Loan. ⚫ said Sum of Sixteen Millions to be raised by Annuities with the ⚫ Cashiers of the Governor and Company of the Bank of England :' It shall and may be lawful to and for such Contributors who have made such Deposits with the Cashier or Cashiers of the Governor and Company of the Bank of England (which Cashier or Cashiers is and are hereby appointed the Receiver and Receivers of such Contributions, without any other Warrant to be had in that Behalf,) to advance and pay unto the said Cashier or Cashiers of the Governor and Company of the Bank of England the several Remainders of the Sums by them respectively subscribed towards the said Sum of Sixteen Millions, at or before the respective Days and Times and in the Proportions herein-after limited and appointed in that Behalf; (that is to say,) the further Sum of Fifteen Pounds per Centum on or before the Twenty-second Day of May One thousand eight hundred and fifty-five; the further Sum of Ten Pounds per Centum on or before the Nineteenth Day of June then next following; the further Sum of Fifteen Pounds per Centum on or before the Seventeenth Day of July then next following; the further Sum of Ten Pounds per Centum on or before the Twentyfirst Day of August then next following; the further Sum of Ten Pounds per Centum on or before the Eighteenth Day of September then next following; the further Sum of Ten Pounds per Centum on or before the Sixteenth Day of October then next following; the further Sum of Ten Pounds per Centum on or before the Twentieth Day of November then next following; and the remaining Sum of Ten Pounds per Centum on or before the Eighteenth Day of December then next following. Infants. III. It shall and may be lawful for any Guardian or Trustee Power to Guar having the Disposition of the Money of any Infant to contribute dians, &c. to and pay for or towards advancing the said Sum of Sixteen Millions subscribe for to be raised by Annuities in manner aforesaid, and such Infant, upon the Payment of such Sum or Sums subscribed by such Guardian or Trustee, shall become a Contributor within the Meaning of this Act, and be entitled to have and receive the Annuities, Advantages, and Payments in respect thereof, in such and the like Manner as any other Contributor; and the said Guardian and Trustee as to the said Sum or Sums so advanced is hereby discharged, so as the Name of such Infant be expressed in the Receipt or Receipts for such Money. IV. The several Subscribers or Contributors, their Executors, Contributors Administrators, Successors, and Assigns, in respect of the said entitled to cerSum of Sixteen Millions, shall be entitled, for every One hundred tain Annuities Pounds by him, her, or them respectively advanced and paid, to payable halfan Annuity after the Rate of Three Pounds per Centum, to comyearly. mence from the Fifth Day of January One thousand eight hundred and fifty-five, until Redemption by Parliament in manner hereinafter mentioned, and also to an Annuity of Fourteen Shillings and Sixpence for the Term of Thirty Years from the Fifth Day of April One thousand eight hundred and fifty-five, and no longer, which said respective Annuities shall be payable and paid half-yearly by even and equal Portions; that is to say, the said Annuity after the Rate of Three Pounds per Centum on the Fifth Day of July and Loan. Time at which Stock may be transferred. Contributors may anticipate Payments. Commencement of Dividends. and the Fifth Day of January in every Year, and the said Annuity of Fourteen Shillings and Sixpence on the Fifth Day of April and Tenth Day of October in every Year, the first Payment of each of the said Annuities to be due on the Days herein-after appointed or that Purpose. V. As soon as any Contributors, their Executors, Administrators, Successors, or Assigns, shall, after Payment of the Deposit of Ten per Centum, have made Payment of any subsequent Instalment payable by them respectively on the Day specified in this Act towards the said Sum of Sixteen Millions, such Contributors may have a proportional Amount of Stock in Consolidated Three Pounds per Centum Annuities, and of the said Terminable Annuity in respect of such Instalment, forthwith placed in the Books of the Bank of England to the Credit of such respective Contributors, their Executors, Administrators, Successors, and Assigns; and on Payment of the last Instalment, such Contributors, their Executors, Administrators, Successors, and Assigns, shall have a proportional Amount of like Stock and of the said Terminable Annuity placed to their respective Credits, corresponding, at the Rate aforesaid, to the aggregate Amount of the Deposit and of such last Instalment; and the Persons to whose Credit such Consolidated Annuities and Terminable Annuity, or such proportional Parts thereof, shall be so placed, their respective Executors, Administrators, Successors, and Assigns, shall and may have Power to assign and transfer the same, or any Part, Share, or Proportion thereof, to any other Person or Persons, Body or Bodies Politic or Corporate, whatsoever, in the Books of the Bank of England; and the said Governor and Company of the Bank of England are hereby required, as soon as conveniently may be after the passing of this Act, to prepare proper Books for the Purpose of entering the Names of all such Contributors, and of placing to their Credit the Principal Sums so paid by them respectively; and such Stock shall carry the Annuities after the Rate of Three Pounds per Centum per Annum, to be payable under this Act, until Redemption thereof in such Manner as is herein-after mentioned, and, together with the said Terminable Annuities created under this Act, shall be transferable as this Act directs, and not otherwise. VI. All and every such Contributor or Contributors, his, her, or their Executors, Administrators, Successors, and Assigns, who shall pay into the Hands of the said Cashier or Cashiers the whole of his, her, or their Contribution Money, or any Part thereof, in anticipation of the said Instalments or any of them, shall be entitled to have forthwith inscribed into his, her, or their Names the whole or such proportional Amount of the said Three Pounds per Centum Annuities, and of the said Terminable Annuity; but Discount shall not be allowed on any such Payment in anticipation of any of the said Instalments. VII. The First Half Year's Payment of the said Annuity after the Rate of Three Pounds per Centum shall be due on the Fifth Day of July One thousand eight hundred and fifty-five on all Sums of Three Pounds per Centum Annuities written into the Books of the Bank of England, under the Authority of this Act, not later than Loan. than the preceding Twenty-fifth Day of June, and the First Half Year's Payment of the said Terminable Annuity shall be due on the Tenth Day of October One thousand eight hundred and fiftyfive in respect of every such Terminable Annuity written into the Books of the Bank of England not later than the Twenty-fifth Day of September preceding; and in respect of all Sums of Three Pounds per Centum Annuities written into the said Books as aforesaid after the said Twenty-fifth Day of June One thousand eight hundred and fifty-five One Year's Annuity shall be due on the Fifth Day of January One thousand eight hundred and fifty-six, and in respect of every such Terminable Annuity so written in after the Twentyfifth Day of September One Year's Annuity shall be due on the Fifth Day of April One thousand eight hundred and fifty-six. VIII. All the Annuities aforesaid shall be payable and paid and Annuities paybe transferable at the Bank of England; and the Three per Centum able and transAnnuities aforesaid shall be subject to such Redemption as is herein-ferable at the after mentioned. Bank. respect of 16,000,000l. to be paid out of Consolidated Fund; IX. So much Money shall from Time to Time be set apart and Annuities in issued at the Receipt of the Exchequer out of the Consolidated Fund of the United Kingdom of Great Britain and Ireland to the said Cashier or Cashiers of the Governor and Company of the Bank of England, as shall be sufficient to satisfy and pay the respective Annuities to be created in respect of the said Sum of Sixteen Millions, together with the Charges attending the same. X. All the said Annuities, Interest, and Dividends which shall and shall be become payable in respect of the said Sum of Sixteen Millions charged upon shall be charged and chargeable upon, and are hereby charged the said Fund. upon and made payable out of the Consolidated Fund of the United Kingdom of Great Britain and Ireland. XI. For the more easy and sure Payment of all the Annuities established by this Act, the said Governor and Company of the Bank of England, and their Successors, shall from Time to Time, until all the said Annuities shall be redeemed, or shall cease, appoint and employ One or more sufficient Person or Persons within their Office in the City of London to be their Chief or First Cashier or Cashiers, and One other sufficient Person within the same Office to be their Accountant General; and so much of the Monies by this Act appropriated for the Purpose as shall be sufficient from Time to Time to answer the said Annuities and other Payments herein directed to be made out of the said Monies, in respect of the said Sum of Sixteen Millions, shall, by Order of the Commissioners of Her Majesty's Treasury, without any further Warrant to be sued for, had, or obtained in that Behalf, from Time to Time, at the respective Days of Payment in this Act appointed for Payment thereof, be issued and paid at the Receipt of the Exchequer to the said First or Chief Cashier or Cashiers of the said Governor and Company of the Bank of England, and their Successors for the Time being, by way of Imprest and upon Account for the Payment of the Annuities in respect of the said Sum of Sixteen Millions payable by virtue of this Act; and such Cashier or Cashiers, to whom the said Money shall from Time to Time be issued, shall from Time to Time, without Delay, pay the same accordingly, The Bank to appoint a Ca shier and an Accountant Ge neral, and the Treasury to order Money to be issued to the Cashier for Payment of Annuities. Loan. Cashier to give Receipt for Subscriptions, which may be assigned before 18th December 1855. Cashier to give ceives into the A Book to be kept in Accountant Gene ral's Office for entering Contributors Names, and a Duplicate to be sent to Exchequer. Subscriptions paid in Part and not completed, forfeited. accordingly, and render his or their Accounts thereof according to the due Course of the Exchequer ; and the said Accountant General for the Time being shall, from Time to Time, inspect and examine all Receipts and Payments of the said Cashier or Cashiers, and the Vouchers relating thereto, in order to prevent any Fraud, Negligence, or Delay. XII. The Cashier or Cashiers of the Governor and Company of the Bank of England who shall have received or shall receive any Part of the said Contributions towards the said Sum of Sixteen Millions, shall give a Receipt or Receipts in Writing to every such Contributor for all such Sums; and the Receipts so to be given shall be assignable at any Time before the Eighteenth Day of December One thousand eight hundred and fifty-five, and no longer: Provided always, that such Cashier or Cashiers shall give Security to the good liking of any Two or more of the Commissioners of Her Majesty's Treasury, for duly answering and paying into the Receipt of the Exchequer as after mentioned, for the Public Use, all the Monies which he or they has or have already received, and shall hereafter receive from Time to Time, of and for the whole of the said Sum of Sixteen Millions, and for accounting duly for the same, and for Performance of the Trust hereby in him or them reposed, and shall from Time to Time pay all such Monies as soon as he or they shall receive the same, or any Part thereof, or within Five Days afterwards at the farthest, into, and shall account for the same in the Exchequer, according to the due Course thereof, deducting thereout such Sums as shall have been paid by him or them in pursuance of this Act, for which Sums so paid Allowance shall be made in his or their Accounts. XIII. In the Office of the Accountant General of the Governor and Company of the Bank of England for the Time being a Book or Books shall be provided and kept, in which the Names of the Contributors shall be fairly entered; which Book or Books the said respective Contributors, their respective Executors, Administrators, Successors, and Assigns, shall and may from Time to Time, and at all seasonable Times, resort to and inspect without any Fee or Charge; and the said Accountant General shall, on or before the Fifth Day of July One thousand eight hundred and fiftysix, transmit an attested Duplicate, fairly written on Paper, of the said Book or Books into the Office of the Receipt of the Exchequer, there to remain for ever. XIV. In case any such Contributors who have already deposited with or shall hereafter pay to the said Cashier or Cashiers any Sum or Sums of Money at the Time and in the Manner hereinbefore mentioned, in Part of the Sum or Sums so by them respectively subscribed, or their respective Executors, Administrators, Successors, or Assigns, shall not advance and pay to the said Cashier or Cashiers the Residue of the Sum or Sums so subscribed at the Times and in the Manner before mentioned, then and in every such Case the aforesaid Deposit of Ten Pounds per Centum shall be forfeited for the Benefit of the Public, and all Right and Title to the said Ten Pounds per Centum Deposit, and to the Annuities in respect thereof, shall be extinguished; anything in Loan. this Act contained to the contrary thereof in anywise notwithstanding. XV. All Persons and Corporations who shall be entitled to any Annuities to be of the Annuities hereby granted in respect of the said Sum of deemed PerSixteen Millions, and all Persons and Corporations lawfully claim- sonal Estate. ing under them, shall be possessed thereof as of a Personal Estate, which shall not be descendible to Heirs, nor liable to any Foreign Attachment by the Custom of London, or otherwise; any Law, Statute, or Custom to the contrary notwithstanding. Power to Trea into the Exchequer. XVI. It shall be lawful for the Commissioners of Her Majesty's Treasury to issue and apply from Time to Time all such Sums of sury to apply Money as have been or shall be so paid into the Receipt of Her the Money paid Majesty's Exchequer by the said Cashier or Cashiers, in respect of the said Sum of Sixteen Millions, to such Services as are now charged on the Consolidated Fund of the United Kingdom of Great Britain and Ireland, or shall be charged thereon by any Act that may be passed hereafter. fers. XVII Books shall be constantly kept by the said Accountant Accountant General for the Time being, wherein all Assignments or Transfers General to keep of all Sums of Stock in the Consolidated Three Pounds per Centum Books for enAnnuities created under this Act, and of the said Terminable tering TransAnnuities, shall be entered and registered, which Entry shall be conceived in proper Words for that Purpose, and shall be signed by the Parties making such Assignments or Transfers, or if such Parties be absent, by their respective Attorney or Attornies thereunto lawfully authorized in Writing under his or their Hand and Seal, or Hands and Seals, to be attested by Two or more credible Witnesses; and the several Persons to whom such Transfers shall be made may respectively underwrite their Acceptance thereof, and no other Method of assigning and transferring the said Stock or Annuities, or any Part thereof, or any Interest therein, shall be good or available in Law; and no Stamp Duties whatsoever shall be charged on any of the said Transfers, any Law or Statute to the contrary notwithstanding. Transfers not liable to Stamp Duties. XVIII. Out of the Monies arising from the Contributions Treasury to detowards raising the said Sum of Sixteen Millions by Annuities, fray Incidents. the Commissioners of Her Majesty's Treasury shall have Power to discharge all such incident Charges as shall necessarily attend the Execution of this Act, in such Manner as to them shall seem just and reasonable. XIX. It shall be lawful to and for the Governor and Company Allowance for of the Bank of England to retain out of the said Contributions at the Expense of the Rate of Three hundred Pounds for every Million thercof as an Management. Allowance for the Service, Pains, and Labour of the said Cashier or Cashiers employed in receiving, paying, and accounting for the same; and also for the Service, Pains, and Labour of the said Accountant General for performing the Trust reposed in him by this Act, which Allowance, in respect of the Service, Pains, and Labour of the said Cashier or Cashiers and Accountant General of the said Governor and Company, shall be for the Use of the said Governor and Company, and at their Disposal only. XX. All |
