266 7ig. South- Sea Com- pany fhall pay into the Exche- quer four Years and a Half 's Pufchafe upon the long Annui- ties that fhall -be fo actually talcen in, 7 Geo. i. ft. 2. Times of Pay- ment. , Company to pay one Year's Pur- chafe for fuch of the long Annui- ties as dial] not be taken in. Times of Pay- ment. In cafe of Far lure of Payment an Action of Debt inall lie aeainfttheCom pany, &c C. 4. Anno fexto Georgii Regis. A. D. 1 ' XLV. And whereas the faid Corporation of the Governor and Company of Merchants of Great
- Britain, in Confederation of the Increafe which, by virtue of this Act, will be made as aforefaid of their
' capital Stock and Annuity or yearly Fund before-mentioned, by taking in by Purchafe or Subfcription ' at Prices to be mutually agreed on with the Proprietors as aforefaid, the faid Annuities for the aforefaid ' Remainders of the faid feveral Terms of ninety-fix Years, eighty-nine Years, ninety-nine Years, and ' thirty-two Years, or fuch Eftates and Interefts therein as will compleatly make up the faid feveral Re- ' mainders of the faid feveral Terms, which fhall be to come and unexpired at the refpective Times of ' taking in the fame Annuities refpedtively, are willing to pay fuch further Sum and Sums of good and ' lawful Money of Great Britain, as the Annuities fo purchafed, or fo many of them as {hall be actu- ' ally purchafed and taken in within the Time aforefaid, fhall amount unto at the Rate of four Years and ' an Half's Purchafe ; that is to fay, at the Rate of four hundred and fifty Pounds for every fuch Annuity, ' amounting to one hundred Pounds per Annum-, and proportionably for any fuch greater or lefier An- ' nuities, which fhall be taken in for the faid Remainders of the faid Terms of Years refpectively : the ' Money fo arifing to be alfo applied towards the difcharging the Principal and Intereft of the faid national ' Debts and Incumbrances which were incurred before the faid twenty-fifth Day of December one thoufand ' feven hundred and fixteen :' Be it further enacted by the Authority aforefaid, That the fame Corpora- tion fhall pay into the faid Receipt of the Exchequer, for the Purpofe aforefaid, and without any Deduc- tion, Defalcation or Abatement whatfoever, fuch further Sums of good and lawful Money of Great Bri- tain, as the faid Rate of four Years and an Half's Purchafe fhall amount unto, upon all fuch of the An- nuities laft mentioned as fhall be actually taken in by Purchafe or Subfcriptions purfuant to this Act, on • or before the faid firft Day of March one thoufand feven hundred and ty,'enty-one ; the faid Sums, after the faid Rate of four Years and an Half's Purchafe, to be paid into the faid Exchequer by four equal quar- terly Payments, as is herein after mentioned ; that is to fay, One full and equal fourth Part thereof on or before the Feait of the Annunciation of the BlefTed Virgin Mary which fhall be in the Year of our Lord one thoufand feven hundred and twenty-two ; one other full and equal fourth Part thereof on or before the Feaft of the Nativity of St. John Baptijl which fhall be in the faid Year of our Lord one thoufand feven hundred and twenty-two ; one other full and equal fourth Part thereof on or before the Feaft of St. Mi- chael the Archangel which fhall be in the faid Year of our Lord one thoufand feven hundred and twenty- two ; and the remaining full and equal fourth Part thereof on or before the Feaft of the Birth of our Lord Chrift which fhall be in the faid Year of our Lord one thoufand feven hundred and twenty-two, in full. Payment and Satisfaction of the faid Sums, to be computed after the faid Rate of four Years and an Half's Purchafe. ' XLVI. And whereas the faid Corporation of the faid Governor and Company of Merchants of ' Great Britain, to manifeft their fincere Intention of ufing their beft Endeavours to take in, by Purchafe ' or Subfcriptions, and at Prices to be mutually agreed upon, as aforefaid, the faid Annuities now pay- ' able for and during the faid refiduary Terms of ninety-fix Years, eighty-nine Years, and ninety-nine ' Years, or fuch Eftates or Interefts therein as fhall compleatly make up the Remainders of the faid Terms ' of ninety-fix Years, eighty-nine Years, and ninety-nine Years, which fhall be to come and. unexpired ' at the refpective Times of taking in the fame, are willing to pay fuch further Sum and Sums of good ' and lawful Money of Great Britain, as the Rate of one Year's Purchafe to be computed upon fuch of ' the Annuities laft mentioned, as fhall not be actually purchafed and be taken in within the Time li- ' mited, fhall amount-unto ; that is to fay, One hundred Pounds for every fuch Annuity, amounting to ' one hundred Pounds per Annum, and proportionally for every fuch greater or lefler Annuity, which fhall ' not be fo taken in, by Purchafe or Subfcription within the Time before limited ; the Monies fo arifing ' to be alfo applied towards the Difcharging the Principal and Intereft of the faid national Debts and In- 4 curr.brances which were incurred before the faid twenty-fifth Day of December one thoufand feven hun- ' dred and fixteen :' Be it further enacted by the Authority aforefaid, That the fame Corporation fhall pay into the faid Receipt of the Jtxchequer for the Purpofe aforefaid, and without any Deduction, Defal- cation or Abatement whatfoever, fuch further Sums of good and lawful Money of Great Britain, as the faid Rate of one Year's Purchafe fhall amount unto, upon all fuch of the Annuities laft mentioned, as fhall not be actually taken in by Purchafe or Subfcriptions purfuant to this Act, on or before the faid firft Day of March one thoufand feven hundred and twenty-one; the faid Sums after the faid Rate of one Year's Purchafe to be paid into the faid Exchequer, at fuch Times and by fuch Proportions as are herein after mentioned ; that is to fay, One full and equal fourth Part thereof, on or before the Feaft of the An- nunciation of the BlefTed Virgin Mary which fhall be in the Year of our Lord one thoufand feven hundred and twenty-two ; one other full and equal fourth Part thereof on or before the Feaft of the Nativity of St. John the Baptjji which fhall be in the faid Year of our Lord one thoufand feven hundred and twen- ty-two ; one other full and equal fourth Part thereof on. or before the Feaft of St. Michael the Arch- angel which fhall be in the faid Year of our Lord one thoufand feven hundred and twenty-two ; and the remaining full and equal fourth Part thereof on or before the Feaft of the Birth of our Lord Chrift which fhall be in the faid Year of our Lord one thoufand feven hundred and twenty-two, in full Payment and Sa- tisfaction of the faid Sums to be computed after the faid Rate of one Year's Purchafe. XLVII. And be it further enacted by the Authority aforefaid, That in cafe the faid Corporation fhall 'make Failure in Payment of the faid Sum of four millions one hundred fifty-fix thoufanj three hundred and fix Pounds four Shillings and eleven Pence, or any Part thereof, or of the faid Sums to be paid after - the faid Rate of four- Years and an Half's Purchafe, or of the faid Sums to be paid after the faid Rate of '■'■'"■ ■ one
