East India Company Act 1780

Citation1780 c. 56
JurisdictionUK Non-devolved
Anno Regni G E O R G I I III. Vicesimo. An Act for continuing in the Possession of the United Company of Merchants ofEngland trading to the East Indies , for a further Time, and under certain Conditions, the Territorial Acquisitions and Revenues lately obtained in the East Indies ; and for reviving, and continuing for a further Time, so much of an Act, made in the thirteenth Year of the Reign of his present Majesty, intituled, An Act for establishing certain Regulations for the better Management of the Affairs of the East India Company, as well in India as in Europe, as hath expired in the Course of the present Year; and for indemnifying the said Company for any Money they have paid, or may pay, in or about the building of three Ships of the Line for the Service of the Public.

(20 Geo. 3) C A P. LVI.

'W H E R E A S by an Act, passed in the thirteenth Year of the Reign of his present Majesty, intituled, An Act for granting to his Majesty a Sum of Money, to be raised by Exchequer Bills, and to be advanced and applied, in the Manner, and upon the Terms, therein mentioned, for the Relief of the United Company of Merchants ofEnglandtrading to the East Indies, it was directed, That the Commissioners of his Majesty's Treasury, or the Lord High Treasurer for the Time being, should cause to be prepared and made any Number of Exchequer Bills, not exceeding in the Whole the Amount of one million four hundred thousand Pounds, to be lent, advanced, and issued, as in the said Act was directed, for the Relief of the United Company of Merchants of England trading to the East Indies : And whereas by the said Act it was declared, That in the then Circumstances of the East India Company, it would not be in their Power to provide for the Repayment of the Loan aforesaid, and for establishing their Affairs upon a more secure Foundation for the Time to come, unless the Public should agree to forego, for the present Time, all Participation in the Profits arising from the territorial Acquisitions and Revenues lately obtained in the East Indies ; and therefore it was by the said Act enacted, That, until the aforesaid Sum of one million four hundred thousand Pounds should be repaid, and the Bond Debt of the Company be reduced to the Sum of one million five hundred thousand Pounds, the whole clear Profits arising from the aforesaid territorial Acquisitions and Revenues, after defraying the Charges and Expences attending the same, together with all the clear Revenue and Profits of the said Company, after providing for the current Payments of Interest, and other Outgoings, Charges, and Expences, of the said Company, should, from Time to Time, be disposed of and applied in the Manner as in the said Act was directed; that is to say, Until the aforesaid Sum of one million four hundred thousand Pounds should be repaid, and so long as the said Sum, or any Part thereof, should remain unpaid, there should, in the first Place, be set apart and applied, out of the said clear Revenues and Profits, such a Sum as might be sufficient for answering a Dividend to the Proprietors of the Stock of the said Company, not exceeding the Rate of six Pounds per Centum per Annum upon the Capital Stock of the said Company; and all the Surplus of the said clear Revenues and Profits should be applied in Diminution of the said Sum of one million four hundred thousand Pounds, or such Part thereof as should be remaining unpaid, and for defraying the Charges incurred in respect thereof; and after the Repayment of the Whole of the Money so advanced and applied as aforesaid, and until the Bond Debt of the said Company should be reduced to the Sum of one million five hundred thousand Pounds, there should in like Manner be set apart and applied, in the first Place, out of the said clear Revenues and Profits, such Sum as might be sufficient for answering a Dividend not exceeding the Rate of seven Pounds per Centum per Annum...

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