tending on the other moiety hereby enacted, to remain and be C 2 twenty &c. 1 twenty three, have and receive, and be entitled by virtue of this act, to have and receive at the exchequer, out of the duties revenues and incomes, charged with their whole annuities or yearly funds payable there, the faid yearly fum of eight hundred forty five thousand fixty two pounds one fhilling and ten pence farthing, as the annuity, to attend the faid moiety or half-part fo as aforefaid converted unto the faid joint ftock of South-Sea annuities, from the faid feaft of the nativity of Saint John Baptift one thoufand feven hundred and twenty three, until and for the faid feaft of the nativity of Saint John Baptift one thousand seven hundred and twenty feven, and from thenceforth fo much yearly, as the intereft of the fame moiety fhall amount unto, at the faid rate of four pounds per centum per annum, until redemption by parliament as aforefaid, by weekly or other payments, as the whole yearly funds or annuities of the fame company are payable to them, before the making such divifion and feparation as aforefaid; nevertheless in truft and for the benefit of the faid proprietors or members, who fhall be entitled to the faid South-Sea annuities, according to their refpective interests therein; and the faid company, called the SouthSea company, from time to time, fhall have and be entitled to the like remedies, ways and means, for receiving and recovering the faid monies, hereby intended for the payment of the faid South-Sea annuities at the respective rates aforefaid, during the continuance thereof, as they might have had or ufed for receiving or recovering their whole annuities or yearly funds at the exchequer, if no fuch divifion and feparation were made; nevertheless in truft as aforefaid, and all and every the powers, authorities, privileges, freedoms, immunities, exemptions, and other advantages, and all pains of death, penalties, forfeitures and difabilities, and all reftrictions, rules and directions, and all clauses, matters and things, which were enacted or provided by any former act or acts of parliament, laws or ftatutes, which were in force at or until the time of making this act, for better fecuring the whole capital stock, and payment of the yearly funds of the faid South-Sea company, for the fole use of the said company, or preventing or punishing the forging or counterfeiting transfers or affignments, or dividend warrants, or any powers relating thereto, fhall be revived, continued, and be practifed and put in execution, for better securing the said joint tock of South-Sea annuities, and the faid yearly funds hereby enacted to attend the fame, in trust, and for the benefit of the said annuitants, and for preventing or punishing the forging or counterfeiting any transfers or affignments of the faid South-Sea annuities, or any dividend warrants made for the fame, or any powers relating thereto, as fully and effectually to all intents and purposes whatsoever, as if all and every the faid powers, authorities, privileges, freedoms, immunities, exemptions, and other advantages, pains of death, and other penalties, forfeitures and disabilities, reftrictions, rules and directions were again re peated, peated, and particularly re-enacted in the body of this present act. payments of V. And be it further enacted by the authority aforefaid, Quarterly and That the faid joint stock of annuities, to be called the South-Sea half-yearly annuities, or by whatfoever other name or names they or any annuities, &c. of them shall be called or known, fhall become due and payable, and be accounted to be due and payable from the feast of the nativity of Saint John Baptist, one thousand feven hundred and twenty three, until and for the feast of Saint Michael the archangel then next following, quarterly, and from thenceforth halfyearly videlicet, on the feast of the annunciation of the bleffed Virgin Mary, and the feast of Saint Michael the archangel in every year, by even and equal portions, and at the respective rates before-mentioned, until the redemption thereof by parliament, according to the provifoes and powers of redemption hereafter in this act contained in that behalf. VI. Provided always, and it is hereby enacted by the autho- Deficiencies rity aforefaid, That if at any time or times hereafter, any de- how made good. ficiency or deficiencies fhall happen in the produce of all or any of the several duties, revenues, and incomes, charged with the joint ftock of the faid South-Sea annuities as aforefaid, and attendant on the said remaining stock, and the faid allowances for charges of management, to be continued to the faid SouthSea company in their own right as aforefaid, then and in every such case so happening, the faid joint stock of South-Sea annuities, in respect of their faid yearly fund, fhall from time to time bear one moiety or half-part of every fuch deficiency, until the fame shall be provided for and made good by authority of parliament, and no more; any thing in this act, or any former law, ftatute or provision whatsoever to the contrary notwithstanding. Shares after 24 June 1723. and entred in ers, &c. VII. Provided alfo, and it is hereby enacted by the authority aforefaid, That the proportional fhare and fhares, which all and every perfon and perfons, body and bodies politick and corpo- to be written rate, upon fuch divifion and feparation as aforesaid, shall have off from comand be entitled unto of or in the faid joint ftock of South-Sea pany's books, annuities, fhall after the faid twenty fourth day of June one to new ledgthousand seven hundred and twenty three, be written off from the prefent books of the faid company, into a new ledger or ledgers, with the proportional annuity and annuities, which in pursuance of this act, are to attend the fame thare and fhares refpectively, with proper debits and credits, fo that the fame annuities intended to be founded on this act may be known and afcertained, and the future transfers, and other legal difpofitions thereof, or of any part or parcel, parts or parcels of the fame, may froin time to time plainly appear and be inspected. VIII. And it is hereby enacted, That as well the faid South- Annuities, Sea annuities, intended to be founded on this act, and all and &c. tax-free. every the principal fums for which the faid feveral South-Sea annuities are to be payable, and whereupon they fhall be com C 3 puted To be perfonal eftates, and not liable to foreign attachments, &c. Principal monies in annuities, &c. puted pursuant to this act, and every of them, fhall be free from all taxes, charges and impofitions whatsoever. IX. And be it further enacted by the authority aforesaid, That all and every the perfons and corporations whatsoever, who fhall be entitled to any of the faid South-Sea annuities, to be founded on this act as aforefaid, and all perfons and corporations lawfully claiming under them refpectively, fhall be poffeffed thereof as a perfonal estate, and the fame fhall not be defcendable to the heir, and shall not be liable to any foreign attachment by the cuftom of London or otherwife; any law, ftatute, or custom to the contrary notwithstanding. X. And be it further enacted by the authority aforefaid, That all the principal monies in the faid joint ftock of the to be deemed South-Sea annuities for which the faid feveral and respective ancapital or joint nuities fhall purfuant to this act be payable as aforefaid, fhall stock, &c. be deemed, reputed and taken to be one capital or joint stock, on which the fame annuities fhall be attending; and that all and every person and perfons, body and bodies politick and corporate, in proportion to fuch their respective South-Sea annuities, shall have and be deemed, reputed and taken to have a share in fuch stock; and that the fame capital or joint ftock, or any thare or shares therein, and the proportional annuity and annuities attending the fame, fhall be affignable and transferrable as this And affign- act directs, and not otherwife; and that the faid company, able. An office to be kept in London for entry of affignments, &c. No stampduties on commonly called the South-Sea company, fhall caufe to be conftantly kept, within fome convenient place within the city of London, an office and a book or books, in which all affignments or transfers of the faid ftock of South-Sea annuities as aforefaid, and of the proportional annuities attending the fame, or any part or parcel, parts or parcels thereof, fhall be fairly entred and registred, which entry fhall be contrived in proper words for that purpose, and shall be signed by the parties making fuch aflignments or transfers, or (if the 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 perfon or perfons, to whom such transfers 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 to attend the fame, or any part thereof, or any intereft therein, fhall be good and available in law: provided always, That any person or perfons poffeffed of fuch South-Sea annuity or annuities as aforefaid, or any intereft therein, may bequeath the fame by will in writing, attested by two or more credible witneffes, but that fuch legatee fhall receive no payment thereupon, till fo much of the faid will as relates to fuch South-Sea annuity or annuities, be entred in the office last mentioned; and in default of such transfer or bequest, the stock and annuity or annuities attending the fame, fhall go to the executors or adminiftrators. XI. And it is hereby enacted by the authority aforefaid, That transfers, &c. no stamp duties whatsoever, fhall be chargeable upon any the trans transfers or affignments of the said joint stock of the faid SouthSea annuity, or annuities to attend the fame, or any of them. to receive the till 24 June 1727, &c. XII. And as for and concerning the other moiety or half-part of the said whole capital stock of the faid company, commonly called the South-Sea company, fo remaining and continued to the faid South-Sea company as their capital stock, and all fums settled and allowed, or to be fettled and allowed for management as aforefaid, with all the other benefits, profits of trade, privileges and advantages whatsoever belonging to the said company before the making of this act; be it enacted by the authority aforefaid, That the faid South-Sea company fhall, from and af- South Sea ter the faid twenty fourth day of June one thousand seven hun- company, after dred and twenty three, continue to have, receive and enjoy, and 24 June 1723. be entitled to have, receive and enjoy, at the exchequer, in their refidue of anown right, the refidue of the faid annuities or yearly funds, nuities, &c. at computed in the whole to one million fix hundred fifty one thou- the exchequer sand seven hundred and thirty pounds ten fhillings and ten pence halfpenny per annum, till the faid feaft of the nativity of Saint John Baptift one thousand seven hundred and twenty feven, and to amount afterwards to one million three hundred fifty two thousand ninety nine pounds fix fhillings and eleven pence halfpenny per annum, till redemption by parliament as aforefaid; which said refidue, till the faid feaft of the nativity of Saint John Baptist one thousand seven hundred and twenty feven, is computed at eight hundred and fix thousand fix hundred fixty eight pounds nine fhillings and a penny farthing, as is before mentioned, and afterwards is to be computed after the rate of four pounds per centum per annum, till redemption as aforefaid, as the annuity or yearly fund to attend the said remaining moiety or half-part of the faid capital ftock, hereby intended to be continued in the said South-Sea company as aforefaid, till the redemption thereof by parliament as aforefaid; and fhall also have, receive and enjoy, and be entitled by virtue of this act to have, receive and enjoy, the faid whole fums of eight thousand pounds per annum, and one thousand three hundred ninety seven pounds nine fhillings and fix pence per annum, already fettled for charges of management, and all other fums to be allowed for charges of management as aforefaid, during the continuance thereof; and fhall be also entitled to hold, exercise and enjoy all the profits of trade, and other privileges and advantages belonging to the said company, before the making of this act; and that all and every the members and proprietors, having any share or shares on the faid twenty fourth day of June one thoufand feven hundred and twenty three, in the faid remaining moiety or half-part of the faid capital stock, to be continued in the faid South-Sea company as aforefaid, his, her and their executors, adminiftrators, fuccef fors and affigns respectively, fhall have and be intitled to proportional fhares of and in the faid annuities or yearly funds attending the fame, and alfo all benefits of trade and other benefits, and all dividends, profits and advantages whatfoever, belonging and C 4 |