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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A58575 Act of Parliament for erecting a bank in Scotland Edinburgh, July 17, 1695. Scotland. 1695 (1695) Wing S1128; ESTC R232205 5,576 9

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ACT OF PARLIAMENT FOR Erecting a Bank in SCOTLAND EDINBURGH July 17. 1695. OUR SOVEREIGN LORD considering how useful a publick Bank may be in this Kingdom according to the Custom of other Kingdoms and States and that the same can only be best set up and managed by Persons in Company with a joint Stock sufficiently endued with these Powers and Authorities and Liberties necessary and usual in such Cases Hath therefore allowed and with Advice and Consent of the Estates of Parliament Allows a joint Stock amounting to the Sum of Twelve hundred thousand Pounds Money to be raised by the Company hereby established for the carrying on and managing of a publick Bank And further Statutes and Ordains with Advice foresaid That the Persons under-named viz. Mr. William Areskine Son to the Lord Cardross Sir John Swinton of that Ilk Sir Robert Dickson of Sornebeg Mr. George Clark Junior and Mr. John Watson Merchants in Edinburgh Mr. James Fowlls Mr. John Holland Mr. David Nairn Mr. Walter Stewart Mr. Hugh Frazer Mr. Thomas Couts and Mr. Thomas Deans Merchants in London or any Three of them And in case of the Decease of any of them the Persons to be chosen by the Survivers shall have Power to appoint a Book for Subscriptions of Persons either Natives or Foreigners who shall be willing to subscribe and pay in to the said joint Stock which Subscriptions the foresaids Persons or their Quorum are hereby authorised to receive in the foresaid Book which shall ly open every Tuesday or Friday from Nine to Twelve in the Forenoon and from Three to Six in the Afternoon betwixt the first Day of November next and the first Day of January next following in the publick Hall or Chamber to be appointed in the City of Edinburgh and therein all Persons shall have Liberty to subscribe for such Sums of Money as they shall think fit to adventure in the said joint Stock one thousand Pounds Scots being the lowest Sum and twenty thousand Pounds Scots the highest and the two third Parts of the said Stocks belonging always to Persons residing in Scotland Likeas each and every Person at the Time of his subscribing shall pay into the Hands of the forenamed Persons or any Three of them Ten of the Hundred of the Sums set down in their respective Subscriptions towards the carrying on the Bank And all and every the Persons subscribing and paying to the said Stock as aforesaid shall be and hereby declared to be one Body corporate and politick by the Name of The Governour and Company of the Bank of Scotland under which Name they shall have perpetual Succession and shall have a common Seal And their Successors by the Name foresaid shall be able and capable to purchase and enjoy as also to give grant alienate and dispose of Lands Tenements and all other Heritage as likewise of all Sums of Money and other moveable Goods and Gear whatsoever And further to do and execute all other Things which any other Company or Body corporate can or may lawfully do or execute and that as amply and fully as if the several Matters and Things were particularly set down in this Act. And for the better ordering and managing of the Affairs of the said Bank it is hereby further Statute and Ordained That there shall be for ever a Governor Deputy-Governor and Twenty four Directors to be elected and chosen as hereafter is appointed who or any seven of them hereby declared to be their Quorum shall have the Management and Direction of the said Bank which Persons viz. Governor Deputy-Governor and Twenty four Directors are to be chosen in this Manner viz. That within the three Months after the foresaid Subscriptions are ended the Person particularly above-named or any Two of them shall appoint a certain Day and make due Intimation of the same that such and so many of the Adventurers and none other as shall each of them have subscribed for one thousand Pounds Money or upwards in the said Book of the joint Stock may elect and choose by Majority of Votes which are to be given one Vote for every thousand Pounds Share in the Stock a fit Person of the Subscribers who hath subscribed for himself at least for eight thousand Pounds to be Governor of the said Bank and another fit Person of the Subscribers who shall have subscribed for himself at least for six thousand Pounds to be Deputy-Governor of the said Bank and also twenty four others fit Persons who shall have subscribed each of them for himself at least for three thousand Pounds in the said joint Stock to be Directors of the said Bank which Governour Deputy-Governor and Directors are to continue in their respective Offices until the next Election of their Successors which next Election shall be made within thirty Days after the Expiration of a whole Year from the former Election by the Majority of the Votes of the Members who are to be qualified and their Votes reckoned in Manner above-mentioned And so forth the said Governor Deputy-Governor and Directors to be chosen from Year to Year And if any of them happen to decease before the Expiration of his Time then the Members and the Company qualified as aforesaid shall elect in Manner above-mentioned another fit Person in the Room and to the Office of the Deceased who is to officiate for the Remainder of his Time And further the Governor or his Deputy and any Three of the Directors or any Five of the Directors without the Governor or his Deputy may as often as they see Cause summon a Meeting of the Adventurers qualified as said is at which Meeting by Majority of Votes to be given as said is the Governor or his Deputy or any of the Directors for the Time not exceeding Two Directors at one Meeting may be displaced and removed for any Miscarriage or Insufficiency in his Office To which Sentence the Person removed is absolutely to acquiesce without Gainsaying and another to be chosen in his Room and Place as aforesaid to continue till the next general Election and the Governor Deputy-Governor Directors or any seven of them their Quorum foresaid may meet together at any convenient Place for the Management of the Affairs of the said Bank and the saids Adventurers at any General Meeting that shall happen to be appointed shall have Power to require the Payment of any further Part of the Subscriptions than the Ten per Cent. above-mentioned at such Time as they shall think fit And in case any of the Adventurers shall refuse or neglect to pay in their Proportion appointed by the said General Meeting then he shall forfeit to the Use and Behoof of the said joint Stock whatever he had before paid in to the said Company and no Governor Deputy-Governor or Director shall be capable of or continue in their said respective Offices unless they have the respective Sums above-mentioned in their own Right and so long as they have the same and no longer