Disbanding the Army Act 1698

VIII.

Loan for £800,000; Interest at £7 per Cent. per Ann; Repayment out of First Supplies of the present Session.

And for the Payment of the severall Regiments Troops and Companies in England hereby declared and appointed to be disbanded and for supplying other necessary Occasions of the Kingdom and alsoe for the Payment of the Arreares due to the Forces in Ireland hereby appointed to be disbanded during their Continuance upon the English Establishment Be it further enacted by the Authority aforesaid That it shall and may be lawfull to and for any Person or Persons Natives or Forreigners Bodies Politick or Corporate to advance and lend to His Majesty at the Receipt of His Majesties Exchequer any Sum or Sums of Money not exceeding the Sum of Eight hundred thousand Pounds which Sum and Sums soe to be advanced and lent shall and may be charged upon the Creditt of His Majesties Exchequer in Generall and Tallies of Loane and Orders for Repayment of the same shall be levied accordingly of which said Sum of Eight hundred thousand Pounds soe much shall in the first place be applyed for the paying off and disbanding the Regiments Troops and Companies within this Kingdom hereby enacted to be disbanded as shall be sufficient for that Service and the Overplus shall be afterwards applyed for other necessary Occasions of the Kingdom And all and every Sum and Sums of Money soe to be advanced and lent not exceeding the said Sum of Eight hundred thousand Pounds together with Interest for the same not exceeding the Rate of Seaven Pounds per Centum per Annum to be paid every Three Months untill Satisfaction of the Principall shall be payable and be paid or satisfied in course according to the Daies or Times of lending the same unto the respective Lender or Lenders of the same his her or their Executors Administrators Successors or Assignes out of the first Aids or Supplies granted or to be granted to His Majesty in this present Session of Parliament and shall immediately be transferred unto such Aid or Supply Any thing in this present Act or any other Acts or Acts of Parliament contained to the contrary notwishstanding.