Bankrupts Act 1662

Recital that Persons not bred up to Trade become Members of Public Companies, and that there is an Opinion that such Persons are subject to the Bankrupt Law.

No Person by reason of Monies put into such Companies by them to be therefore subject to the Bankrupt Law.

WHEREAS divers Noblemen Gentlemen and persons of quality no wayes bred up to Trade or Merchandize do oftentimes put in great stocks of money into the East India Company or Guiney Company and the Fishing Trade and such other publiq[ue] Societies and receive the procede of those Stocks sometimes in ready moneys sometimes in Comodities which they usually sell for money or exchang again by which meanes the Trade of those Companies is much encouraged Fishing and Navigation increased and the publique good of the whole Kingdome very much advanced Notwithstanding which great advantages to the publique there hath been lately some opinion conceived that such persons may and ought to be made subject to the Statutes provided against Bankrupts For the better declaring and explaining the Law therein and to the end such persons may not be discouraged in those honourable indeavors for promoting publique undertakings Be it declared [X1 an] enacted by the Kings most Excellent Majesty with the advice and assent of the Lords Spiritual and Temporal and the Commons in this present Parliament assembled and by the authority of the same That no person or persons whatsoever who have adventured or put in or who hereafter shall adventure or put in any sum or sums of money into the said East India Company or Guiney Company or into any joynt stock or stocks of money by them or either of them made or raised or to be made and raised for and towards the maintaining and carrying on the Trade by the said East India Company or Guiney Company managed or to be managed or who have formerly or shall hereafter adventure or put in any su[m]m or su[m]ms of money into any stock or stocks of money for the managing and carrying on of the said fishing trade or the trade now called the Royal Fishing Trade and shall receive and take his or theire part or dividend of Fish Goods or Merchandizes in specie and shall sell or exchange the same shall for or by reason onely of such adventure of moneys so put into the said East India Company or Guiney Company or into any Stock or Stocks for and towards the said fishing Trade or for or by reason only of the receiving and taking such Fish Goods and Merchandizes in Specie or selling for money or exchanging the same againe be adjudged taken esteemed or reputed a Merchant or Trader within any Statute or Statutes for Bankrupts or bee liable to the same

Editorial Information

X1 Variant reading of the text noted in The Statutes of the Realm as follows: and O. [O. refers to a collection in the library of Trinity College, Cambridge]