ly and
every year, from and after the feast of Saint Michael the Fund to take
archangel, in the year of our Lord one thousand seven hundred place at Mich.
and fifteen, for ever, the said yearly sum of forty-five thousand 1715.
five hundred pounds, arifing as aforefaid, into the receipt of the
Exchequer, fhall be the whole and entire yearly fund; and in
case all the monies arising into the Exchequer, as aforefaid, fhall
not in any fuch year amount to so much as forty-five thousand
five hundred pounds, then the monies fo arifing, fo far as they
will extend, shall be part of the yearly fund for or towards the
answering and paying all the annuities after the rate of five
pounds per centum per annum, to be purchased upon this act :
and that all and every deficiency and deficiencies of the faid Deficiency to
whole yearly fum of forty-five thousand five hundred pounds, be fupplied
or any part thereof, which fhall appear at the end of any one out of the first
year, to be reckoned as aforefaid, for payment of fuch annui- aids in parlia-
ties as shall be purchased upon this act at the rate aforesaid, for
the fame year refpectively, fhall be fupplied or made up, from
time to time, out of the first aids to be granted in parliament.
next after such deficiency fhall appear, and fhall, from time to
time, be transferred thereunto, as foon as fuch aid fhall be
granted.

ment.

to be entred ' in a book.

IV. And it is hereby enacted, That all the monies by this or All the monies the said recited act, required to be brought into the Exchequer, or to be there fet apart, for or upon account of the said yearly fum of fifty-four thousand fix hundred pounds, fhall be fairly and duly entred in one or more book or books to be kept in the offices of the auditor of the receipt, and clerk of the pells, for that purpose, to which all perfons concerned at all seasonable times fhall have free access without fee or charge.

V. And for raifing any fum and fums of money, not exceeding in Any perfons the whole the faid fum of nine hundred and ten thousand pounds for may be conpublick fervices as aforefaid: be it further enacted by the authori- tributors. ty aforefaid, That it fhall and may be lawful to and for any perfon or perfons, natives or foreigners, bodies politick or corporate, to contribute, advance, and pay to the firft or chief cafhier of the governor and company of the bank of England, for the time being, at or before the respective days and times by this act limited in that behalf, any fum or fums of money, not exceeding in the whole the faid fum of nine hundred and ten thoufand pounds, for the purchase of any annuity or annuities, to commence from the faid feast of Saint Michael the archangel in the year of our Lord one thousand seven hundred and fifteen and to be paid and payable to fuch contributor or contributors, or fuch as he, fhe, or they fhall nominate, his, her, or their executors, adminiftrators, fucceffors, or affigns respectively, until the fame shall be redeemed according to the tenor or true meaning of the provifo or condition herein after-mentioned in that behalf; so as fuch cashier or cashiers do first give fecurity to the good liking of any three or more of the commiffioners of his Majefty's treafury now being, or of the high treasurer or commissioners of the treasury, for the time being, for duly an

fwering

ment.

;

fwering and paying into the receipt of the Exchequer, for the publick use, the monies fo to be advanced or contributed, and. to account duly for the fame; which annuities before-mentioned fhall be computed at the rate of five pounds per centum per annum, for every one hundred pounds, and proportionably for any greater fum fo to be advanced or paid; and the purchasemoney for every fuch annuity at the rate aforefaid, is hereby appointed to be paid to the faid cafhier, as aforefaid, at or before the refpective days and times herein after limited, that is Times of pay- to fay, one fifth part thereof on or before the twenty-ninth day of September in the year of our Lord one thousand feven hundred and fifteen; one other fifth part thereof on or before the twen-. ty-ninth day of November in the year of our Lord one thousand feven hundred and fifteen; one other fifth part thereof on or before the twenty-eighth day of January then next enfuing; one other fifth part thereof on or before the twenty-ninth day of March then next following; and the remaining fifth part thereof on or before the twenty-ninth day of May which fhall be in the year of our Lord one thousand seven hundred and fixteen all which annuities fo to be purchased, fhall not exceed in the whole the faid fum of forty-five thousand five hundred pounds per annum, and thall be paid and payable at the four most usual feafts or days of payment in the year, that is to say, the feasts of the birth of our Lord Chrift, the annunciation of the bleffed virgin Mary, the nativity of Saint John Baptift, and Saint Michael the archangel, by even and equal portions, or within fix days after every of the faid feast-days; the first payment thereof to be due at the feaft of the birth of our Lord Chrift, which shall be in the year of our Lord one thousand seven hundred and fifteen, or within fix days after the fame feaft-day; nevertheless the faid annuities fhall be redeemable according to the purport and true meaning of a provifo or condition herein after containCashier to give ed in that behalf, and not otherwise; and the faid calhier of the a receipt to faid governor and company, for the time being, is hereby aucontributors, thorized and required, upon the advancing and paying to him any fuch fum and fums of money, as aforesaid, forthwith to give a receipt in writing, figned by himself, for each payment, to the contributor or payer thereof; and from time to time to and to pay in- pay into the receipt of his Majesty's Exchequer all the monies to the Exche- which he fhall receive, of or for the said fum not exceeding nine quer, &c.

hundred and ten thousand pounds, as fast as he shall receive the fame, or any part thereof, or within five days at the fartheft; and to account for all the monies so to be advanced to him, in his Majesty's court of Exchequer, according to the due course thereof; in which account the said cashier shall have just allowance of all monies which he shall have paid for prompt payments pursuant to this act.

Accountant VI. And it is hereby enacted, That in the office of the acgeneral of the countant general of the governor and company of the bank of bank to keep England, for the time being, there fhall be provided and kept a a book of the book or books, in which there fhall be fairly entred the names

contributors,

&c.

of

of the

of all who shall be contributors for such annuities after the rate
of five pounds per centum per annum, as aforefaid, and of all per-
fons by whose hands the said contributors fhall
pay in any
said sums upon this act, and also the sum so paid; to which book
it fhall be lawful for the faid refpective contributors, their exe-
cutors, administrators, fucceffors and affigns, from time to time,
at all seasonable times, to have refort, and to infpect the fame
without fee or charge; and the faid accountant general, for the
time being, shall on or before the twenty-fourth day of June one
thousand seven hundred and fixteen, tranfmit an attefted dupli-
cate, fairly written in paper, of the faid book or books into the
office of the auditor of the receipt of his Majefty's Exchequer,
there to remain for ever.

VII. And it is hereby enacted by the authority aforefaid, That Annuities all and every the annuities fo to be purchased at the rate afore- charged on said, shall be and are hereby charged upon, and shall be paid and the fund of payable, from time to time, out of the monies arising and to a- 45,5001.&c, rise, of or for the faid yearly fund of forty-five thousand five hundred pounds, or by other the provifions or fupplies made or to be made by or in pursuance of this act, for the payment thereof, in the manner and form by this act prescribed in that behalf; and that all and every contributor and contributors upon this act, duly paying the confideration or purchase-money at the rate aforefaid, at or before the respective days and times in this act limited in that behalf, for fuch annuity or annuities, as aforefaid, or such as he, the or they fhall appoint, his, her or their refpective executors, adminiftrators, fucceffors and affigns, fhall have, receive and enjoy, and be entituled by virtue of this act, to have, receive and enjoy the respective annuity and annuities fo to be purchased out of the monies by this act appropriated or appointed, or to be fupplied for payment thereof, as aforefaid, and fhall have good and fure eftates and interests therein for ever, fubject only to the provifo or condition of redemption in this act afterwards contained concerning the fame; and that all the faid annuities to be purchased on this act, and the principal monies paid for the fame, and every of them, during the Tax-free. continuance thereof, fhall be free from all taxes, charges and impofitions whatsoever.

cafhier and

VIII. And for the more eafy and fure payment of the faid annui- Bank to imties, to be purchased, as aforefaid, according to the true meaning of ploy a chief this prefent act; it is hereby further enacted by the authority a- accountant forefaid, That the governor and company of the bank of Eng- general. land, and their fucceffors, fhall from time to time, until the faid annuities shall be redeemed by parliament according to this act, appoint and imploy one fufficient perfon, within their office in

the city of London, to be their chief or first cashier, and one other The cashier to fufficient perfon, within the fame office, to be their accountant receive the general; and that fo much of the monies which fhall or ought fund at the to be from time to time feparated or fet apart in the receipt of Exchequer Exchequer, for or upon account of the faid yearly fund of fifty four thousand fix hundred pounds, for anfwering the faid annuVOL. XIII.

ities

quarterly, &c,

Accountant general to in1pect the receipts of the cashier.

Annuities a perfonal eltate, &c.

Intereft at 81.

per cent. for prompt pay

ment.

ities to be purchased upon this act, as fhall bear a full proportion to the whole fum, which fhall be advanced or contributed upon this act, after the said rate of five pounds per centum per annum, shall by order of the commiffioners of his Majesty's treafury, or any three or more of them now being, or of the high treasurer, or commiffioners of the treasury of his Majefty, his heirs and fucceffors for the time being, without any further or other warrant to be fued for, had or obtained in that behalf, be from time to time, quarterly, as aforefaid, iffued and paid at the faid receipt of Exchequer, to the faid firft or chief cafhier of the faid governor and company of the bank of England, and of their fucceffors for the time being, by way of impreft, and upon account, for the payment of the faid annuities to be purchafed upon this act, at fuch times, and in fuch manner and form as are by this act prefcribed in that behalf; and that all and every such cashier or cashiers, to whom the faid monies shall from time to time be issued, fhall from time to time without delay, apply and pay the fame accordingly, and render his accounts thereof according to the due courfe of the Exchequer ; any thing herein contained to the contrary notwithstanding.

IX. And it is hereby alfo enacted, That the faid accountant general for the time being fhall, from time to time, inspect and examine all the receipts and payments of the said cashier, and the vouchers relating thereunto, in order to prevent any fraud, negligence or delay; and that all and every person and perfons whatsoever, who fhall be entitled to any of the faid annuities after the rate of five pounds per centum per annum, and all perfons lawfully claiming under them, fhall be poffeffed thereof, as of a personal eftate, and the fame fhall not be defcendable to the heir, and fhall not be liable to any foreign attachment by the custom of London, or otherwife; any law, ftatute or custom to the contrary notwithstanding.

X. And for the encouragement of the contributors to advance and pay readily to the faid cashier the fums by them intended to be advanced upon this act; it is provided and enacted by the authority aforefaid, That every fuch contributor who shall advance and pay to the faid cashier within the times limited by this act, the purchase-money payable for any annuity or annuities at the rate aforefaid, his, her or their executors, adminiftrators, fucceffors and affigns respectively, shall be allowed and paid out of the contribution-money arifing by this act, intereft, after the rate of eight pounds per centum per annum, for the prompt payment of the purchase-money, or of fuch proportions of the purchasemoney as fhall be fo advanced before the twenty-ninth day of September, one thousand seven hundred and fifteen: the said intereft to be computed for the refpective fums fo advanced and paid to the faid cafhier, from the time or refpective times of the actual advancing and paying the fame to the faid cafhier until the faid twenty-ninth day of September one thousand feven hundred and fifteen.

A

XI. And be it further enacted by the authority aforefaid,

That

That all the monies to be advanced or contributed upon this act All the monies
for or towards the faid fum, not exceeding nine hundred and ten advanced to
thousand pounds, fhall be deemed, reputed and taken to be one stock, &c.
be a joint
capital or joint-stock, on which the faid annuities, after the rate 12 Geo.1. c. z,
of five pounds per centum per annum, fhall be attending; and
that all and every perfon and perfons and corporations whatfo-
ever, in proportion to the money by him, her or them advanc-
ed upon this act, shall have and be deemed to have an interest
or fhare in the faid ftock, and in the proportional annuity at-
tending the fame, at the rate aforefaid, for the monies fo by
him, her or them advanced; and that the faid capital or joint-
ftock, or any share or intereft therein, and the proportional an-
nuity attending the fame, fhall be affignable and transferrable as
this act directs, and not otherwife; and that there shall be con-
stantly kept at all reasonable times in the office of the faid chief A transfer
accountant for the time being, within the city of London, a book book to be
or books, wherein all affignments or transfers of the faid ftock, kept by the
or any part thereof, and the proportional annuity attending the chief accounte
fame, at the rate aforefaid, shall be entred and regiftred, which
entries shall be conceived in proper words for that purpose, and
shall be figned by the parties making fuch affignments or tranf-
fers, or (if fuch party be abfent) by his, her or their attorney
thereunto lawfully authorized by writing under his, her or their
hands and feals, to be attefted by two or more credible witneffes;
and that the person or persons to whom fuch transfer fhall be
made, do underwrite his, her or their acceptance thereof; and
that no other method of affigning or transferring the faid ftock
and annuities attending the fame, or any part thereof, or any
intereft therein, fhall be good or available in law.

ant, &c.

office.

XII. Provided always, That any perfon or perfons poffeffed Devifes of anof such stock, with the annuity or annuities attending the fame, nuities to be or any estate or intereft therein, may devise the fame by will in entred in the writing, attefted by two or more credible witneffes, but that fuch devisee shall receive no payment thereupon, till so much of the faid will as relates to the faid ftock or annuity, be entred in the faid office, and in default of fuch transfer or devife, the faid stock and annuities attending the fame, fhall go to the executors or adminiftrators; and that no ftamp-duties whatfoever shall be chargeable on the said transfers, or any of them; any No stamp-duother law or ftatute to the contrary notwithstanding.

ties.

XIII. And it is hereby enacted and declared, That all per- Affignee of fons who fhall accept any aflignment or transfer of any stock stock liable to from any contributor, who fhall have paid only part of the con- pay the refitribution-money for the fame, to the ufe of the publick, fhall due of contribe liable to pay the refidue of the said contribution-money, and to fuch forfeitures for non-payment thereof, as the original contributor would have been liable if no fuch transfer had been made.

bution-mo

ney, &c.

XIV. Provided always, That no perfon or perfons whatfoe- No contribuver fhall or may purchase or obtain, or be admitted to purchase tion after 29 or obtain any of the annuities at the rate aforelaid, upon this Sept. 1715.

Q 2

act,

.