350 C. 7. Anno feptimo Ann^ Reginse. A. D. 1708. Half the old Subfidy, &c. made a General Fund tor paying off and cancel- ling the Bills, &c. faid Term of four Years of and in the faid Duties, and additional or further Duties on Coffee, and other the enumerated Commodities iaft mentioned, granted by the faid Aft of the fixth Year of her Majefty's Reign ; and the faid half Subfidies and other Duties, which from and after the faid laft Day of July one thoufand feven hundred and fourteen fhall arife, grow due, or become payable by Virtue of this Aft to her Majefty, her Heirs and Succeffcrs; and all the Monies, which from and after the paying off and dif- charging all the faid Loans, not exceeding feven hundred twenty-nine thoufand fixty-feven Pounds fif- teen Shillings and fix Pence three Farthings, borrowed or authorized to be borrowed as aforefaid, and all 6 Anns, c. a2. the Intereft Monies fecured, or intended to be fecured by the faid Aft of the fixth Year of her Majefty's Reign in that Behalf, or referving fufficient Money in the Exchequer, for that Purpofe as aforefaid, (hall or may arife of or for the like half Subfidies or Duties by the fame Aft of the fixth Year of her Majefty's Reign until the faid firft Day of Auguji one thoufand feven hundred and fourteen, and all the Monies which (at the End of any Quarter of a Year of the Term for which the faid Annuities not exceeding 6Anni, c. II. eighty thoufand Pounds />,?r ^ff«KOT upon the faid other Aft of the fixth Year of her Majefl-y's Reign arc purchafed) fhall arife at the Exchequer of or for the other half Subfidies or Duties by that Aft appropri- ated, over and above the Monies then due for or upon the fame Annuities, or for Arrearages thereof, then or at any Time or Times before that Time incurred as aforefaid, (the neceflary Charges of raifing, levying, collefting, anfwering, paying, and accounting for the faid Subfidies, Duties, Surplus Monies, Remains, and Arrears refpeftively, and the Charges of making and iffuing all the Exchequer Bills to be made forth or iflued in purfuance of this Aft, always excepted and foreprized) are and {hall be a general Fund and Security, as well for fatisfying and paying, from Time to Time, all fuch Monies as fhall be due or payable according to the true Meaning of this Aft, for the faid Intereft to be born on the faid Bills, and for the faid Premium or Allowance after the Rate of three Pounds per Centum per Annum, and for or towards raifing the yearly Sum of two hundred thoufand Pounds, to commence as is herein after menti- oned for paying off and cancelling the faid Bills in the Manner herein after expreffed. " A Book to be kept in the Auditor's Office for entring the General Fund. Till the Fund eftablifliei " takes effeft, Treafury to compute quarterly the Intereft due on Exchequer Bills : And to make out " other Bills' for fo much as fhall be due, with like Intereft and Currency, f5V. and be dated on the " Quarter Day to which the Intereft is computed, and paid to the Bank, i^c. Remainder of the Subfi- " dies, fsfc. appropriated for paying off Exchequer Bills. Deficiency of one Quarter to be made good " out of the Overplus of the next. Surplus of any Qtiarter difpofable by Parliament. Allowance of 3 " per Cent, for Circulation to be paid weekly. Treafury to iffue Money to any Perfon for difcharging " the Intereft on the Bills. The yearly Sum of 200,000/. for difcharging the Bills, to be iffued and ap- " plied as the Treafury fhall direft ; but the weekly Payments not to exceed 50,000/. in one Quarter. " Officers mifapplying the Money, fs'f. forfeit Office, £3V. Exchequer Bills to be taken by all Receivers, " l^c. and at the Exchequer. Receivers, l^c. to exchange the Bills in ready Money, or be liable to be " fued for the Money, l^c. How the Plaintiff in fuch Aftion may declare. He fhall recover Damages " and full Cofts of Suit. The Bills to pafs as Specie in the Exchequer. Intereft on Bills to be allowed " by Receivers, fsfc. Bills in Receivers Hands, Wf. Intereft to ceafe. Perfons paying Bills to Receivers, " i^c. to endorfe their Names, Day, and Year when paid. Bills re-iffued to have the Day and Year en- " dorfed, fe'c. Bills after 24 Jurt-e 1709. to be re-iffued only for the Principal. Tellers to be reimburf- " ed the Intereft they allow. Receivers General to keep a Book, ^c. to be infpefted without Fee, on " Penalty of 100/. to any one who will fue for it. Bank to exchange all Bills re-iffued at the Exche- " quer. Penalty on Bank refufing to exchange. Bills filled up by Indorfements, ISc. Treafury to ilfue " new ones. Bank may call in Money from their Members for circulating, ^c. See 8 Annas, c. i. §. " 116. Members refufing, Bank may ftop their Dividends, i^c. and charge Defaulters with Intereft at " (1 per Gent. Not paid m 3 Months, Bank may fell. Bank may make Dividends of the Money called " in. Felony to counterfeit thefe Exchequer Bills. Bank to have one Part of the Cheques, i^c. of aft " Bills. Members not difabled by any Thing in the Aft to be Parliament Men, or liable to be Bankrupts.' " No other Exchequer Bills to be iffued, until all thefe be paid, without Confent of the Bank. EXP.'*,, During the Bank no Company in Partnership lo take up Money on their Bills, payable under 6 Months. Capital Stock, &c. exempted from Taxes, and to be deem- ed a perfonal Efigte, LXI. And it is hereby further enafted by the Authority aforefaid, That during the Continuance of the faid Corporation of the Governor and Company of the Bank of England, it fliall not be lawful for any Body Politick or Corporate whatfoever, erefted or to be erefted, (other than the faid Governor and Com- pany of the Bank of England) or for any other Perfons whatfoever united or to be united in Covenants or Partnerfnip, exceeding the Number of fix Perfons, in that Part of Great Britain called England, to bor- row, owe, or take up any Sum or Sum.s of Money on their Bills or Notes payable at Demand, or at any lefs Time than fix Months from the borrowing thereof. LXII. And it is hereby further enafted by the Authority aforefaid. That the Common Capital and Principal Stock, and alfo the real Funds of the Governor and Company of the Bank of England, and all the Profit and Produce to be made thereof, or arifing thereby, and the faid Allowance after the Rate of three Pounds ^#r Centum per Annum, and the particular Part, Share, and Intereft of every Member of the faid Corporation in the faid Stock, Funds, Profits, Produce, and Allowance, and the Principal to be contained in the faid Bills, and the Intereft to be born thereupon, fhall be and are hereby exempted from any Taxes, Rates, Affeffments, and Impofitions v/hatfoever, during the refpeftive Continuances of the fame; and fhall be deemed in all Courts of Law and Juftice, and in all other Courts and Places whatfo- ever, to be a perfonal Eftate, and not real, and fhall go to the Executors and Adminiftrators of the Per- fon or Perfons dying poffeffed thereof, or entitled thereunto, and not to the H;irs of fuch Perfon or Per- fons i
