A.D. 1720, Anno feptimo Georgii Regis. Stat. 1. C. 5. c Company into the Capitals of the Bank of England zn(,thc Eaft-India Company, purfuant to the faid fcve- ' ral Propofals of the faid refpective Companies, will contribute very much to the reftoring and efrablifhing < publick Credit:' We your Majcfty's faid dutiful and loyal Subjects, the Commons of G>m( Britain in Parliament affembled, do mod humbly befeech your Majeiry, That it may be enacted, &c. E X P. " Between 24 June and 25 Dec. 1721, South-Sea Company may, under their Common Sea), and at their " own Charges, transfer to the Bank, fuch Share of their Capital Stock at 5 I. per Cent, as (hall be agreed " on between them, together with fo much of their Annuities, as (hall bear Proportion to the Stock tranf- " ferred, not exceeding 9,000,000/. The Shares fo transferred fhall be added to the Capital Stock of the " Bank. South-Sea Company may, between the fame Times, alfo transfer to the Eajl-India Company " fuch Share of their Capital Stock at 5 /. per Cent, as fhall be agreed upon between them, together with fo " much of their Annuities, as fhall bear Proportion to the Stock transferred, not exceeding 9,000,000/. " The Share fo transferred fhall be added to the Capital Stock of the Eajl- India Company. After fuch " Transfers, the two Companies fhall lawfully enjoy their refpective Shares in Stock. South-Sea Company " may enjoy their whole Capital, &c. till the Transfers be made, and afterwards may hold all their unaf- " figned Stock, &c. till Redemption by Parliament. South-Sea Company may hold 9397 /. 9 s. 6 d. per An- " num for Charges of Management, till a Transfer of Part of their Capital Stock, and afterwards the two «' Companies fhall receive a proportional Part thereof for Charges of Management. Annuities payable Quarterly at ; /. per Cent, till the 24 June 1727, and afterwards at 4/. per Cent. All Perfons entitled to «' any Shares in the South-Sea Company at the Time of transferring, fhall have a proportional Share in the Stock transferred to the Bank, &e. The fame for Shares transferred to the Eaft-India Company, f Jc. Unaligned Shares in the South-Sea Company may be transferred in the Books of the Company, or de- vifed by Will, as formerly. Members of the Bank may transfer or devife their increafed Stock, as for- ! «' merly. And alfo the Members of the Eajl-India Company. All Privileges, &c; founded on former Acts
- or Charters, continued, &c."
XXIII. Provided always,, and it is hereby enacted by the Authority aforefaid, That at any Time after After 24 June the P'eaft of the Nativity of Saint John Baptift which fhall be in the Year of our Lord one thoufand feven T 7 2 7> on Re - hundred and twenty-feven, upon Repayment by Parliament to the faid Corporation, commonly called the sou'tTseaC South-Sea Company, of the Sum of the Capital Stock, or of that Part of the Capital Stock which (hall pan yof iheir then belong to that Corporation according to this Act, without any Deduction, Defalcation or Abatement Capital Stock, whatfoever to be made out of the fame Sum, or any Part' thereof; and upon Payment of all Arrears which &c.tb«ir Annui- fliall be then due at the refpective Rates aforefaid, or either of them, for or upon their then Annuities or tie3toceafe - yearly Funds payable in refpect thereof; and upon Payment of all Arrears of the faid yearly Sums, or of fuch Proportions thereof as fhall be payable to them for Charges of Management ; all which Arrears (if any fuch be) fhall be computed and paid to the quarterly Feaft-Day then next preceding, and from thence fhall be computed and paid by the Day, till the Time of fuch full Payment of theirCapital Sum; then the fame Annuities or yearly Funds, and the yearly Sums to be allowed to them for Charges of Management as aforefaid, and every of them, fhall from thenceforth ceafe and determine ; any Thing herein contained to the contrary notwithfhnding. " After 24 Jane 1727, on Prepayment to the Bank of the whole Sum transferred from the South- Sea Com- " pany, csV. the yearly Funds, &c. to cea'fe. The fameClaufe for the Eaji- India Company." ' XXVI. And in regard it is intended, That at any Time or Times after the faid Feaft of the Nativity of After 24 June ' Saint John Baptift one thoufand feven hundred and twenty-feven the Principal or Sum Total of the Capital 1727) on Re- v«-nnl>> ^ — IV. ~~. ..nU 4-— ^.%-^^C ^1 /■, JT-. nil *T~.^.*-. l^^l^-,.-.™ *.^». 4--i « IV ! J O ~ ..J.L. C,* /~* **~~ .^,. . ~*~ ,.-_ L. — /V i.! _£ I j._ j_i 1 Toymen t to ths Stock, or io much thereof as fhall then belong to the faid South-Sea Company, may be fatisfied to them by P a y pany of any Sum any Payments (not being lefs than five hundred thoufand Pounds of lawful Money of Great Britain at a Sc ' Time) and that as the fame Principal Monies fhall be paid off, the Annuities or yearly Funds of the faid ,, t lefs than ' South-Sea Company payable in refpect thereof, (hall from Time to Time proportionably fink and be aba- 500,0001. at a ' ted :' Be it therefore further provided and enacted by the Authority aforefaid, That at any Time or Times Time, a propor. after the faid Feaft of the Nativity of Saint John Baptift one thoufand feven hundred and twenty-feven, t ' on . al Part . of upon Repayment by Parliament to the faid South-Sea Company of any Sum or Sums of Money (not being ^n <L J^ X lefs than five hundred thoufand Pounds at a Time) in .Part of the Principal Monies of the faid Capital Stock which (hall then belong to the faid South-Sea Company; and upon Payment of all Arrears then due to them at the refpective Rates aforefaid, for or upon their faid Annuities or yearly Funds, or fo much of thofe Ar- rears as (hall bear a Proportion to their Principal Sums, from Time to Time, remaining unfatisfied, being computed by the Day, until the Time of every fuch Payment of Part of the Principal reflectively; and upon Payment of all Arrears then due for or upon the faid yearly Sums, or their Part of the faid yearly Sums for Charges of Management; then from and after every fuch Payment fo made to the faid South-Sea Company, fo much of their faid Annuities or yearly Funds, as fhall bear Proportion to the Monies fo paid in Part of the faid Principal, fhall ceafe, determine, and be abated ; any Thing in this or any former Aft or Acts of Parliament contained, or other Matter or Thing whatfoever to the contrary notwith- standing. " And on Repayment to the Bank of any Sum not lefs than 250,000/. at a Time, a proportional Part of their Annuities to ceafe. The like Claufe for the Eaft-India Company. After fuch Redemption the Duties applicable thereto (hall be underftood to be redeemed by Parliament. Bank to continue a Corpo- " ration till all the Shares transferred to them by the South-Sea Company be redeemed*- After the Ingraft— 4 " mentSj-
