1786 Act
Anno Vicesimo Sexto
Beorgii III. Regis.
CAP LXII
An act to enable the East India Company to raise Money by a Sale of Annuities, and by increasing their Capital Stock.
Whereas the Publick stands indebted to the United Company of Merchants of England trading to the East Indies, in the Sum of four millions two hundred thousand pounds, lent, at various times, under the Authority of several acts of parliament, for which an annuity is now payable to the said United Company, to the amount of One hundred and twenty six thousand pounds, being an interest on the said debt at and after the rate of three pounds per centum per annum: And whereas the said United Company, pursuant to the powers contained in an act of parliament made in the twenty third year of the reign of his late majesty King George the Second, intituled, An Act for giving further time to the proprietors of annuities after the rate of Four Pounds per Centum per Annum, to subscribe the same in the manner and upon the terms there in mentioned; and for redeeming such of the said annuities as shall not be so subscribed; and for and powering the the east India company to reye's certain sums by transferable annuities have borrowed and taken in by subscription from sundry persons the sum of two millions to nine hundred 90 two the thousand four hundred and 40 pounds five shillings by a grant of annuities called in your annuities which now carry an interest at the rate of 3lbs. first cents an her and amounting to the yearly seven of a T. nine thousand seven hundred and 70 three pounds full Shilling's and whereas for the purpose of enabling the said united company to carry on an extended trade and also to discharge for the moms to which they are liable it is necessary an expedient that beset united company should be enabled to raise a further sign of money than they are now in able to do makes their full please you'll most excellent majesty that it may be enacted and bits enacted by the Kings most excellent majesty buying and with the advice and consent of the lots. Fall and temporal and commons in this present parliament assembled and by your 40 of the same that it shall and may be lawful to handful% united companies and they are here by authorized an impound by and with the consent and approbation of the commissioner's office majesty's treasury for the time being want any three year or more often all of the high a treasurer full time being the at such time four times and is such a manner as they shall find to be most for the fun to show of the said company to borrow and take in by subscription or otherwise from any person or persons bodies politic all corporate Buechele be willing to advance the same any son or sums of money by the sale or mortgage of a fund attended whether annuity at the rate of 3lbs. her cents and her an not exceeding in the whole the Daniels some of 30 six thousand two hundred and twenty 6lbs. sixteen schillings being an immunity due to the sent united company from the public in consideration of one million two hundred and seven thousand five hundred and 50 nine pounds fifteen schillings part of the set some of fall millions to hundred thousand pounds which set sail shell and maybe may at such price of prices as the court of directors of the said united company buying and with the consent and application of the commissioners of his majesty's treasury for the time being walk any three or more of them all the high a treasure full of time being shell thing fit the and that from and after the time of such a sale the center annuities Shelby hay and transferred in like manner and the proprietors and holders shell in all respects hold their respective shares of the said fund to be purchased as aforesaid in like manner the and upon the same terms as they respective present proprietors now hold and enjoy the respective sums belonging to them in the said annuity fund of two millions nine the hundred 90 two thousand four hundred and 40 pounds five schillings band% annuities said to be sold as aforesaid shall be consolidated with this said found of 2 million nine hundred 90 two thousand fall hundred and 40 pounds five shootings and cassette decks of fall millions to hundred thousand pounds Q. from the public two percent united company and the annuities payable in respect their fall Shelby a collateral security to the proprietors and holders of the said annuities so to be sold for mortgage as aforesaid in the same manner as father said some of two millions nine hundred 90 2,000 full hundred and £40.05 schillings here to fall sold under the fall recited act of the twenty third year of the reign of his late majesty King George the second that subject nevertheless as such and the like provider all condition of redemption by the company as the second son of fall millions to hundred thousand pans due to the company by the public is all shell the subject and liable by the act all pacts of parliament and I I hand be it further enacted by the local authority to the fore said that it shall and may be lawful to and fall is said united company and they are here by authorized and in powered by an with the consent and and prevention of the commissioners of his majesty's treasury for the time being or any three or more of them all of the highly treasurer for the time being at any time all times hereafter to the open box and to receive subscriptions from any person or persons natives all foreigners bodies, take all corporate for enlarging their present capital stock or fund of three millions to hundred thousand pounds to a son not exceeding the further son of baked hundred thousand pounds capital stock so as to make the whole capital stock the sun all fall millions which said additional capital stock Shelby subscribed and paid for at the rate of 100 and 60 pounds for every one hundred pounds all such stop all that is such other rates as the court of directors of the said united company with the consent and approbation of the commissioners of his majesty's treasury, time being for any three or more of them all of the Hyatt treasurer for the time being shell direct which said subscription Shelby may have the money for the cent additional stock from the pay in such manner and form and by such installments and proportions as the said "the directors with such consent and and prevention as aforesaid show up point and the capital stock so subscribed and paid for shell from and after the time of such payments be deemed considered in and taken as and for a part of the capital stock office said company and the set subscribers from an often the time of making full payment for said additional stock and their respective executives foreign ministry says and the signs shell at all times he deemed and reputed to be members of the sent united company and incorporated there with and Shelby entitled on two and have hold their enjoying all and every the profits benefits privileges advantages and immunities and the subject and liable to all and every the regulations rules and orders where to the present stockholders and members of the city united company in respect of the stock held by an alarming to them are expected to be entitled subjects and Lionel unto that any actual acts of parliament chatter all I know all otherwise have also ever