East India Stock Dividend Redemption Act 1873
| Jurisdiction | UK Non-devolved |
| Citation | 1873 c. 17 |
| Year | 1873 |
East India Stock Dividend Redemption Act, 1873
(36 & 37 Vict.) CHAPTER 17.
An Act to provide for the Redemption or Commutation of the Dividend on the Capital Stock of the East India Company, and for the transfer of the Security Fund of the India Company to the Secretary of State in Council of India, and for the Dissolution of the East India Company.
[15th May 1873]
Whereas it is expedient that provision should be made for the redemption or commutation of the Dividend on the Capital Stock of the East India Company, and for the transfer of the Security Fund of the India Company to the Secretary of State in Council of India, and for the dissolution of the East India Company:
Be it therefore enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in the present Parliament assembled, and by the authority of the same, as follows:
1 Short title.
1. This Act may be cited as ‘TheEast India Stock Dividend Redemption Act, 1873.’
2 Interpretation of terms.
2. In this Act—
‘East India Stock’ means the Capital Stock of the East India Company:
The expression ‘Proprietors of East India Stock’ means and includes all persons, bodies politic or corporate, and the executors or administrators of all persons in whose names any portion or Share of East India Stock may be standing in the books kept for or on behalf of the East India Company by the Governor and Company of the Bank of England.
3 The Dividend on East India Stock to be redeemed or commuted.
3. The Dividend now payable by law to the East India Company on East India Stock shall be redeemed or commuted, as herein-after mentioned.
4 The Dividend to cease from 30th April 1874.
4. The Dividend now payable by law to the East India Company on East India Stock shall continue payable until the Thirtieth day of April One thousand eight hundred and seventy-four, and no longer.
Provided always, that a proportionate part of the said Dividend, and no more, shall become due for the period from the Sixth day of January One thousand eight hundred and seventy-four, to the Thirtieth day of April in the same year; and the payment of such proportionate part shall be made as near as may be in the manner in which the half-yearly payments of the said Dividend are now made, and all powers of attorney in force at the time of the passing of this Act, or which may hereafter be granted, for the receipt of Dividends to accrue on East India Stock, shall, unless legally revoked, enable the Attorney or Attorneys therein named to receive the proportionate part of the Dividend which will become due on the Thirtieth day of April One thousand eight hundred and seventy-four.
5 Power to Secretary of State in Council of India to offer Terms of Commutation to proprietors of Stocks.
5. The Secretary of State in Council of India may offer for the acceptance of the proprietors of East India Stock, by way of commutation for their respective portions or shares of the Dividend thereon, any stocks, funds, or securities which the Secretary of State in Council may have power to dispose of, or may be authorised by any Act of Parliament to create and issue; and any such offer may be made upon such terms and subject to such conditions as the Secretary of State in Council shall think fit.
6 Power to Secretary of State in Council to prescribe the manner in which the assents of proprietors are to be given, &c.
6. The Secretary of State in Council may prescribe the manner in which the assents of the proprietors of East India Stock to accept any of such Stocks, Funds, or Securities as may be offered in respect of the proposed commutation are to be signified, and the period within which such assents are to be given, and may order that the transfer books of East India Stock be closed from such date as may, in the opinion of the Secretary of State in Council, be necessary or convenient.
7 East India Company to furnish necessary information, and to permit access to their books.
7. Upon the requisition of the Secretary of State in Council, the East India Company shall furnish the Secretary of State in Council with all necessary information as to the proprietors of East India Stock, and shall permit any person or persons appointed by the Secretary of State in Council to have free access to the books kept for or on behalf of the said Company by the Governor and Company of the Bank of England, and to take copies thereof or extracts therefrom.
8 Commutation may be offered to proprietors or to Company.
8. The Secretary of State in Council may offer the proposed commutation either directly to the proprietors of East India Stock or to the East India Company, for the purpose of being communicated to the proprietors.
9 East India Company to comply with instructions of Secretary of State in Council, &c.
9. In case the offer of the proposed commutation shall be made to the East India Company, the said Company shall comply with such instructions as may from time to time be given by the Secretary of State in Council, and shall furnish such Certificates under the Seal of the said Company as the Secretary of State in Council may require.
10 Power to Paymaster-General on behalf of Court of Chancery in England, and Accountant General of Court of Chancery in Ireland, to assent to proposed commutation.
10. Her Majesty's Paymaster-General and the Accountant-General of the Court of Chancery in Ireland may, within such period as may be prescribed by the Secretary of State in Council, signify to the Secretary of State in Council, or to the East India Company, as the case may be, on behalf of any person or persons interested in East India Stock, standing in the books kept for or on behalf of the said Company as aforesaid to the account of the Paymaster-General for the time being on behalf of the Court of Chancery, or in the name of the said Accountant-General respectively, such assent as the said Paymaster-General and Accountant-General respectively may be directed to give by the Courts of Chancery in England and Ireland respectively, to accept and receive in lieu of such East India Stock such Stocks, Funds, or Securities as may be offered for the acceptance of the proprietors of East India Stock by the Secretary of State in Council, and orders may be made in a summary way by the Courts of Chancery in England and Ireland, upon the application by summons in Chambers of persons interested, for directing the said Paymaster-General and Accountant-General respectively as to signifying or not signifying such assent, and otherwise in relation thereto.
After the expiration of the period prescribed by the Secretary of State in Council as aforesaid, the Courts of Chancery in England and Ireland respectively, may by General Order direct the said Paymaster-General and Accountant-General respectively, within such further period as may be prescribed by the Secretary of State in Council, to signify, on behalf of the persons interested in East India Stock standing in the books kept for or on behalf of the said Company as aforesaid to the account of the Paymaster-General for the time being on behalf of the Court of Chancery, or in the name of the said Accountant-General respectively, in respect of which no special orders shall have been made under the provision herein-before contained, their assent to accept and receive in lieu of such East India Stock such of the Stocks, Funds, or Securities offered for the acceptance of the proprietors of East India Stock by the Secretary of State in Council as the said Courts of Chancery respectively shall think fit; and the dividends to accrue on such Stocks, Funds, or Securities as may be accepted in lieu of East India Stock, under this provision, shall continue to be paid and dealt with in like manner as the dividends on such East India Stock would have been paid and dealt with in case this Act had not been passed until the Court of Chancery shall make further Order therein; and the said Paymaster-General and Accountant-General respectively shall be fully indemnified against all actions, suits, or proceedings for or in respect of any act, matter, or thing done by them respectively in pursuance of this Act.
11 Power to Executors, &c. to assent.
11. All executors, administrators, guardians, and trustees, and all committees of the estates of idiots and lunatics, who, as such, shall have the control over any portion or share of East India Stock, standing either in their own names or in the name or names of any testator or intestate infant, idiot, or lunatic, or other person or persons, may signify such assent as aforesaid, at any time within such period as may be prescribed by the Secretary of State in Council; and all executors, administrators, guardians, trustees, and committees signifying such assent shall be severally and respectively indemnified in respect thereof: Provided always, that an assent for the purposes aforesaid, signed by one of such executors, administrators, guardians, trustees, or committees for and on behalf of himself and the others or other of them, shall be sufficient, and shall be binding and conclusive upon the others and...
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