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Statute |
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For making good the Deficiencies of several Funds therein mentioned, and for enlarging the Capital Stock of the Bank of England, and for raising the public Credit. |
8 & 9 W.III. c. 20. |
218 |
Tunnage and Poundage continued till 1st August 1706. |
§ 1. |
220 |
Stat. 12 Car. II. c. 19. and other Acts recited. |
§ 2. |
221 |
Proviso for Continuance of Clauses in any of said recited Acts intended to be perpetual. |
Such as would otherwise determine continued, until 1st August 1706. |
§ 3. |
Ib. |
Stock of the Bank of England to be enlarged by new Subscriptions. |
§ 20. |
224 |
Stock of the Bank to be computed. |
§ 21. |
Ib. |
Old and new Members to settle the Capital Stock, or else Lord Chancellor, &c. to adjust the same before 24th August 1697. |
8&9 W.III. c. 20. § 21. |
224 |
Capital Stock to be made up to £1,200,000, and the Overplus divided amongst the old Members.
As to Bank paying Dividends, 12 & 13 W.III.c. 12. § 23. |
Ib. |
Ib. |
The King may appoint Commissioners to take Subscriptions on or before 24th June 1697, who on or before 2d April 1697, are to prepare an Office for Subscriptions in London or Westminster, and to give Notice thereof. |
§ 22. |
Ib. |
Commissioners to provide Books for Subscriptions. |
Ib. |
225 |
Any Person may subscribe Money for enlarging the Capital Stock. |
§ 23. |
Ib. |
Subscriptions how to be answered and made good. |
Ib. |
Ib. |
Bank to allow £8 per Cent. on Tallies brought in, until the Principal be paid off. |
§ 24. |
Ib.
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And receive £8 per Cent. Interest for One Fifth Part of the Subscriptions until paid off. |
8 & 9 W. III.c. 20. § 25. |
225 |
After Subscriptions compleated Governor to deliver a Schedule of the Tallies to Auditor of the Exchequer. |
Ib. |
Ib. |
Subscribers to the Capital Stock incorporated with the present Governor and Company, &c. |
§ 26. |
226 |
Stite of the Corporation; to have perpetual Succession, a Common Seal, and may purchase Lands, &c. |
Ib. |
Ib. |
After 1st August 1710 Bank to cease, upon Repayment of several Sums mentioned in Stat. 5 & 6 W. & M. c. 20.
See 7 Ann. c. 7. § 5. |
§ 27. |
Ib. |
During the Continuance of Bank of England, no other to be established.
As to Partnerships borrowing on Bills or Notes, 6 Ann. c. 22.§ 9. |
§ 28. |
Ib. |
Interest on Tallies or Orders brought in as herein mentioned to be taken as so much Principal Money. |
§ 29. |
Ib. |
Assignments of Orders to be registered before Subscription, or not to be accepted. |
Ib. |
Ib. |
Bank may borrow any Sum above the £1,200,000, not exceeding the Sum hereby subscribed. |
§ 30. |
227 |
In Default of Payment, Bills to be paid at the Exchequer out of Money due to the Bank. |
Ib. |
Ib. |
Bills made for above £1,200,000 to be expressed and distinguished. |
Ib. |
Ib. |
Bank Stock and Profit thereof exempted from Taxes. |
§ 31. |
Ib. |
Growing Interest on Tallies until Principal paid, and the Principal and the yearly Fund of £1,000,000 applied to the Uses of all Members of the Corporation in Proportion to their Shares. |
§ 32. |
Ib. |
Bank Stock to be Personal and not Real Estate, and shall go to Executors, and not to the Heir. |
§ 33. |
Ib. |
No Contract for buying or selling Bank Stock to be good till registered in the Bank Books. |
§ 34. |
Ib. |
No Act of the Corporation to subject the particular Share of any Member to Forfeiture; but such Share to remain entire. |
§ 35. |
228 |
Forgoing or counterfeiting the Common Seal, or any Bank Note, &c. —Death. |
§ 36. |
Ib. |
Officers of Exchequer to keep true Accounts of all Monies due to the Bank on account of the Yearly or other Funds. |
§ 37. |
Ib. |
Company to have free Access to Accounts without Fee. |
Ib. |
Ib. |
Payments to be made in course. |
Ib. |
Ib. |
Officers of Exchequer, neglecting, &c. to keep Accounts, or to pay in course, &c. |
Ib. |
Ib. |
Loss of Office — Incapacity and Penalty. |
Ib
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Ib. |
Monies arising from the Duties continued by this Act. |
§ 38. |
Ib. |
Tunnage and Poundage, Wines, Vinegar, Tobacco, &c. |
8 & 9 W. III. c. 20§ 38. |
228 |
Additional Impositions on Merchandize;Duties on Vellum, Parchment, and Paper; on Marriages, Births, Burials, and Houses. |
Ib. |
Ib. |
Monies borrowed upon the Credit of Stat. 7 & 8 W. III. c. 10. and brought into the Exchequer. |
Ib. |
229 |
And Monies borrowed upon the Credit of Stat.7& 8 W.III. cc. 18. 31. as herein mentioned. |
Ib. |
Ib. |
Declared the General Fund for making good the Fund herein mentioned to be deficient. |
Ib. |
Ib. |
The said Monies not divertible. |
Ib. |
Ib. |
Monies of the said General Fund hereby appropriated arising before 28th June 1698, for the Duties on Houses after Payment of £7,382 11s. 4d., and Interest, &c.; also for additional Rates on Merchandizes, &c. continued by thisAct, to satisfy the Interest due on the First, Third, and Fourth 4s. Aids, Quarterly Poll, &c. |
§ 39. |
Ib. |
With Interest after the Rate of £8 per Cent. per Annum. |
Ib. |
Ib. |
Interest how to be satisfied. |
§ 40. |
230 |
Overplus, after Payment of the said Interest, to be applied to pay the Principal. |
§ 41. |
Ib. |
Application of the General Fund. |
§ 42. |
Ib. |
Treasury on or before 26th July 1698, and thenceforth once in 28 Days, to cause an Account to be taken of all Monies brought into the Exchequer, &c. |
Ib. |
231 |
And cause the same to be applied to Account of deficient Taxes. |
Ib. |
Ib. |
The said Monies to be paid out to the Bank and others entitled to the same, and not divertible. |
§ 43. |
Ib. |
Bank to receive £8 per Cent. out of General Fund for Tallies subscribed, &c. |
Ib. |
Ib. |
Duties of former Acts applied as by such Acts is required. |
§ 44. |
Ib. |
The new Duties by this Act to be applied in Aid thereof. |
Ib. |
Ib. |
If Judgment be given against the Bank, Yearly Payments, &c. belonging to them to be vested in 24 Trustees elected by the Bank for Three Years. |
§ 45. |
Ib. |
Who may receive and sue for the Debts of the Corporation, and discharge such Judgment, &c. |
Ib. |
Ib. |
Surplus to be divided amongst the Members. |
Ib. |
Ib. |
Yearly Payments payable Quarterly, and to be transferrable without Fee. |
Ib. |
232 |
Monies due upon the said Funds to be paid to the Trustees, and not misapplied. |
Ib. |
Ib. |
Company may transcribe Dockets of Extents, &c. paying the usual Fees. |
§ 46. |
Ib. |
No Member, as such, to be adjudged a Bankrupt. |
§ 47. |
Ib. |
Stock not liable to Foreign Attachment. |
Ib. |
Ib. |
Monies due on Tallies subscribed into the Capital Stock of the Bank, to be divided so soon as received, or within Four Months after.
Six Months, 9 W. III. c. 3. § 4. |
8 & 9 W. III. c. 20. § 48. |
232 |
Debts of the Bank not to exceed the Value of the Capital Stock. |
§ 49. |
Ib. |
If Governor and Company lessen their Joint or Capital Stock, so as the Value thereof be not sufficient to answer their Debts, Members liable to the Extent of their Shares to satisfy the Debts unpaid. |
Ib. |
Ib. |
If at the End of One Year the Duties hereby appropriated be not sufficient to pay off the Interest due for that Year, the Deficiency to be supplied out of the next Aids. |
§ 50. |
Ib. 233 |
In case, upon 1st August 1706, or Three Months afterwards, the Funds hereby granted be not sufficient to pay off the Principal and Interest due on the aforesaid Tallies and Orders, the Deficiency to be supplied out of such Aids as shall be granted after the said 1st August 1706. |
Ib. |
Ib. |
Present Governors and Directors to continue till 24th June 1697. |
§ 51. |
Ib. |
Afterwards a General Court to be held for electing a new Governor and 24 Directors. |
Ib. |
Ib. |
Not above Two Thirds of the old Directors to be chosen.
See 1 Ann. Stat. I. c. 13. § 15. 7 Ann. c. 7. § 1. |
§ 52. |
Ib. |
Bank to make Dividends every Six Calendar Months. |
9 W. III. c. 3. § 4. |
299 |
Proviso concerning the Bank of England paying Dividends, &c. pursuant to Stat. 8 & 9 W. III. c. 20. 9 W. III. c. 3. |
12 & 13 W.III.c. 12. § 23. |
727 |