and to receive

terest for one

fifth Part of the

Subfcriptions, until paid off.

When Gover

XXV. And in regard the faid Governor and Company are to 81 per Cent. In-accept one fifth Part of the faid Subfcriptions in Bank Bills or Bank Notes, and are already poffeffed of feveral Tallies or Orders charged upon the Aids or Funds before mentioned, to a much greater Value than the faid fifth Part in Bank Bills or Bank Notes will amount to;' It is hereby further enacted, That the Intereft payable to the faid Governor and Company of the Bank of England upon fo many of the faid Tallies or Orders, whereof the Principal fhall be equal to the Amount of the faid fifth Part to be fubfcribed in Bank Bills or Bank Notes, fhall be augmented and raised to the Rate of eight Pounds per Centum per Annum, from the faid four and twentieth Day of June, until the fame fhall be actually paid off and difcharged; the faid Governor and Company, after the faid Subfcriptions fhall be compleated, delivering to the Auditor of the Receipt of Exchequer a Schedule fairly written in Parchment, and figned by the Governor or Deputy Governor, containing the Tallies and Orders, not to exceed as aforefaid, whereupon they fhall defire their Intereft to be fo augmented to the faid Rate of eight Pounds per Centum per Annum, and the faid Rate of eight Pounds per Centum per Annum fhall be payable to the faid Governor and Company, and their Succeffors, out of the refpe&ive Funds or Provifions by this A&t made or granted for that Purpose; the feveral Acts of Parliament by which the faid Funds are fettled, or any of them, or any Claufe, Provifo, Matter or Thing, in them or any of them contained, or any other Act, Law, Statute, Ufage or Cuftom whatsoever, to the contrary thereof in any wife notwithstanding.

nor to deliver a Schedule of the Tallies, &c. to

the Auditor of Exchequer.

Subfcribers to Capital Stock, incorporated with Gover

nor and Compa

ny, Sc.

XXVI. And be it further enacted by the Authority aforefaid, That all and every the Perfon and Perfons, Natives and Foreigners, Bodies Politick and Corporate, who fhall fo fubfcribe, or for whom fuch Subfcriptions fhall be made, to the faid Capital Stock of the prefent Governor and Company of the Bank of England by virtue of this Act, and who fhall anfwer and make good their faid Subfcriptions in the Proportion of Tallies, Orders, Bank Bills, and Bank Notes as aforefaid, and the Executors, Administrators, Succeffors or Affigns of fuch Perfon or Perfons, Bodies Politick or Corporate as aforefaid, having any Title or Interest under any of the Subfcribers by virtue of this Act, at the Time of clofing or fhutting up of the faid intended Book or Books of Subfcriptions, on the said four and twentieth Day of June, fhall immediately from and after the faid four and twentieth Day of June, be and shall be deemed and reputed to be Members of, united to, and incorporated with the prefent Governor and Company of the Bank of England, and their Succeffors, and shall at all Times from and after the faid four and twentieth Day of June, together with the prefent Governor and Company of the Bank of England, and their Succeffors, be and be conftrued, reputed, accepted and taken to be one Body Politick and Corporate, by the Name of The Governor and Company of the Bank of England, and by the fame Name of The Governor and Company of the Bank of England shall have a perpetual Succeffion, and a Common Seal; and that they and their Succeffors, by the Name aforefaid, shall be able and capable in Law to have, purchase, receive, poffefs, enjoy and retain to them and their Succeffors, Lands, Rents, Tenements and Hereditaments, of

what Kind, Nature or Quality foever; and alfo to fell, grant, demife, aliene or difpofe of the fame, and by the fame Name to fue and implead, be sued and impleaded, aufwer and be answered, in Courts of Record, or any other Place whatsoever, and to do and execute all and fingular other Matters and Things, by the Name aforefaid, that to them fhall or may appertain to do; fubject nevertheless to the Provifo or Condition of Redemption hereinafter mentioned.

XXVII. Provided always, and it is hereby further enacted, That at any Time upon twelve Months Notice, after the first Day of Auguft, which fhall be in the Year of our Lord One thoufand feven hundred and ten, and not before, and upon Repayment by Parliament of the Sum of twelve hundred thoufand Pounds mentioned in the faid A&t, intituled, An A& for granting to Their Majeflies feveral Rates and Duties upon Tunnage of Ships and Veffels, and upon Beer, Ale and other Liquors for fecuring certain Recompences and Advantages in the faid Act mentioned, to fuch Perfons as fhall voluntarily advance the Sum of fifteen hundred thoufand Pounds towards carrying on the War against France, unto the faid Governor and Company of the Bank of England hereby conftituted and made, and of all Arrears of the one hundred thoufand Pounds per Annum, payable to the Governor and Company of the Bank of England, and their Succeffors, by virtue of the faid recited Act, and alfo upon Payment of all the Principal and Intereit Monies which shall be owing to the faid Governor and Company of the Bank of England, hereby established, upon all fuch Tallies, Exchequer Orders or Parliamentary Funds, which the faid Governor and Company fhall have remaining in their Hands, or be intitled to at the Time of fuch Notice to be given as aforefaid, then and in fuch Cafe, and not till then, the faid yearly Payment of one hundred thoufand Pounds per Annum, and alfo the faid Corporation, by this and the faid former Act established, shall ceafe and determine: any Thing herein contained in any wife to the contrary notwithstanding. [Repealed,

7 Ann. c. 7. § 5.]

XXVIII. And be it further enacted, That during the Con- No other Bank tinuance of the Corporation of the Governor and Company of to be established. the Bank of England, no other Bank, or any other Corporation, Society, Fellowship, Company, or Conftitution, in the Nature of a Bank, fhall be erected or eftablifhed, permitted, fuffered, countenanced or allowed by Act of Parliament within this Kingdom. [See further 9 & 10 W. 3. c. 44. § 75. 6 Ann. c. 22. § 9.]

XXIX. And be it further enacted by the Authority aforefaid, Regulation as to That all the Intereft due on fuch Tallies or Orders, which fhall Intereft on Talbe fo as aforefaid brought into the Bank, upon the faid intended lies, &c. Subfcriptions, by virtue of this Act, being computed from the Time to which Intereft hath been actually fatisfied thereupon, to the End of the laft preceding Quarter of a Year, next before the Day appointed for beginning of fuch Subfcriptions, fhall be accepted, taken or allowed by the faid Commiffioners, upon the taking the faid Subfcriptions, as fo much principal Money fubfcribed and paid into the Capital Stock of the faid Governor and Company; and that all Affignments of Orders on all fuch Tallies, and registring as fhall be fo brought in upon the faid Subfcriptions, fhall, before Alignments of the Orders.

D 4

ŚW. & M.c. 20. $26.

How far Bank may horrow any Sum above the 1,200,0001.

Provifo.

Default of Payment.

the making of fuch Subscriptions, be registred in the Exchequer, by the proper Owner or Owners thereof; and in Default or Neglect of fuch registring as aforefaid, the faid Tallies or Orders, fo unregistred, fhall not be accepted or taken, nor any Subfcription be allowed or permitted in refpect of the fame, until fuch Orders fhall be first duly registred, as aforefaid.

XXX. And whereas in and by the faid recited Act of Parliament, intituled, An A& for granting to Their Majeflies several • Rates and Duties upon Tunnage of Ships and Veffels, and upon Beer, Ale and other Liquors, for fecuring certain Recompences and Advantages, in the faid Ad mentioned, to fuch Perfons as fball voluntarily advance the Sum of fifteen hundred thoufand Pounds towards carrying on the War against France, it is enacted among other Things, That the faid Corporation, to be made in purfuance of the faid Directions of the faid recited Act, should not borrow, or give Security, by Bill, Bond, Covenant or Agreement under their common Seal, for any more, further, or other Sum or Sums of Money, exceeding in the whole the Sum of twelve hundred thousand Pounds, fo that they should not owe at any one Time more than the faid Sum under their • common Seal, unless it be by Act of Parliament upon Funds agreed in Parliament, and in fuch Cafe only fuch further Sums as fhould be fo directed and allowed to be borrowed by Parliament, and for fuch Time only, until they should be repayed fuch further Sums as they fhould borrow by such Authority; and if any more, or further, or other Sum or Sums of Money fhould be borrowed, taken up, lent, or advanced, under their common Seal, or for Payment of which any Bill, Bond, Covenant or Agreement, or other Writing, fhould be made, fealed or given, under the common Seal of the faid Corporation, then, and in fuch Cafe, all and every Perfon • and Persons, who should be a Member or Members of the faid Corporation, his and their refpective Heirs, Executors and Adminiftrators, fhould in his and their refpective private and perfonal Capacities, be chargeable with and liable, in Proportion for their feveral Shares or Subfcriptions to the Repayment of fuch Monies which fhould be fo borrowed, taken up or lent, with Interest for the fame, as in and by the faid recited Act, among other Things, may appear;' Be it therefore enacted by the Authority aforefaid, That it fhall and may be lawful to and for the faid Governor and Company of the Bank of England, and their Succeffors, to borrow or give Security, by Bills or Agreement under their common Seal, for any-Sum or Sums of Money (over and above the faid Sum of twelve hundred thousand Pounds mentioned in the faid recited Act) fo as the fame exceed not the Value of the Sum which fhall be fubfcribed by virtue of this Act. Provided the faid Governor and Company do oblige themfelves in their faid Bills, by them to be given out, to anfwer and pay the Money therein mentioned Demand. And in Default of fuch Pay-ment demanded at the Bank, between the Hours of nine and twelve in the Forenoon, and the Default thereof being proved by an Affidavit made in Writing before the Barons of the Exchequer, or any one of them, Be it enacted, That all fuch Bills, over and above the faid twelve hundred thousand Pounds, be anfwered

upon

fwered and paid at the Exchequer, out of the first Money which fhall be due or payable at that Receipt to the faid Governor and Company (other than their faid yearly Fund of one hundred thousand Pounds per Annum) and the faid Governor and Company are hereby required in the making forth of the faid Rule for making Bills for any Sum, being over and above the faid twelve hundred forth Bills made thousand Pounds, to exprefs the fame to be made by virtue of for above this Act, and otherwife to diftinguifh the fame from all their faid 1,200,000l,

Debts contained within the faid Sum of twelve hundred thousand Pounds; any Thing contained in the faid recited Claufe, or in the faid recited Act, or any other Act, Law, Statute, Ufage or Cuftom, to the contrary thereof in any wife notwithstanding.

XXXI. And be it further enacted, That the Common Capital Stock and real and Principal Stock, and alfo the real Fund of the Governor Fund and Inand Company of the Bank of England, or any Profit or Produce tereft thereof to be made thereof, or arifing thereby, or the particular Share, Taxes. exempted from Part, and Intereft of any Member of the faid Corporation in the faid Stock or Fund, or the 'Profit or Produce to be made thereof, or arifing thereby, fhall be and is hereby exempted from any Taxes, Rates, Affeffments or Impofitions whatfoever, during the Continuance of the faid Bank.

&c. how to be

applied.

XXXII. And be it further enacted, That from and after the Growing Intereft compleating of the faid Subfcriptions to be taken by virtue of on Tallies, and this Act, the growing Interest of all the Tallies and Orders the yearly Fund, brought in by virtue of the faid Subfcriptions, till the Principal thereon fhall be paid off, and the faid Principal itself, so fast as the fame fhall be received, together with the faid yearly Payment of one hundred thoufand Pounds per Annum, payable to the prefent Governor and Company by virtue of the faid recited A&, and all the Profit, Benefit and Advantage from Time to Time arifing out of the Management of the faid Corporation, from and after the compleating the faid Subfcriptions, fhall be applied to the Ufes of all the Members of the faid Corporation of the Governor and Company of the Bank of England, rateably and in Proportion to each Member's Part, Share and Intereft in the Common Capital and Principal Stock of the faid Governor and Company hereby established."

XXXIII. And be it further enacted by the Authority aforefaid, Bank Stock to That from and after the five and twentieth Day of March One be perfonal and thousand fix hundred ninety feven, the Eftate, Intereft and Stock not real Estate. of the Money of the faid Corporation of the Governor and Company of the Bank of England, and of each and every particular Member thereof, fhall be, and be adjudged, taken and accepted, in Construction of Law, by all Judges in all Courts of Law and Juftice, and in all Courts and Places whatsoever within this Realm, to be a personal, and not a real Estate, and fhall go to the Executors or Adminiftrators of the Perfon or Perfons dying poffeffed thereof, or intituled thereunto, and not to the Heirs of fuch Perfon or Perfons; any Thing contained in the said Act of Parliament for erecting the Bank, or in any other Act, or any other Law, Statute, Ulage or Custom, to the contrary in any wife notwithstanding.

XXXIV. And for preventing of clandeftine or fraudulent Contracts for Bargains or Dealings in Bank Stock for the future; Be it fur- buying or telling

ther

Bank Stock to be registred.

No Act of the Corporation to fubject the par

ticular Share of any Member to Forfeiture.

ther enacted by the Authority aforefaid, That from and after the faid five and twentieth Day of March, which fhall be in the Year of our Lord One thoufand fix hundred ninety feven, no Promise, Contract, Bargain, Covenant or Agreement, made either by Word of Mouth, or in Writing, for the buying or felling of any Bank Stock, or for the transferring, changing or altering the Property thereof, either in Truft or otherwife however it be, fhall be good or valid in Law or Equity, or adjudged to be legal, obligatory or binding to either or any of the Parties making the fame, or concerned therein, or for whofe Ufe or Account the fame is or fhall be made, unless fuch Promife, Contract, Bargain, Covenant or Agreement, fhall be actually regiftred in Words at Length, in the Book or Books of the Bank, by the Officer there, thereunto appointed, within feven Days, and actually transferred within fourteen Days next after the making of fuch Promife, Contract, Bargain, Covenant or Agreement.

XXXV. And be it further enacted by the Authority_aforefaid, That no A&t, Matter or Thing, Acts, Matters or Things already done, or hereafter to be done, by the faid Corporation of the Governor and Company of the Bank of England, or by their Succeffors, or by the Court of Directors of the faid Corporation, or by any Sub-Committee appointed or to be appointed by the faid Corporation, fhall forfeit or fubject, or make liable to Forfeiture, the particular, private and perfonal Eftate, Intereft, Stock and Property of any Member of the faid Corporation; but that notwithstanding any Act or Acts, Matter or Matters, Thing or Things, done or to be done by the faid Governor and Company of the Bank of England, or by the faid Court of Directors or Sub-Committees as aforefaid, the Eftate, Stock, Intereft and Property, with the whole Proceed, Benefit, Profit and Advantage thereof, belonging to each and every Member of the faid whole Corporation, and his particular Right, Claim, and Title thereunto, and to every Part thereof, fhall be and remain unforfeited, untouched, whole, fafe and intire, to the proper Ufe and Benefit of each and every of the faid Share fubject to Members, fubject nevertheless to the Payment of all juft Debts Corporation contracted by the faid Corporation; any Law, Statute, Ufage Debts. or Cuftom, to the contrary notwithstanding.

• XXXVI. And whereas of late divers Frauds and Cheats have been put upon the Governor and Company of the Bank of England, by the altering, forging and counterfeiting of the Bank Pills, and Bank Notes of the faid Governor and Com pany, and by the rafing and altering Indorfements thereupon, to the great Decay of Credit:' For redreffing the fame for the Forging or coun- future, Be it enacted by the Authority aforefaid, That the forgterfeiting com- ing or counterfeiting the Common Seal of the faid Corporation mon Seal, &c. of the Governor and Company, or of any fealed Bank Bill, made or given out in the Name of the faid Governor and Company, for the Payment of any Sum of Money, or of any Bank Note of any Sort whatfoever, figned for the faid Governor and Company of the Bank of England, or the altering or rafing any Indorfement on any Bank Bill or Note of any Sort, fhall be, and is hereby declared and adjudged to be Felony without Benefit of Clergy.

Felony.

XXXVII. And