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3 Geo. 1. c. 7. ed the general fund, ejfablijbed by an acl of parliament of the third year of his Majesty s reign, amounting to seven hundred twenty four thousand eight hundred forty nine pounds fix fnillings and ten pence one fifth part of a penny per annum, and the commissioners of his ■Majesty's treasury, or any three or more of them, and the high treasurer for the time being, are thereby authorized and imp ow er ed, upon producing any such debenture or debentures made forth or to be made forth upon any such certificate or certificates as aforesaid, to issue standing orders for paying at the said receipt of exchequer, the said annuities for the principal sums contained in the said debentures rejpec tively, to the persons named in such debentures, their executors, administrators, fuaeff or s and assigns refpeclivek, zvhich annuities are nevertheless redeemable, according to a proviso in the said acl of the seventh year of his Majesty s reign contained in that behalf, as by the said several acls and instruments, relation being thereunto had, may

7 Geo. 1. stat. more fully appear: and whereas the said Thomas More hath made 1. c. 30. forth several debentures in the form prescribed by the said commiffioners

of the treasury, upon the said commission under the great seal, zvhich was founded upon the said acl of the third year of his Majesty's reign^ and some doubts have arisen or may arise, whether the certificates Geo 1 c i-> ma^e fortb h rfje several commissioners, for fiating and determining ''" the debts due to the army, pursuant to the said other acls, or some of them, and zvhich certificates have been delivered to the said Thomas More, were delivered to a proper officer or person in order to have the debentures made forth thereupon; and zvhether the said Thomas More, to zvhom such certificates zvere delivered, zvasstriclly authorized in all cafes, to make forth the debentures upon all such certificates so delivered to him; and zvhether the standing orders for such annuities as aforesaid, payable at the exchequer, or some of them have been zvell grounded upon all the debentures fig?ied by the saidThomas More as aforesaid: now for the obviating all such doubts for the future, it is hereby declared and enacted, &c.

Debentures, &c. already made forth, or to be made forth, &o. deemed good and valid. Altering or counterfeiting debentures, &c. Felony. EX P.

XXXVII. And zvhereas since the said feast of Saint Michael the archangel in the year of our Lord one thousand seven hundred twenty and tivo, several sums of money have been called for to be issued for paying off and cancelling such of the exchequer-bills as then remained to be cancelled, pursuant to an acl made and pasted in that behalf in

8 Geo. 1. c. 20, the eighth year of his Majesty s reign, and several sums, amounting

to twenty three thousand one hundred thirty eight pounds eleven shillings ten pence three farthings, part of the monies of the said finking fund, zvhich remained in the exchequer at the said feast of Saint Michael the archangel one thousand seven hundred tiventy two, have since been issued or directed to be issued pursuant to the acl last mentioned, for or towards paying off and cancelling the said exchequerhills, which then re mean ed widijcharge d: now to the end the compleat redemption of the said annuities, amounting to sixty thousand two hundred thirty nine pounds six (hillings and two pence

per per annum, may not be obstructed or delayed; it is hereby pro- Redemption vided and further enacted by the authority aforesaid, That for making up the abovesaid sum of two hundred and four thousand mountjng to seven hundred eighty six pounds three millings and four pence 60,139 l»6s,id. three farthings, by this act intended to be applied towards the per annum, redemption thereof, the sum of one hundred ninety two thou- ^J0^ sand two hundred seventy four pounds sixteen (hillings one ma' penny and fourteen twentieth parts of one penny, remaining undisposed of the said sinking fund, computed at the feast of Saint Michael the archangel one thousand seven hundred twenty and two, shall and may be issued and applied according to the purport and true meaning of this act above expressed; and that any further sum or sums of money, not exceeding in the whole twelve thousand five hundred eleven pounds seven shillings three pence and one twentieth part of a penny, (hall and may be taken and issued out of the first money arising of or by the said sinking fund, to be computed for any time after the said feast of Saint Michael the archangel one thousand seven hundred and twenty two ; and the commissioners of the treasury, or any three or more of them, or the high treasurer for the time being, are hereby authorized and directed to issue or cause to be issued the same accordingly; any thing in this or any other law or statute whatsoever to the contrary notwithstanding.

CAP. VI.

An aft for reviving and adding two millions to the capital stock of the South-Sea company, and for reviving a proportional part of the yearly fund-payable at the exchequer? and for dividing their whole capital (after fitch division made) into two equal parts or moieties^ and for converting one of the said moieties into certain annuities for the benefit of the members and for fettling the remaining moiety in the said company ; and for continuing for one year longer the provision formerly made against requiring special bail in actions or suits upon such contracts as are therein mentioned.

MA Y it please your most excellent Majesty, whereas in an act of Farther prevzparliament of the seventh year of your Majesty's reign, inii- fions relating to tided, An act for making several provisions to restore the pub- the matters in lick credit, which suffers by the frauds and mismanagements of tblQ*^% Qat the late directors of the South-Sea company, and others, there is *# f\ Z'" a' contained a chuse or proviso in the -words or to the effect follotving, 7 Geo. 1. flat. (that is to fay) provided akvays nevertheless, and it is hereby enacted, sect, That from and after the said feast of the nativity of Saint John Baptist zvhich shall be in the year of cur Lord one thousand seven hundred and twenty^ Hvo, the full sum oftivo millions of pounds sterling, part of the capital stock, zvhich shall then belong to the said company, (hall by force and^virtue of this act, be and be deemed' and adjudged}* be reduced, funk and annihilated for everand that a prop ':riferial part

os their annuities or yearly funds, payable at the exchequer in refpecl of tivo millions^ jhall by force and virtue of this a el, from and after the said feast of the nativity of Saint John Baptist which stall be in the year of our Lord one thousand seven hundred and twenty two, be no- longer payable, but shall from thenceforth for ever cease and determine, for the benefit of the publick; any thing in the said recited atls* or either of them, or any other law statute or provision whatsoever to the contrary in any wise' notivithstanding; as by the said adl, amongst divers othe*" things therein contained, relation being thereunto had± may plainly appear: now we your Majesty's most dutiful and loyal subjects, the commons of Great Britain in parliament assembled, clause in*the kemg ^en^e of the immense loss and damage which the Act 7 Geo. i. *"a^ cornP^ny5 commonly called the South-Sea company, have stat. 2. for' 'sustained by the many frauds, abuses and breaches of trust making seve- which were committed by the late sub-governor, de-puty-goverral^ proviiions, nor an(j directors of the fame company, and others in confederacy with them, or some of them ; and being minded to grant further relief to the unhappy sufferers, and to advance the publick credit (as well as the credit of the fame company) for the benefit of trade, and otherwise, do most humbly beseech your Majesty that it may be enacted; and be it enacted by the King's most excellent majesty, by and with the advice and consent of the lords spiritual and temporal and commons, in this present parliament assembled, and by the authority of the same, That the said recited proviso and clause be repealed, and the same are hereby declared and enacted to be null and void accordingly; and the said sum of two millions, by force and virtue of this The ttfo mil- ac^> 1S an^ shall be revived and again added to the present calions revived, pital stock of the said South-Sea company; and that the proporand added to tional part or parts of the annuities or yearly funds of the said South°Sea°fr c°mpany, payable at the exchequer in respect of the said two company, &c. millions, together with all arrears thereof* incurred or grown due since the said feast of the nativity of Saint John Baptist one thousand seven hundred and twenty two, shall also be revived, and again become payable at the exchequer, as if no such proviso cr clause had been enacted or contained in the said act of 7Geo.i.stat.i. t^e fevenfa vear 0f his Majesty's reign : any thing in that act contained to the contrary notwithstanding.

S^f°rU4beUne IL And be k enacted hy fbe authoritY aforesaid, That the «hv?ded°a-e uam °ftwo millions, by this act revived and added to the

mongtbe pro- capital stock of the South-Sea company as aforesaid, {hall before prietors of the the twenty fourth day of June in the year of our Lord one capital stock. tnousand seven hundred and twenty three* be divided as near as conveniently may be, to and amongst all the proprietors of the whole capital stock of the said company, in proportion to their several and respective interests therein 3 and that credit be given for the fame respectively in the books of the laid company.

IIL And whereas on the reviving and adding the said sum of two millions as aforesaid, the zvhole capital stock of[the said South-Sea company doth by computation amount to thirty three millions eight hundred and two thousand sour hundred eighty three pounds fourteen

shilling* /killings and a halfpenny > and upon reviving and adding the said proportional part or parts of the said annuities or yearly funds in rejpett of the said two millions as afore/aid, the whole annuities or yearly funds of the said company payable at the exchequer, in respecl of their whole capital stocks do by computation amount as follows, (that is to fay) for three millions eight hundred thirty nine thousand three hundred sixty three pounds thirteen flnllings and one penny, [part of their said whole capital) at the rate of four pounds per centum per annum, the sum of one hundred fifty three thousand five hundred seventy four pounds ten shillings and ten pence per annum, and for twenty nine millions nine hundred sixty three thousand one hundred attd twenty pounds and eleven pence halfpenny (being the residue of their whole capital) at the rate of five pounds per centum per annum, the sum of one million fur hundred ninety eight thousand one hundred fifty fix pounds and a halfpenny per annum, in all one million fixhundred fifty one thousand seven hundred and thirty pounds ten fallings and ten pence halfpenny per annum, payable until and for the feast of the nativity of Saint John the Baptist one thousand seven hundred and twenty seven : and from thenceforth the said annuities or yearly funds are to be computed on the said whole capital flock or sum of thirty three millions eight hundred and two thousand four hundred eighty three pounds fourteen /hillings and a halfpenny, at the rate of four poundsr'per centum per annum, and no more, until the redemp* tion thereof by parliaments over and above the several sums of eight thousand pounds per annum, and one thousand three hundred ninety seven pounds nine /idlings and sixpence per annum, already settled and allowed for charges of management, and several other sums to be fettled and alloived for charges of management, pursuant to several acls of parliament in that behalf: and whereas it is judged to be advise able and necessary, that so great a capital foci, and such large annuities and yearly funds as are last mentioned, fioouJd be divided and separated in such a manner, that all and every the members or proprietors thereof may find their respective /bares or hit er efts in each part so divided, and separated, and the publick, as well as the said SouthSea company, may be the better secured against future frauds, abuses* errors and mismanagements; therefore we your Majesty's said dutiful and loyal subjects, do further humbly pray, that it may be From 24. June enacted, and be it enacted by the authority aforesaid, That 1723. the from and after the twenty fourth day of June which shall be in TMhole capital the year of our Lord one thousand seven hundred and twenty jnto^wo e^l three, the whole capital stock of the said company, called the parts. ^ South-Sea company, herein computed to amount to thirty three Farther divided millions eight hundred and two thousand four hundred eighty hy 6 Geo* S* three pounds fourteen (hillings and an halfpenny as aforesaid, c* ~8' and the shares of the respective members and proprietors of and in the fame, (hall be divided and separated into two equal parts or moieties, and the fame from thenceforth are hereby divided and separated, and shall be deemed and adjudged to be divided and separated accordingly; any former law orstatute whatsoever to the contrary notwithstanding.

Vol, XV. C IV. And

Moiety con- JV. And be it further enacted by the authority aforesaid, 7o!nt stock? 3 That one moiety or h^lf-part of the laid capital stock so divided and separated, which moiety or half-part will by computation amount to sixteen millions nine hundred and one thousand two hundred forty one pounds seventeen shillings and a farthing, shall from and after the said twenty fourth day of June one thousand seven hundred and twenty three, be, and the same from thenceforth are hereby converted into a joint stock, attended with certain annuities, payabje out of the funds of the said South-Sea company in lieu of all the dividends, profits and adVantages such moiety is now intitled to, that is to fay, with annuities, after the rate of five pounds per centum per annum ^ from the said twenty fourth day of June one thousand seven hundred and twenty three, until and for the said feast of the nativity of Saint John Baptist one thousand seven hundred and twenty seven, and from thenceforth with annuities out of the fame funds, after the rate of four pounds per centum per annum only, and no more, until redemption thereof by parliament, according to the purport and true meaning of this act; and that the fame moiety so converted into such joint stocks shall from thenceforth be called the joint stock of South-Sea annuities; and that the other moiety or half-part of the said whole capital stock, amounting to the like sum of lixteen millions nine hundred and one thousand two hundred forty one pounds seventeen shillings and a farthing, shall remain, continue, and be in the said company, called the South-Sea company, as a joint stock in their own right, attended with the residue of the said annuities or yearly funds payable in the exchequer, for their said whole capital as aforesaid, until the redemption thereof by parliament, according to the purport and true meaning of this act, and also attended with the said several sums already settled and allowed, and to be settled and allowed for charges of management, and with all the other benefits, profits of trade, privileges and advantages now belonging to the said South-Sea company: and whereas the present annuities or yearly fund, now payable at the exchequer to the said South-Sea company, for or in respect os their whole capital, exclusive of the said sums settled and allowed, or to be settled and allowed for charges of management as aforesaid, doth and will, until the said feast of the nativity of Saint John Baptist one thousand seven hundred and twenty seven, amount to the sum of one million six hundred fifty one thousand seven hundred and thirty pounds ten shillings and ten pence halfpenny, as is before-mentioned; and the annuity or interest of that moiety which is hereby enacted to be converted into a 'joint stock of the South-Sea annuities, being computed after the rate of five pounds per centum per annum, doth amount unto the yearly sum of eight hundred forty five thousand sixty two pounds one shilling and ten pence farthing, which being deducted out of the said yearly sum of one million six hundred fifty one thousand seven hundred and thirty pounds ten shillings and ten pence halfpenny, the residue thereof, which will be attending

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