Drouly Fund Act 1838

II Drouly Chelsea Hospital Bequest. Vesting the Fund in the Paymaster General for the Time being.

And whereas the said Colonel John Drouly did direct One Half of the Residue of his Estates to be paid to the Treasurer of the Royal Military Hospital al Chelsea, for the Benefit of the Pensioners of the said Hospital, as the Governors thereof should from Time to Time order : And whereas, on the Twenty-seventh Day of July One thousand eight hundred and twenty-one, the surviving Trustees transferred the Sum of Twenty thousand Pounds Three per Centum Consolidated Bank Annuities, on account of the Share of the said Hospital- in the said residuary Estate, into the Names of Sir Samuel Hulse the Governor of the said Hospital, Sir Harry Calvert the Lieutenant Governor thereof (both since deceased), Richard Neave Esquire the Secretary thereof, and William Henry Spicer Esquire the Deputy Treasurer thereof) in the Books of the Governor and Company of the Bank of England: And whereas a Part of the said Sum of Twenty thousand Pounds Stock has been sold out by the Direction of the Commissioners of the said Hospital, and the Produce thereof applied for the Purposes directed by the said Will, and there remains thereof the Sum of Sixteen thousand seven hundred and thirty-nine Pounds Three, Shillings and Five-pence Three per Centum Consolidated Bank Annuities: And whereas, by virtue of an [5 & 6 W. 4. c. 35.] Act passed in the Fifth and Sixth Years of the Reign of His late Majesty King William the Fourth, intituled An Act for consolidating the Offices of Paymaster General, Paymaster and Treasurer of Chelsea Hospital, Treasurer of the Navy, and Treasurer of the Ordnance, the Funds of the said Hospital, formerly standing in the Name of the Treasurer or Deputy Treasurer of the Hospital, have been transferred to the Account of the Paymaster General appointed under the recited Act: Now, for vesting the said Fund in Her Majesty's Paymaster General for the Time being, subject to the Direction of the Commissioners of Chelsea Hospital, and for keeping: the said Fund apart from other Funds under the Control of the said Paymaster General, be it enacted, That there shall be raised an Account in the Books of the Governor and Company of the Bank of England, and such Account shall be entitled " The Stock Account of the Paymaster General, as Trustee in regard to the Drouly Bequest to Chelsea Hospital," and such Account shall be a Public Account; and upon the Death, Resignation, or Removal of any such Paymaster General, and the Appointment of his Successor, the Balance of such Account shall vest in such Successor; and in case of the Death of any such Paymaster General such Balance shall not constitute Assets of the Deceased, nor be in any Manner subject to the Control of his Personal Representatives.