National Debt Act 1763
| Jurisdiction | UK Non-devolved |
| Citation | 1763 c. 25 |
| Year | 1763 |
(4 Geo. 3) C A P. XXV.
'WHEREAS by an Act of Parliament made in the seventh Year of the Reignof her late Majesty Queen Anne , intituled,An Act for enlarging the Capital Stock of the Bank of England, and for raising a further Supply to her Majesty for the Service of the Year one thousand seven hundred and nine; it was declared and enacted, That the Governor and Company of the Bank of England , and their Successors for ever, should continue and be one Body Corporate and Politick, and should for ever have, receive and enjoy the entire yearly Fund of one hundred thousand Pounds therein mentioned, out of certain Rates and Duties of Excise therein described, and such Abilities, Capacities, Powers, Authorities, Franchises, Exemptions, Privileges, Profits and Advantages, as are therein expressed, subject nevertheless to a Power and Condition of Redemption in that Act contained in that Behalf; and it was thereby provided and enacted, That at any Time upon twelve Months Notice, after the first Day of August which should be in the Year of our Lord one thousand seven hundred and thirty-two, and not before, and upon Repayment by Parliament to the said Governor and Company of the Bank of England , or their Successors, of the several Sums amounting to one million six hundred thousand Pounds therein mentioned, without any Deduction, Discount or Abatement whatsoever, to be made out of the said Sum of one million six hundred thousand Pounds, or any Part thereof, and upon Payment to the said Governor and Company, and their Successors, of all Arrears of the said one hundred thousand Pounds per Annum , and all the Principal and Interest Money which should be owing unto them upon all such Tallies, Exchequer Orders, or Parliamentary Funds, which the said Governor and Company, or their Successors, should have remaining in their Hands, or be intitled to, at the Time of such Notice to be given as aforesaid (such Funds for Redemption whereof other Provision was made in the same Act, only excepted); then, and in such Case, and not till then, the said yearly Fund of one hundred thousand Pounds should cease and determine, as by the said Act (relation being thereunto had) may more plainly appear: And whereas by an Act of Parliament made in the twelfth Year of her said late Majesty's Reign (intituled, the before recited Proviso or Condition, for determining the said yearly Fund of one hundred thousand Pounds, upon twelve Months Notice after the said first Day ofAugust one thousand seven hundred and thirty-two, upon such Payments as aforesaid, was thereby repealed and made void; and it was thereby provided and enacted, That at any Time upon twelve Months Notice, after the first Day of August which should be in the Year of our Lord one thousand seven hundred and forty-two, and not before, and upon Repayment by Parliament to the said Governor and Company of the Bank of England , or their Successors, of the said Sum of sixteen hundred thousand Pounds, without any Deduction, Discount, or Abatement whatsoever, and upon Payment to the said Governor and Company, and their Successors, of all Arrears of the said one hundred thousand Pounds per Annum , and all the Principal and Interest Money which should be owing to them upon all such Tallies, Exchequer Orders, or Parliamentary Funds, which the said Governor and Company, or their Successors, should have remaining in their Hands, or be intitled to, at the Time of such Notice to be given as aforesaid (such Funds for Redemption whereof other Provision is made in the said former Acts, or any of them, or in the said recited Act, always excepted); then, and in such Case, and not till then, the said yearly Fund of one hundred thousand Pounds should cease and determine: And it is also further provided and enacted, That from and after such Redemption of the said one hundred thousand Pounds per Annum , and from and after Redemption should be made by Parliament of the Annuity of one hundred and six thousand five hundred and one Pounds thirteen Shillings and five Pence, by the said recited Act, of the seventh Year of her said late Majesty's Reign, settled,and payable to the said Governor and Company, in the Manner therein mentioned, and from and after Redemption should likewise be made of the Fund established by the said recited Act, in relation to the Exchequer Bills therein mentioned, then, and not till then, the said Corporation of the Governor, and Company of the Bank of England should cease and determine; but till then the said Governor and Company should continue a Corporation, and should have and enjoy all the Powers and Privileges they were intitled to, as by the same Act (Relation being thereunto had) may more fully appear: And where as by an Actof Parliament made in the fifteenth Year of the Reign of his late Majesty King George the Second (intituled,An Act for establishing an Agreement with the Governor and Company of the Bank of England for advancing the Sum of one million six hundred thousand Pounds, towards the Supply for the Service of the Year one thousand seven hundred and forty-two) the said Governor and Company, and their Successors, were direct to advance and pay into the Receipt of his Majesty's Exchequer, for his Majesty's Use, the full Sum of one million six hundred thousand Pounds, on or before such Time, and in such Manner, and under such Conditions, as in the said Act are mentioned: And it was thereby declared and enacted, That the several and respective Provisoes, contained in the said Acts of the seventh and twelfth Years of the Reign of her late Majesty Queen Anne , and each of them, and all other Provisoes contained in any other Act or Acts of Parliament for determining the said Fund of one hundred thousand Pounds per Annum , and the said Corporation of the Governor and Company of the Bank of England , upon the respective Notices and Payments in the same respective Acts mentioned, should be, and were thereby, repealed and made void; and that the said Governor and Company of the Bank of England , so enlarged as aforesaid, and their Successors for ever, should remain, continue, and be one Body Corporate and Politick, by the Name aforesaid, and should for ever have, receive and enjoy the said entire yearly Fund of one hundred thousand Pounds, out of the said Rates and Duties of Excise, together with a perpetual Succession, and Privilege of Exclusive Banking, as therein after was mentioned, and all other Abilities, Capacities, Powers, Authorities, Franchises, Exemptions, Privileges, Profits and Advantages whatsoever, whereunto the Governor and Company of the Bank of England before the making of the said Act, were intitled by the said Acts of the seventh and twelfth Years of the Reign of her said late Majesty Queen Anne , or either of them, or by any other Act or Acts of Parliament, Grants or Charters whatsoever, then in Force; all which were by the said Act ratified and confirmed to the said Governor and Company, and their Successors, freed and discharged of and from the said Provisoes, and Conditions of Redemption thereby repealed, or intended to be repealed as aforesaid, and all other Provisoes, Powers, Acts, Matters and Things whatsoever, theretofore had, made, done or committed, for redeeming, determining, or making void, the said Corporation, or yearly Fund of one hundred thousand Pounds, and the said Privilege of Exclusive Banking, and all other their Abilities, Capacities, Powers, Authorities, Franchises, Exemptions, Privileges, Profits and Advantages, or any of them; subject nevertheless to such Restrictions, Rules and Directions, and also to such other Agreements, Matters and Things, as in the said Acts and Charters, or any of them then in Force, were contained or prescribed, and also subject to the Power and Condition of Redemption thereafter in the said Act contained in that Behalf; and it was thereby also provided and enacted, that at any Time, upon twelve Months Notice, after the first Day ofAugust which should be in the Year of our Lord one thousand seven hundred and sixty-four, and not before, and upon the Repayment by Parliament to the said Governor and Company of the Bank of England , or their Successors, as well of the said Sum of one million six hundred thousand Pounds formerly advanced, as of the Sum of one million six hundred thousand Pounds before mentioned then to be advanced, amounting in the Whole to the Sum of three millions two hundred thousand Pounds, without any Deduction, Discount, or Abatement whatsoever, to be made out of the said Sum of three millions two hundred thousand Pounds, or any Part thereof, and upon Payment to the said Governor and Company, and their Successors, of all the Arrears of the said one hundred thousand Pounds per Annum , and all the Principal and Interest Money which should be owing unto them upon all such Tallies, Exchequer Orders, Exchequer Bills, or Parliamentary Funds, which the said Governor and Company, or their Successors, should have remaining in their Hands, or be intitled to, at the Time of such Notice to be given as aforesaid (such Funds for Redemption whereof other Provision was made in and by the Acts of Parliament therein mentioned, always and only excepted); then, and in such Case, and not till then, the said yearly Fund of one hundred thousand Pounds should cease and determine: And whereas the said Governor and...
To continue reading
Request your trial