PART III. CLASS IV. Bills of exchange expressed to be paid in any place other than the resi dence of the drawee, if not accepted on presentment, may be protested in that place, unless amount paid to the holder. BILLS OF EXCHANGE AND PROMISSORY NOTES. [No. I.] 2 & 3 W. IV. c. 98.-An Act for regulating the protesting for Nonpayment of Bills of Exchange drawn payable at a Place not being the Place of the Residence of the Drawee or Drawees of the same. [9th August 1832.] WHEREAS doubts having arisen as to the place in which it is requi quisite to protest for nonpayment bills of exchange, which on the presentment for acceptance to the drawee or drawees shall not have been accepted, such bills of exchange being made payable at a place other than the place mentioned therein to be the residence of the drawee or drawees thereof, and it is expedient to remove such doubts; be it therefore enacted, &c., That from and after the passing of this act all bills of exchange wherein the drawer or drawers thereof shall have expressed that such bills of exchange are to be payable in any place other than the place by him or them therein mentioned to be the residence of the drawee or drawees thereof, and which shall not on the presentment for acceptance thereof be accepted, shall or may be, without further presentment to the drawee or drawees, protested for nonpayment in the place in which such bills of exchange shall have been by the drawer or drawers expressed to be payable, unless the amount owing upon such bills of exchange shall have been paid to the holder or holders thereof on the day on which such bills of exchange would have become payable had the same been duly accepted. [No. II.] 3 & 4 W. IV. c. 83.-An Act to compel Banks issuing Promissory Notes payable to Bearer on Demand to make Returns of their Notes in Circulation, and to authorize Banks to issue Notes payable in London for less than Fifty Pounds. [28th August 1833.] WHEREAS it is expedient that all corporations, copartnerships, and persons carrying on banking business, and making and issuing promissory notes payable to bearer on demand, should make returns of the amount of such notes in circulation: Be it therefore enacted, &c., That all corporations and copartnerships carrying on banking business under the provisions of an act passed in the seventh year of the reign of his late Majesty king George the fourth, intituled An Act for the better regulating Copartnerships of certain Bankers in England, and for amending so much of an Act of the Thirty-ninth and Fortieth Years of the Reign of His late Majesty King George the Third, intituled An Act for establishing an Agreement with the Governor and Company of the Bank of England for advancing the Sum of Three Millions towards the Supply for the Service of the Year One thousand eight hundred,' as relates to the same, and all in circulation, other persons carrying on banking business, and making and issuing and make pe Partnerships and persons carrying on banking busi ness, and is suing promis sory notes, to keep accounts of the amount No. II. c. 83. promissory notes payable to bearer on demand, shall respectively keep weekly accounts from the passing of this act of the average amount of 3 & 4 W. 4, notes in circulation at the end of each week of the corporation, copartnership, or persons or person so carrying on banking business and keeping such weekly account; and shall, within one month after the riodical returns thirty-first day of December after the passing of this act, make up from therefrom to such weekly account an average account of the amount of such notes in the stamp office circulation during the period between the passing of this act and the in London. making up such account; and shall also make up a like account at the end of each quarter ending on the first day of April, the first day of July, the first day of October, and the first day of January in the year one thousand eight hundred and thirty-four and every subsequent year, of the average amount of notes in circulation in the preceding quarter, and shall return and deliver such account to the commissioners of stamps at the stamp office in London; and such accounts and returns Such returns to shall be verified upon the oath of the secretary or accountant or some be verified on officer of the corporation, company, or copartnership, or persons or oath. person so carrying on banking business and making such return, which oath shall be taken before any justice of the peace, and which oath any justice of the peace is hereby authorized to administer; and if any corporation, company, or copartnership, or persons or person so Penalty for carrying on banking business, shall neglect to keep such weekly ac- default, 500l. counts, or to make out or to return or deliver such averages to the commissioners of stamps at the stamp office in London, or if any secretary, accountant, or other person verifying any such account or average shall return or deliver to the commissioners of stamps any false account or return of such averages, the corporation, company, or copartnership, or persons or person to whom any such account or averages, or such secretary, accountant, or person verifying the account, shall belong, shall forfeit for every such offence the sum of five hundred pounds, and the secretary or other person so offending shall also forfeit for every such offence the sum of one hundred pounds; and any secretary, accountant, False swearing or other person who shall knowingly and wilfully take any false oath as punished as to any such account or averages shall be subject to such pains and perjury. penalties as are by any law in force at the time of taking such oath enacted as to persons convicted of wilful and corrupt perjury. II. That it shall be lawful for any body politic or corporate what- Banks of more soever, erected or to be erected, and for any other persons united or to than six perbe united in covenants or partnership, exceeding the number of six sons may draw persons, carrying on business as bankers, to make any bill of exchange on agent in or promissory note of such corporation or copartnership payable in Lon- London, on don by any agent of such corporation or copartnership in London, or to demand or draw any bill of exchange or promissory note upon any such agent in otherwise, for London, payable on demand or otherwise in London, and for any less amount than fifty pounds, any thing in the said recited act of the ing the act seventh year of the reign of his late Majesty king George the fourth, or 7 G. 4, c. 46. in any other act, to the contrary notwithstanding. [No. III.] 3 & 4 W. IV. c. 98.-An Act for giving to WHEREAS an act was passed in the thirty-ninth and fortieth years less than 501., notwithstand of the reign of his Majesty king George the third, intituled An Act 39 & 40 G. 3, for establishing an Agreement with the Governor and Company of the Bank c. 28. of England for advancing the Sum of Three Millions towards the Supply for the Service of the Year One thousand eight hundred: And whereas it was by the said recited act declared and enacted, that the said governor and company should be and continue a corporation, with such powers, No. III. 3 & 4 W. 4, c. 98. authorities, emoluments, profits, and advantages, and such privileges of exclusive banking as are in the said recited act specified, subject nevertheless to the powers and conditions of redemption, and on the terms in the said act mentioned: And whereas an act passed in the seventh year 7 G. 4, c. 46. of the reign of his late Majesty king George the fourth, intituled An Act for the better regulating co-partnerships of certain bankers in England, and for amending so much of an Act of the Thirty-ninth and Fortieth Years of the Reign of his late Majesty King George the Third, intituled 'An Act for establishing an Agreement with the Governor and Company of 'the Bank of England for advancing the Sum of Three Millions towards the Supply for the Service of the Year One thousand eight hundred,' as relates to the same: And whereas it is expedient that certain privileges of exclusive banking should be continued to the said governor and company for a further limited period, upon certain conditions: And whereas the said governor and company of the Bank of England are willing to deduct and allow to the public, from the sums now payable to the said governor and company for the charges of management of the public unredeemed debt, the annual sum herein-after mentioned, and for the period in this act specified, provided the privilege of exclusive banking specified in this act is continued to the said governor and comBank of Eng-pany for the period specified in this act: May it therefore please your land to enjoy Majesty that it may be enacted; and be it enacted, &c., That the said an exclusive governor and company of the Bank of England shall have and enjoy privilege of such exclusive privilege of banking as is given by this act, as a body corporate, for the period and upon the terms and conditions herein-after mentioned, and subject to termination of such exclusive privilege at the time and in the manner in this act specified. banking upon tions. miles thereof. Any company or partnership may carry on business of banking in London, or within 65 miles thereof, upon the terms herein mentioned. II. That during the continuance of the said privilege, no body politic or corporate, and no society or company, or persons united or to be united in covenants or partnerships, exceeding six persons, shall make or issue in London, or within sixty-five miles thereof, any bill of exchange or promissory note, or engagement for the payment of money on demand, or upon which any person holding the same may obtain payment on demand: Provided always, that nothing herein or in the said recited Act of the seventh year of the reign of his late Majesty king George the fourth contained shall be construed to prevent any body politic or corporate, or any society or company, or incorporated company or corporation, or co-partnership, carrying on and transacting banking business at any greater distance than sixty-five miles from London, and not having any house of business or establishment as bankers in London, or within sixty-five miles thereof, (except as hereinafter mentioned,) to make and issue their bills and notes, payable on demand or otherwise, at the place at which the same shall be issued, being more than sixty-five miles from London, and also in London, and to have an agent or agents in London, or at any other place at which such bills or notes shall be made payable for the purpose of payment only, but no such bill or note shall be for any sum less than five pounds, or be re-issued in London, or within sixty-five miles thereof. III. And whereas the intention of this act is, that the governor and company of the Bank of England should, during the period stated in this act (subject nevertheless to such redemption as is described in this act), continue to hold and enjoy all the exclusive privileges of banking given by the said recited act of the thirty-ninth and fortieth years of the reign of his Majesty king George the third aforesaid, as regulated by the said recited act of the seventh year of his late Majesty king George the fourth, or any prior or subsequent act or acts of parliament, but no other or further exclusive privilege of banking: And whereas doubts have arisen as to the construction of the said acts, and as to the extent of such exclusive privilege; and it is expedient that all such doubts should be removed, be it therefore declared and enacted, That any body politic or corporate, or society, or company, or partnership, although consisting of more than six persons, may carry on the trade or business No. III. c. 98. of banking in London, or within sixty-five miles thereof, provided that such body politic or corporate, or society, or company, or partnership do 3 & 4 W. 4, not borrow, owe, or take up in England any sum or sums of money on their bills or notes payable on demand, or at any less time than six months from the borrowing thereof, during the continuance of the privileges granted by this act to the said governor and company of the bank of England. on demand which shall be IV. Provided always, That from and after the first day of August All notes of the one thousand eight hundred and thirty-four all promissory notes pay. bank of Engable on demand of the governor and company of the Bank of England land payable which shall be issued at any place in that part of the united kingdom called England out of London, where the trade and business of bank- issued out of ing shall be carried on for and on behalf of the said governor and com- London shall pany of the bank of England, shall be made payable at the place where be payable at such promissory notes shall be issued; and it shall not be lawful for the place where the said governor and company, or any committee, agent, cashier, issued, &c. officer, or servant of the said governor and company, to issue, at any such place out of London, any promissory note payable on demand which shall not be made payable at the place where the same shall be issued, any thing in the said recited act of the seventh year aforesaid to the contrary notwithstanding. V. That upon one year's notice given within six months after the Exclusive priexpiration of ten years from the first day of August one thousand eight vileges hereby hundred and thirty-four, and upon re-payment by parliament to the given to end said governor and company or their successors, of all principal money upon one year's interest, or annuities which may be due from the public to the said notice given at governor and company at the time of the expiration of such notice, in the end of ten like manner as is herein-after stipulated and provided, in the event of years after such notice being deferred until after the first day of August one thou- August 1834. sand eight hundred and fifty-five, the said exclusive privileges of What shall be banking granted by this act shall cease and determine at the expiration deemed suffiof such year's notice; and any vote or resolution of the House of cient notice. Commons, signified by the speaker of the said house in writing, and delivered at the public office of the said governor and company, or their successors, shall be deemed and adjudged to be a sufficient notice. VI. That from and after the first day of August one thousand eight Bank notes to hundred and thirty-four, unless and until parliament shall otherwise be a legal direct, a tender of a note or notes of the governor and company of the tender, except bank of England, expressed to be payable to bearer on demand, shall at the bank and be a legal tender, to the amount expressed in such note or notes, and branch banks. shall be taken to be valid as a tender to such amount for all sums above five pounds on all occasions on which any tender of money may be legally made, so long as the bank of England shall continue to pay on demand their said notes in legal coin: Provided always, that no such note or notes shall be deemed a legal tender of payment by the governor and company of the bank of England, or any branch bank of the said governor and company; but the said governor and company are not to become liable or be required to pay and satisfy, at any branch bank of the said governor and company, any note or notes of the said governor and company not made specially payable at such branch bank; but the said governor and company shall be liable to pay and satisfy at the bank of England in London all notes of the said governor and company, or of any branch thereof. VII. By s. 7. bills not having more than three months to run, are not to be subject to the usury laws. See the clauses, post, Class V. Usury. VIII. That an account of the amount of bullion and securities in the Accounts of bank of England belonging to the said governor and company, and of bullion, &c. notes in circulation, and of deposits in the said bank, shall be trans- and of notes in mitted weekly to the chancellor of the exchequer for the time being, circulation to and such accounts shall be consolidated at the end of every month, and be sent weekly to the chanceÏan average state of the bank accounts of the preceding three months, lor of the et chequer, No. III. 3 & 4 W. 4, c. 98. Public to pay inade from such consolidated accounts as aforesaid, shall be published every month in the next succeeding London Gazette. IX. That one-fourth part of the debt of fourteen million six hundred and eighty-six thousand eight hundred pounds, now due from the public to the governor and company of the bank of England, shall and may be the bank one repaid to the said governor and company, (1) fourth part of the debt of 14,686,8001. Capital stock of the bank may be reCuced. fied by reduction of their share of the capital stock. X. That a general court of proprietors of the said governor and company of the bank of England shall be held at some time between the passing of this act and the fifth day of October one thousand eight hundred and thirty-four, to determine upon the propriety of dividing and appropriating the sum of three million six hundred thirty-eight thousand two hundred and fifty pounds, out of or by means of the sum to be repaid to the said governor and company as herein-before mentioned, or out of or by means of the fund to be provided for that purpose, amongst the several persons, bodies politic or corporate, who may be proprietors of the capital stock of the said governor and company on the said fifth day of October one thousand eight hundred and thirty-four, and upon the manner and the time for making such division and appropriation, not inconsistent with the provisions for that purpose herein contained; and in case such general court or any adjourned general court, shall determine that it will be proper to make such division, then, but not otherwise, the capital stock of the said governor and company shall be and the same is hereby declared to be reduced from the sum of fourteen million five hundred and fifty-three thousand pounds, of which the same now consists, to the sum of ten millions nine hundred fourteen thousand seven hundred and fifty pounds, making a reduction or difference of three million six hundred and thirty-eight thousand two hundred and fifty pounds capital stock, and such reduction shall take place from and after the said fifth day of October one thousand eight hundred and thirty-four; and thereupon, out of or by means of the sum to be repaid to the said governor and company as herein-before mentioned, or out of or by means of the fund to be provided for that purpose, the sum of three million six hundred and thirtyeight thousand two hundred and fifty pounds sterling, or such proportion of the said fund as shall represent the same, shall be appropriated and divided amongst the several persons, bodies politic or corporate, who may be proprietors of the said sum of fourteen million five hundred and fifty-three thousand pounds bank stock on the said fifth day of October one thousand eight hundred and thirty-four, at the rate of twenty-five pounds sterling for every one hundred pounds of bank stock which such persons, bodies politic and corporate, may then be proprietors of or shall have standing in their respective names in the books kept by the said governor and company for the entry and transfer of such stock, and so in proportion for a greater or lesser sum. Governor, deXI. Provided always, That the reduction of the share of each proputy governor, prietor of and in the capital stock of the said governor and company of or directors not the bank of England, by the repayment of such one-fourth part thereof, to be disquali- shall not disqualify the present governor, deputy governor, or directors, or any or either of them, or any governor, deputy governor, or director who may be chosen in the room of the present governor, deputy governor, or directors at any time before the general court of the said governor and company to be held between the twenty-fifth day of March and the twenty-fifth day of April one thousand eight hundred and thirty-five: Provided that at the said general court, and from and after the same, no governor, deputy governor, or director of the said corporation shall be capable of being chosen such governor, deputy governor, or director, or shall continue in his or their respective offices, (1) This payment was provided for by an act passed in the following session 4 & 5 W. 4, c. 80. |
