East India Company Act 1781
| Jurisdiction | UK Non-devolved |
| Citation | 1781 c. 65 |
(21 Geo. 3) C A P. LXV.
'WHEREAS by an Act, made in the seventeenth Year of the Reign of his late Majesty KingGeorge the Second (intituled, Englandtrading to the East Indies), it was, amongst other Things, enacted, that the United Company of Merchants of England trading to the East Indies should, subject to the Proviso of Determination therein-after contained, have, use, and enjoy, and should continue to have, use, and enjoy, the whole, sole, and exclusive Trade and Traffic, and the only Liberty, Use, and Privilege of trading, trafficking, or using or exercising the Trade or Business of Merchandize in, to, and from the East Indies , and from all the Islands, Ports, Havens, Coasts, Cities, Towns, and Places, between the Cope of Good Hope and the Streights of Magellan ; and Limits, in an Act made in the ninth Year of the Reign of his late Majesty King William the Third, or in a Charter of the said fifth Day of September , in the tenth Year of his said late Majesty's Reign, mentioned, in as ample and beneficial a Manner as the said Company could thereby or otherwise lawfully trade thereto, with such Prohibition to all other his Majesty's Subjects to trade thereto, and under such Penalties and Forfeitures, as in the said Act of the seventeenth Year of the Reign of his said late Majesty King George the Second; and by the said last-mentioned Act it was provided and enacted, That at any Time, upon three Years Notice to be given by Parliament after the twenty-fifth Day of March , one thousand seven hundred and eighty, upon the Expiration of the said three Years, and Repayment to the said United Company of Merchants of England trading to the East Indies , or their Successors, of the Capital Stock, Debt, or Sum of four millions two hundred thousand Pounds, in the said Act mentioned, and all Arrears of Annuity payable in respect thereof, in case the same should not have before been repaid, then, and from thenceforth, and not before or sooner, the said Right, Title, and Interest, of the said United Company of Merchants of England trading to the East Indies , to the whole, sole, and exclusive Trade to the East Indies , and Parts aforesaid, should cease and determine: and whereas, on the seventh Day of April , one thousand seven hundred and eighty, Notice was given to the said United Company, pursuant to the Power reserved in the said recited Act for that Purpose, that the Capital Stock, Debt, or Sum of four millions two hundred thousand Pounds, and all Arrears of Annuity in respect thereof, due from the Public to the said United Company, would be redeemed and paid off on the tenth DayofApril , one thousand seven hundred and eighty-three; And whereas, by an Act made in the seventh Year of the Reign of his present Majesty (intituled, An Act for establishing an Agreement for the Payment of the annual Sum of four hundred thousand Pounds, for a limited Time, by the East India Company, in respect of the Territorial Acquisitions and Revenues lately obtained in the East Indies), it was directed, That the said United Company, and their Successors, should advance and pay into the Receipt of his Majesty's Exchequer, for his Majesty's Use, the Sum of four hundred thousand Pounds per Annum , for and during the Term of two Years, to be computed from the first Day of February , one thousand seven hundred and sixty-seven, by Half-yearly Payments of two hundred thousand Pounds each, at or before such Times as are therein limited; and it was thereby enacted and declared, That all the Territorial Acquisitions and Revenues, lately obtained in the East Indies , should remain in Possession of the said United Company, and their Successors, during the said Term of two Years, to be computed from the said first DayofFebruary , one thousand seven hundred and sixty-seven: And whereas, by an Act made in the ninth Year of the Reign of his present Majesty (intituled, An Act for carrying into Execution certain Proposals made by the East India Company for the Payment of the annual Sum of four hundred thousand Pounds, for a limited Time, in respect of the Territorial Acquisitions and Revenues lately obtained in the East Indies), it was directed, That the said United Company of Merchants of England trading to the East Indies , and their Successors, should advance and pay into the Receipt of his Majesty's Exchequer, for his Majesty's Use, the Sum of four hundred thousand Pounds per Annum , for and during the Term of five Years, to be computed from the first Day of February , one thousand seven hundred and sixty-nine, at or before such Times as are therein limited; and it was thereby enacted and declared, That all the Territorial Acquisitions and Revenues (in the said recited Act before mentioned) lately obtained in the East Indies , should remain in Possession of the said United Company, and their Successors, during the side Termof five Years: And whereas, by an Act made 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 of England trading to the East Indies), it is, among other Things, recited, That the United Company of Merchants of England trading to the East Indies did then labour, and had for some Time pass laboured under great and unusual Difficulties in carrying on of their Affairs, from which it greatly imported the Public, as well as the said United Company, that they should, as speedily as possible, be relieved; and, by the said Act, Provision was made for advancing to the said United Company, by Way of Loan from the Public, the Sum of one million four hundred thousand Pounds: And it was by the said Act also recited, That, in the then Circumstances of the East Indic Company, it would not be in their Power to provide for the Repayment of such Loan, and for establishing their Affairs upon a more secure Foundation for the Time to came, unless the Public should agree to forego for the present all Participation in the Profits arising from the Territorial Acquisitions and Revenues lately obtained in the East Indies , in order that Provision be made by Parliament for applying as well the Whole of the Profits arising from the said Territorial Acquisitions and Revenues, as well as the Revenue and Profits of the Company, after providing for certain necessary Payments and Deductions to be made thereout, to the Repayment of the said Sum of one million four hundred thousand Pounds, and to the Reduction of the Company's Bond Debt: And by the said Act it was enacted, That, until the said Sum of one million four hundred thousand Pounds should have been repaid, and the Bond Debt of the said Company be reduced to the Sum of one million five hundred thousand Pounds, the whole clear Profits arising from the said 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 Manner following; (that is to say,) until the Whole of the Money, so advanced and applied as aforesaid, should have been repaid, it should and might be lawful, out of the said clear Revenues and Profits, to set apart and apply, in the first place, such 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 Poundsper 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, it should and might be lawful, in like Manner, to set apart and apply, 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 upon the Capital Stock of the said Company; after which, all the Surplus of the said clear Revenues and Profits should be applied in reducing the Bond Debtof the said Company: And whereas, by a certain other Act of Parliament, made in the nineteenth Year of the Reign of his present Majesty (intituled,An Act for continuing in the Possession of the United Company of Merchants of England trading to the East Indies, for a limited Time, and under...
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