1786 Act

Anno Vicesimo Sexto
Georgii 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