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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A23868 An abstract of the charter to the governour and company of the Bank of England; Charter Bank of England. 1695 (1695) Wing A127; ESTC R3104 8,503 7

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An Abstract of the Charter to the Governour and Company of the Bank of England WHEREAS by an Act Intituled An Act for Granting to Their Majesties several Rates and Duties upon Tunnage c. It is Enacted That for four years from the first of June 1694. there shall be paid upon the Tunnage of all Vessels wherein any Goods shall be Imported from any the Countries in the Act named or Coast-wise from Port to Port in England the several Rates in the Act mentioned and certain Additional Duties of Excise on Beer Ale and other Liquors And that Weekly on every Wednesday if not an Holy-Day and if it be the next day not an Holy-Day all the Monies arising by the said Rates shall be paid into the Exchequer And that Yearly beginning from the first of June 1694 the Sum of 140000 l. arising out of the said Duties and Rates in Case the Weekly Payments extend thereunto shall be the Yearly Fund and if they do not extend thereunto then the said Weekly Payments so far as they will extend shall be part of the Yearly Fund And in Case the said Duties and Rates shall be so low as that within any one Year the Weekly Payment shall not amount to 140000 l. or be sufficient to answer the Annuities by the Act intended in such Case the Commissioners of the Treasury are strictly enjoyned without any Warrant from the King to make good such Deficiency out of any Treasure or Revenue of the Crown not appropriated Yearly to discharge the said Annuities And that it should be Lawful for Their Majesties to Commissionate any number of Persons to receive such Subscriptions as should be made before the first of Aug. next by any Natives or Foreigners or Corporations towards paying into the Exchequer the Sum of 1200000 l. and that the Yearly Sum of 100000 l. shall be Appropriated to such Subscribers And that the said Weekly Payments as they come in shall be divided into 5 7 parts and 2 7 parts which 5 7 parts shall be Appropriated to the paying of the said 100000 l. per Annum and shall be paid as the same comes into the Exchequer to the use of such Subscribers And that the King may appoint how the said 1200000 l. and the said 100000 l. per Annum shall be Assignable and may Incorporate such Subscribers by the Name of the Governour and Company of the Bank of England subject to the Condition of Redemption And if 1200000 l. or a Moiety or greater part thereof be not paid into the Exchequer by the first of January 1694 then the Subscribers shall have only after the Rate of 8 per Cent. per Ann. And the Commissioners of the Treasury are required without any Warrant from the King to pay the said 100000 l. per Annum to the Subscribers And that no Person or Corporation shall Subscribe more than 20000 l. and every Subscriber at the time of his Subscribing shall pay down 1 4 of his Subscription and in Default thereof such Subscription shall be void that the Residue of the Subscriptions shall be paid into the Exchequer before the first of January and in Default thereof the first fourth part shall be Forfeit and that none before the first of July shall write above 10000 l. Provided if 1200000 l. or a Moiety thereof be not subscribed by the first of Aug. then the Powers for Erecting a Corporation shall cease And in such Case so much of the 100000 l. as shall belong to the Subscribers may be assignable and that the Monies payable by the Act to any Person shall not be Chargeable with any Duties or Impositions as by the said Act may appear And whereas Their Majesties by Commission under the Great Seal did authorize divers Commissioners therein named to take such Subscriptions as should be made before the first of Aug. pursuant to the said Act and therein did promise that in case 1200000 l. or a Moiety were subscribed before the said first of August that His Majesty immediately after the said Day or as soon as 1200000 l. should be subscribed which should first happen would incorporate the Subscribers by the name aforesaid and did declare that the whole Sum subscribed and paid should be the Capital Stock and that all the Subscribers should have an Interest therein and in the said 100000 l. per annum which Interest should be assignable so as such Assignments be Entred and Registred as in the said Commission is directed as by the same may more fully appear And Whereas it appears by Duplicates transmitted into the Exchequer under the Hands and Seals of Five or more of the Commissioners that the Sum of _____ hath been subscribed and the first fourth part thereof paid to them on or before the _____ day of _____ last by And whereas it also appears by the entries of several Assignments made in the Auditors office that are by mean Assignments severally intituled to the Subscriptions made by the said Their Majesties in pursuance of the Powers in the said Act do appoint that the said and all and every other Persons Natives and Foreigners and Bodies Politick who over and besides the Persons before-named have subscribed any Sum of Money towards the Sum of _____ and paid the fourth part thereof upon their Subscriptions and who are now living and have not assigned and all the Heirs and Successors of any the Original Subscribers now dead who have not assigned in their life and the Heirs and Successors of the Assigns now dead who did not in their life assign and all Persons Natives or Foreigners or Bodies Politick who either as Original Subscribers and not having parted with their Interests or as Heirs Successors or Assigns or by other lawful Title have or shall have any Interest in the said Capital Stock or Yearly Fund so long as they have any Interest therein shall be and be called one Body Politick c. by the name of The Governour and Company of the Bank of England That by that name they shall have perpetual Succession and a Common Seal and be capable to purchase and hold Lands and Tenements and Goods and Chattels not restrained by the Act and to grant or dispose the same And shall sue and be sued and do all other matters and things that to them appertains subject nevertheless to the Condition of Redemption in the Act mentioned and to all other the Conditions and Clauses therein That all Persons having any Interest in the said Capital Stock or Yearly Fund as Original Subscribers or by Assignments or as Heirs c. shall be and be esteemed Members of the said Corporation and be admitted into the same without Charge That the aforesaid Sum of _____ subscribed as aforesaid shall be and be called the Capital Stock of the said Corporation _____ and that all Persons their Heirs Successors and Assigns in proportion to the Sums by them respectively subscribed shall have an Interest in the said Capital Stock and Yearly Fund of
100000 l. That the Commissioners of the Treasury now and for the time being without any Warrant from the King do direct their Warrants and Orders for Payment of the Yearly Sum of _____ to the said Corporation and their Successors for ever by and out of the 5 7 parts of the Money arising by the Duties granted by the said Act Subject nevertheless to the Payment of the Issues Fines and Debts upon Judgment against the Corporation The first Year to be reckoned from the first of June 1694. That the Commissioners of the Treasury and the Officers of the Exchequer do pay the said 5 7 parts of the Monies arising by the said Duties or so much of it as shall be sufficient for this purpose to the said Governour and Company and their Successors by Weekly Payments or otherwise as the same shall come into the Exchequer in satisfaction of the said Yearly Sum of _____ And in case 5 7 parts of the said Weekly Payments intended to be the said Yearly Fund shall not amount to so much as the said Yearly Sum of _____ which is the Annual Fund Established for the said Corporation then Their Majesties Grant and Agree with the said Corporation that 5 7 parts of the said Weekly Payments so far as the same will extend shall be part of the Yearly Sum of _____ And if the said Duties shall at any time appear to be so deficient as that within any one Year to be reckoned from the said First of June 5 7 parts of the Weekly Payments on the said Duties shall not amount to so much as _____ within the same Year Then the Commissioners of the Treasury without other Warrant from the King shall make good every such deficiency by paying so much of any Treasure of the King's not appropriated by Parliament toward the Payment of the said yearly Fund of _____ as together with 5 7 part of the Moneys paid into the Exchequer for the said Duties shall compleatly pay off the said Yearly Fund of _____ according to the meaning of the said Act. That for the better ordering the Affairs of the Corporation and for a succession of Persons to be Governor Deputy and Directors thereof there shall be for ever a Governor Deputy and 24 Directors who or any 13 or more of them whereof the Governor or Deputy to be one shall be and be called a Court of Directors for the ordering the Affairs of the said Corporation with such Powers as are hereafter mentioned That who is chosen for this purpose by a Majority of the Subscribers having each 500 l. Stock be the first Governor and who is chosen in like manner be the first Deputy-Governor and who are chosen in like manner be the first Directors of the said Corporation That the said Governor Deputy and Directors shall continue in their Offices till the 25th of March 1696 and till others be chosen and sworn unless any of them shall dye or be removed as is after-mentioned That all the Members of the Corporation may meet for the Choice of their Governor Deputy and Directors and for the making By-Laws for the Corporation or other their Affairs publick Notice being affixed at the Royal Exchange Two days at least before the said Meeting That all the Members or so many as meet shall be called a General Court which shall assemble in manner hereafter mentioned That all succeeding Governors Deputies and Directors after the 25th of March 1696. shall be yearly chosen forever between the 25th of March and the 25th of April in each Year by the Majority of the Members having each 500 l. Stock who shall be personally present and each have One Vote and no more which Governor Deputy and Directors shall continue in their Offices for one Year and till others be chosen and sworn And in case of the Death Avoidance or Removal of the Governor Deputy or Directors the Survivor of them or the Majority of those in Office may Elect other Persons as aforesaid That every Deputy in the Absence of the Governor shall have the same power as a Governor That no Person shall be an Elector for the Choice of Governor Deputy or Directors or making of By-Laws or in any other the Affairs of the Corporation who shall not have in his own Right and not in Trust 500 l. Stock and also take the Oath hereafter mentioned if required viz. I A. B. do swear That the Sum of 500 l. or more of the Capital Stock of the Governor and Company of the Bank c. doth at this time belong to me in my own Right and not in Trust That no Member in any Election or other Business of the Corporation shall have more than one Vote Provided that any Quaker who shall have 500 l. Stock and shall if required sign the following Declaration viz. I A. B. Do solemnly declare in the Presence of God That the Summ of 500 l. or more of the Capital Stock of the Governor and Company of the Bank c. at this time belongs to me in my own Right and not in Trust shall have a Vote at any General Court. That the Governor or Deputy or any two of the Directors do administer the said Oath and Declaration That no Person shall be Governor unless he be a Natural-born or Naturalized Subject and shall then have in his own Right 4000 l. Stock That none shall be chosen Deputy unless at such time he be a Natural-born or Naturalized Subject and shall then have in his own Right 3000 l. Stock That none be chosen a Director who shall not be a Natural-born or Naturalized Subject and shall then have in his own Right 2000 l. Stock That no Governor Deputy or Director shall continue in their Offices longer than the continuance of their respective Stocks in their own Rights but upon reducing their Stocks to any lesser Summ than as aforesaid their respective Offices shall determine and others be chosen in their Places by a General Court Provided that the said appointed to be the first Governor or any hereafter chosen into the said Office shall not execute the said Office until he hath taken the Oaths appointed to be taken by the Act made for Abrogating the Oaths of Supremacy and Allegiance and until he hath taken the Oath following viz. I A. B. do swear That the Summ of 4000 l. of the Capital Stock of the Governor and Company c. doth at this time belong to me in my own Right and not in Trust And another Oath viz. I A. B do swear That I will to the utmost of my Power support the Fellowship of the Governor and Company of the Bank c. and that in the Execution of the said Office I will honestly demean my self according to the best of my Skill Which Oaths to the first Governor may be administred by the Lord Keeper or the Chief Baron and to any future Governor by the Lord Chancellor or Lord Keeper or by the Chancellor or Chief Baron of the