bank of England by Subscription of Talleys and Orders pursuant to the said Act the making Dividends of such Moneys att the end of every Foure Months is found to be very inconvenient and a great Interrupc[i]on to the businesse of Transferrs Payments and other Occasions of Persons dealing with the said Bank Be it therefore enacted and declared by the Authority aforesaid That the [said (fn. 4) ] Governour & Company of the Bank of England or their Successors shall not be obliged to make Dividends of the Moneys which from time to time shall become due or payable to and be received by the said Governour and Company by virtue of the Talleys and Orders which have been so subscribed into the Capital Stock of the said Governour and Company of the Bank of England pursuant to the said Act of Parliament once. in every Foure Months But the said Governour and Company and their Successors are hereby required and enjoyned from and after, the Five and twentieth Day of March which shall be in the Yeare of our Lord One thousand sixe hundred ninety eight to make such Dividends of the said Moneys once in every Six Kalendary Months att the least unto the Members of the said Corporation according to their respective Shares and Interests in the said Capital Stock of the said Governour and Company Any thing in the aforesaid Act to the contrary notwithstanding.