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Drouly Fund Act 1838

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Drouly Fund Act 1838

1838 CHAPTER 89

An Act respecting the Transfer of certain Funds to the Secretary at War and the Paymaster General.

[14th August 1838]

WHEREAS John Drouly Esquire, late a Colonel in His Majesty's Army and Governor of Cowes Castle in the Isle of Wight, who died on the Eleventh of September One thousand eight hundred and eighteen, did by his Will and Codicil, in the Terms recited in the Schedule hereto annexed, bequeath to the Secretary at War and Paymaster of the Forces for the Time being the Sum of Ten thousand Pounds Three Pounds per Centum Reduced Bank Annuities, upon Trust to be by them applied in Payment of certain Annuities to Officers Widows: And whereas in pursuance of that Bequest the said Sum was invested in the Names of the Right Honourable Henry John Viscount Palmerston the then Secretary at War and the Right Honourable Charles Long the then Paymaster of the Forces : Now, for rendering it unnecessary to transfer the Funds of the said Drouly Charity on every Change in the Occupation of the Office of the Secretary at War or of the Paymaster General, and for keeping the said Funds apart from other Funds under their Control, be it enacted by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, That there shall be raised an Account in the Books of the said Governor and Company of the Bank of England, and such Account shall be entitled " The Stock Account of the Secretary at War and the Paymaster General, as Trustees under the Will of the late Colonel John Drouly ;" and immediately after the passing of this Act the said Sum of Ten thousand Pounds Three per Centum Reduced Bank Annuities, now standing in the Books of the Governor and Company of the Bank of England in the Names of the Right Honourable Henry John Viscount Palmerston and the Right Honourable Charles Long, shall stand transferred to the said Account, subject to the Trusts of the said Will, and thenceforth the said Account shall be a Public Account; and upon the Death, Resignation, or Removal of either of them, the said Secretary at War and Paymaster General for the Time being, and until the Appointment of his Successor, the Balance of the said Account shall vest in the other of them, but upon every such Appointment the said Balance shall again vest jointly in the then Secretary at War and Paymaster General; and in the Case of the Death of any such Secretary at War or Paymaster General such Balance shall not constitute Assets of the deceased, nor be in any Manner subject to the Control of his Personal Representatives.

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