1715.

ly and every year, from and after the feaft 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 faid yearly fum of forty-five thousand five hundred pounds, arifing as aforefaid, into the receipt of the Exchequer, fhall be the whole and entire yearly fund; and in cafe all the monies arifing into the Exchequer, as aforefaid, shall 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, fhall 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 :

ment.

and that all and every deficiency and deficiencies of the faid Deficiency to whole yearly sum 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 parliaties as fhall be purchased upon this act at the rate aforefaid, for the fame year respectively, fhall be supplied 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;

in a book.

IV. And it is hereby enacted, That all the monies by this or All the monies the faid recited act, required to be brought into the Exchequer, to be entred or to be there fet apart, for or upon account of the faid 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 feasonable times fhall have free accefs 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 shall 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 cashier of the governor and company of the bank of England, for the time being, at or before the refpective 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 purchafe 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, the, or they fhall nominate, his, her, or their executors, adminiftrators, fucceffors, or affigns refpectively, until the fame thall be redeemed according to the tenor or true meaning of the provifo or condition herein after-mentioned in that behalf; fo as fuch cashier or cashiers do firft give security to the good liking of any three or more of the commiffioners of his Majesty's treasury now being, or of the high treasurer or commiffioners of the treasury, for the time being, for duly an

fwering

ment.

fwering and paying into the receipt of the Exchequer, for the publick ufe, 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 fer annum, for every one hundred pounds, and proportionably for any greater fum fo to be advanced or paid; and the purchase-, money for every fuch annuity at the rate aforefaid, is hereby appointed to be paid to the faid cashier, 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 seven hundred and fifteen; one other fifth part thereof on or before the twenty-ninth day of November in the year of our Lord one thoufand 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 feven hundred and fixteen; all which annuities fo to be purchased, shall not exceed in the whole the faid fum of forty-five thousand five hundred pounds per annum, and shall be paid and payable at the four most usual feafts or days of payment in the year, that is to fay, the feafts 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 feaft-days; the first payment thereof to be due at the feast of the birth of our Lord Christ, 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 containCafhier to give ed in that behalf, and not otherwife; and the faid cafhier 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 such fum and fums of money, as aforefaid, 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 Majefty's Exchequer all the monies to the Exche- which he shall receive, of or for the faid fum not exceeding nine quer, &c.

hundred and ten thousand pounds, as faft as he shall receive the fame, or any part thereof, or within five days at the fartheft; and to account for all the monies fo to be advanced to him, in his Majesty's court of Exchequer, according to the due course thereof; in which account the faid cashier fhall have just allowance of all monies which he fhall 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 all who shall be contributors for fuch annuities after the rate of five pounds per centum per annum, as aforefaid, and of all perfons by whofe hands the faid contributors fhall pay in any of the faid fums upon this act, and alfo the fum fo paid; to which book it thall be lawful for the faid refpective contributors, their executors, administrators, fucceffors and affigns, from time to time, at all feasonable 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 duplicate, 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.

Annuities

VII. And it is hereby enacted by the authority aforefaid, That all and every the annuities fo to be purchased at the rate afore- chai said, fhall be and are hereby charged upon, and fhall be paid and the lu payable, from time to time, out of the monies arifing and to a- 45,500.ac rife, of or for the faid yearly fund of forty-five thousand five hundred pounds, or by other the provifions or supplies 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 refpective days and times in this act limited in that behalf, for fuch annuity or annuities, as aforefaid, or fuch as he, the or they fhall appoint, his, her or their respective 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 interefts 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.

accountant

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 aft; it is hereby further enacted by the authority a- cathier and forefald, That the governor and company of the bank of Eng- general. land, and their fucceffors, thall 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 quarterly, &c. Exchequer, for or upon account of the faid yearly fund of fifty four thousand fix hundred pounds, for anfwering the faid annu VOL. XIII.

ities

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, fhall by order of the commiffioners of his Majefty's treafury, or any three or more of them now being, or of the high treasurer, or commiffioners of the treafury of his Majesty, 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 cashier 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 fuch cashier or cashiers, to whom the faid monies fhall from time to time be iffued, fhall from time to time without delay, apply and pay the fame accordingly, and render his accounts thereof according to the due course of the Exchequer; any thing herein contained to the contrary notwithstanding.

IX. And it is hereby alfo enacted, That the said accountant general for the time being fhall, from time to time, infpect and examine all the receipts and payments of the faid cafhier, and the vouchers relating thereunto, in order to prevent any fraud, negligence or delay; and that all and every perfon 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 estate, and the fame fhall not be descendable to the heir, and shall 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 cafbier the fums by them intended to be advanced upon this act; it is provided and enacted by the authority aforefaid, That every such contributor who fhall advance and pay to the faid cafhier 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, administrators, fucceffors and affigns refpectively, thall 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 shall be fo advanced before the twenty-ninth day of September, one thousand seven hundred and fifteen: the faid interest to be computed for the refpective fums fo advanced and paid to the faid cashier, from the time or respective times of the actual advancing and paying the fame to the said cashier until the faid twenty-ninth day of September one thousand feven hun

dred and fifteen.

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

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 be a joint thousand pounds, fhall be deemed, reputed and taken to be one (tock, &c. capital or joint-stock, on which the said annuities, after the rate 12 Geo.1. c. 2. of five pounds per centum per annum, thall be attending; and that all and every perfon and perfons and corporations whatioever, in proportion to the money by him, her or them advanced upon this act, fhall have and be deemed to have an interest or fhare in the faid ftock, and in the proportional annuity attending the fame, at the rate aforefaid, for the monies fo by him, her or them advanced; and that the faid capital or jointstock, or any share or interest therein, and the proportional annuity attending the fame, fhall be affignable and transferrable as this act directs, and not otherwife; and that there shall be conftantly kept at all reasonable times in the office of the said 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 fame, at the rate aforefaid, fhall be entred and regiftred, which entries fhall be conceived in proper words for that purpose, and fhall be figned by the parties making such affignments or tranffers, 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 witnesses; and that the person or persons to whom fuch transfer thall be made, do underwrite his, her or their acceptance thereof; and that no other method of affigning or transferring the said stock and annuities attending the fame, or any part thereof, or any intereft therein, fhall be good or available in law.

chief account

ant, &c.

office.

XII. Provided always, That any perfon or perfons poffeffed Devifes of anof fuch stock, with the annuity or annuities attending the fame, nuities to be or any estate or interest therein, may devife 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 fo much of the faid will as relates to the faid ftock or annuity, be entred in the faid office, and in default of such transfer or devife, the faid stock and annuities attending the fame, fhall go to the executors or adminiftrators; and that no ftamp-duties whatsoever fhall be chargeable on the faid transfers, or any of them; any No flamp-duother law or statute to the contrary notwithstanding.

ties.

XIII. And it is hereby enacted and declared, That all per- Affignee of fons who fhall accept any allignment or transfer of any stock fock liable to from any contributor, who thall 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 purchafe tion after 29 or obtain any of the annuities at the rate aforefaid, upon this Sept. 1715

Q 2

act,