( 3 )

to the Cashier or Cashiers of the Governor and Company of the Bank of England (who is and are hereby appointed receiver or receivers thereof without any other warrant to be made in that behalf) any sum or sums of money in lieu of such Exchequer Bills, not exceeding one5 half of such subscription, upon paying an addition of Twelve Shillings per centum upon the amount which such subscriber may so pay in money; and every subscriber so paying money instead of Exchequer Bills shall for every One hundred Pounds Twelve Shillings principal money so paid be entitled to the sum of One hundred and Twelve 10 Pounds Two Shillings Consolidated Annuities, at the rate of Three Pounds per centum per annum, to commence and be payable as herein mentioned.

And be it Enacted, That it shall be lawful for any subscriber to deposit Exchequer Bills, or to pay the several instalments of 15 their subscriptions in money in advance; and in such case, whenever Exchequer Bills shall be so deposited in advance, such subscriber shall be entitled to and shall receive, at the office of the Paymasters of Exchequer Bills, the interest due on such Exchequer Bills, from the day of the date thereof up to the day when the several instalments respec20 tively would have become due if such deposit had not been made in advance; and whenever any such payment in advance shall be made in money, such subscriber shall be entitled to and shall receive or be allowed, by the said Governor and Company of the Bank of England, interest at the rate of Two-pence farthing per centum per diem upon such money so paid in advance from the day when such payment in advance shall be made up to the day when the instalment in respect of which such payment in advance shall be made, would have become due if such payment had not been made in advance.

25

And be it Enacted, That it shall be lawful for any Guardian or 30 Trustee to subscribe for or towards advancing any sum under the provisions of this Act, and such infant, upon the deposit of the amount subscribed by such Guardian or Trustee, shall become a subscriber within the meaning of this Act, and be entitled to have and receive the annuities, advantages and payments in respect thereof, in 35 such and the like manner as any other subscriber; and the said Guardian and Trustee, as to the said sum or sums so subscribed, is hereby discharged, so as the name of such infant be expressed in the receipt or receipts for such Exchequer Bills or money.

Stock.

7.

And be it Enacted, That every person and body politic and corpo- Interest on 40 rate, who shall have deposited or shall deposit any such Exchequer of such Bills as aforesaid, or shall have paid or shall pay money in lieu Bill or Exchequer Bills, shall, for every sum of One hundred Pounds contained in such Exchequer Bills, or for every One hundred Pounds.

45.

A 2

Twelve

8.

Stock to be placed to credit of Subscribers

in Books at

Bank of
England.

( 4 )

Twelve Shillings paid in money, and so in proportion for any greater sum,
have and be entitled to the capital stock in annuities hereinbefore men-
tioned, and the interest or dividends thereon shall be payable half-yearly
at the Bank of England on the Fifth day of January and the Fifth day
of July in every year, the first payment to become due on the Fifth day 5
of January One thousand eight hundred and Forty-two; and every
person and corporation entitled to any such annuity or annuities
aforesaid, and his executors, administrators, successors and assigns
respectively, and every person and corporation lawfully claiming under
him, shall have good, sure, absolute and indefeasible estates and inter- 10
ests in the said annuities, according to the true tenor and meaning of
this Act, until the redemption thereof in the manner herein directed,
and shall be possessed thereóf 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, custom or usage to the con- 15
trary notwithstanding.

And be it Enacted, That as soon as any subscriber, his
executors, administrators, successors or assigns, shall have deposited
at the Bank of England Exchequer Bills, or shall have paid money in
lieu thereof to the full amount of the sums subscribed by him, the 20
principal sum in Consolidated Three Pounds per centum Annuities to
which such subscriber is entitled under the provisions of this. Act shall
forthwith be entered in the books of the Bank of England, and placed
to the credit of such subscriber, his executors, administrators, succes-
sors and assigns, completing such deposits or payments; and the per- 25
son to whose credit such principal sums shall be so placed, his execu
tors, administrators, successors and assigns, shall and may have
power to assign and transfer the same, or any part, share or propor-
tion thereof, to any other person or persons, body or bodies politic or
corporate whatsoever, in the books of the Bank of England; and the 30
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 subscribers, and of placing to their credit the principal sums so
deposited in Exchequer Bills or paid in money by them respectively; 35
and such of the said subscribers, their executors, administrators, suc-
cessors or assigns, who shall complete the deposits or payments of such
parts of the whole amount subscribed by them respectively towards
the said sum of Five Millions at any time before the Governor and
Company of the Bank of England shall have prepared their receipts 40
according to the directions of this Act, shall be entitled to have the
amount so deposited or paid forthwith placed to their credit in the
books of the Bank of England; and the said Governor and Company
are hereby required to cause such sums to be forthwith placed to the
credit of the persons entitled to the annuities in respect thereof in the

books

( 5 )

books of the Bank of England, and such entries in the said books shall be in lieu of the receipts hereby directed to be given for all sums deposited or paid in manner aforesaid; and such sums shall carry the annuities after the rate of Three Pounds per centum, redeemable by 5 Parliament, and shall respectively be taken and deemed to be stock transferable according to the true intent and meaning of this Act.

9.

ment of Interest when to

And be it Enacted, That every such subscriber, his executors, admi- First Paynistrators, successors and assigns, who shall have deposited with or paid to the Governor and Company of the Bank of England, the be payable. 10 whole of his subscription on or before the Second day of January One thousand eight hundred and Forty-two, at the Bank of England, shall be entitled to receive, on the Fifth day of January One thousand eight hundred and Forty-two, the half-year's dividend on the said annuities that shall become due on the said Fifth day of January One 15 thousand eight hundred and Forty-two; and every person who shall not have completed the whole of his payments on or before the said Second day of January One thousand eight hundred and Fortytwo shall, on completing the same within the time in this Act prescribed, be entitled to receive, on the Fifth day of July One thousand 20 eight hundred and Forty-two, the year's dividend on the said annuities, from the Fifth day of July One thousand eight hundred and Forty-one, according to the true intent and meaning of this Act.

And be it Enacted, That all the Dividends and Interest on the said Annuities which shall become payable under this Act shall be 25 charged and chargeable upon and are hereby charged upon and made payable out of the Consolidated Fund of the United Kingdom of Great Britain and Ireland; and so much money shall from time to time be set apart and issued at the receipt of the Exchequer in Great Britain out of the Consolidated Fund of the United Kingdom of Great 30 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 pay the Dividends and Interest on the Annuities to be created under this Act, with the charges attending the same.

and

10.

Annuities charged on Consolidated

Fund.

11.

of Dividends.

AND for the more easy and sure payment of the Annuities established For Payment 35 by this Act; BE it Enacted, That 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, 40 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 dividends and other payments herein directed to be 45. made

A 3

12.

Receipts to be assignable.

13. Bills to be cancelled.

(6)

made out of the said Consolidated Fund shall, by order of the Com-
missioners of Her Majesty's Treasury of the United Kingdom of
Great Britain and Ireland, or any Three or more of them, or the Lord
High Treasurer of the United Kingdom of Great Britain and Ireland
for the time being, 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 of Great Britain
to the first or chief Cashier or Cashiers of the said Governor and
Company of the Bank of England, and their successors for the time 10
being, by way of imprest and upon account, for the payment
of the dividends respectively 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, and render his or their accounts thereof according to the 15
due course of the Exchequer in Great Britain; 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.

20

And be it Enacted, That 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 subscription towards the said sum of Five Millions, shall give a receipt or receipts in writing to every such subscriber for the principal money comprised in the Exchequer 25 Bills deposited by them respectively, or for the sum of money paid in lieu thereof; and the receipt so to be given shall be assignable at any time before the Second day of January One thousand eight hundred and Forty-two, and no longer, and shall from time to time deliver to the Paymasters of Exchequer Bills all the Exchequer Bills. which shall be so deposited as soon as he or they shall receive the same or any part thereof, or within Five Days afterwards at the furthest, and shall account for the same in the said Exchequer according to the due course thereof.

30

And be it Enacted, That all the Exchequer Bills so deposited 35 or to be deposited according to the directions of this Act with the Governor and Company of the Bank of England shall be from time to time transmitted by the said Governor and Company, and delivered over to the Paymasters of Exchequer Bills, to be cancelled, and the receipt for such Exchequer Bills, signed by any Two 40 of the said Paymasters, shall be a sufficient acquittance to the said Cashier or Cashiers in accounting for the Exchequer Bills to be received by them in pursuance of this Act; and the said Paymasters of Exchequer Bills are hereby authorized and required, upon receipt

of

of any such Bill, to mark and cancel the same, and to pay the interest thereupon according to the provisions of this Act.

And be it Enacted, That the Cashier or Cashiers of the Governor and Company of the Bank of England shall from time to time, as the 5 same may be received, duly account for and pay over to the receipt of Her Majesty's Exchequer all the monies which he shall have already received or shall hereafter receive in pursuance of this Act, within Five Days at the farthest after he shall have received the same, and shall account for the same in the Exchequer according to the due 10 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 account.

And be it Enacted, That in the office of the Accountant-general of the Governor and Company of the Bank of England for the time 15 being a book or books shall be provided and kept, in which the names of the subscribers shall be fairly entered, which book or books the said respective subscribers, their respective executors, administrators, successors or assigns, shall and may from time to time and at all seasonable times resort to and inspect without any fee or charge; and 20 the said Accountant-general shall, on or before the Fifth day of July One thousand eight hundred and Forty-two, transmit an attested duplicate, fairly written on paper, of the said book or books into the office of the Comptroller-general of the Receipt and Issue of Her Majesty's Exchequer at Westminster, there to remain for ever.

25

And be it Enacted, That the Accountant-general of the Governor and Company of the Bank of England shall certify to the Commissioners for the Reduction of the National Debt the amount of all Exchequer Bills subscribed to be funded, and all sums of money subscribed to be paid under the provisions of this Act, and also the 30 amount of the Consolidated Three Pounds per Centum Annuities which shall be created thereby.

And be it Enacted, That such subscribers duly depositing or paying in the whole sum so subscribed at or before the respective times in this Act limited in that behalf, and their respective executors, admi35 nistrators, successors and assigns, shall have, receive and enjoy, and be entitled by virtue of this Act to have, receive and enjoy the said Annuities by this Act granted in respect of the sum so subscribed, and shall have good and sure interests and estates therein, according to the several provisions in this Act contained; and the said Annuities 40 shall be free from all taxes, charges and impositions whatsoever: Provided always, That in case any such subscribers who have already deposited with or shall hereafter deposit or pay to the said Cashier

45.

A 4

or