Taxation, etc. (No. 2) Act 1695

LXXIV. Recital that it is the Intention of Parliament that the Subscribers of the Sum of £2,564,000 shall be entitled to the said yearly Fund of £179,480.

Monies paid into the Exchequer in pursuance of such Subscriptions applied in Discharge of Orders of Loan, Bills of Credit, &c; and upon such Payment the Duties and Fund for Subscribers exonerated from such Orders of Loan, Bills of Credit, &c; Bills of Credit so paid off cancelled, and the Corporation or Subscribers to enjoy the said yearly Fund free from Orders of Loan and Bills of Credit so paid off.

And whereas it is neverthelesse the Intention of this present Act and of His Majesty and of the said Lords Spiritual and Temporal and the Co[m]mons in this present Parliament assembled That the Subscribers and Contributors for or towards the said Su[m]m of Twenty five hundred and sixty foure thousand Pounds in case the whole or any part of the same shall be subscribed contributed and paid in pursuance of such Co[m]mission to be issued under the Great Seale of England as is before mentioned and their Executors Successors and Assigns respectively shall (for and notwithstanding any Clause Matters or Things in this Act contained for or concerning the borrowing, or advancing of Money by Loans or Bills of Creditt as aforesaid) have receive and enjoy & be intituled to have receive and enjoy the said whole Fund of One hundred, seventy nine thousand four hundred and eighty Pounds by the yeare or so much and such part & proportion of the said yearly Fund as shall be after the Rate of seven Pounds per [X1 Cents] per annum for such Su[m]m or Su[m]ms of Money as shall be so contributed and paid by them with such Benefitts Advantages and Priveledges and subject to such Conditions Restrictions and Appointments as are before in and by this Act prescribed in case of subscribing contributing & paying the whole or any part as aforesaid Itt is therefore hereby further provided and be it also enacted by the Authority aforesaid That the Moneys which shall be advanced and paid into the Receipt of the Exchequer in pursuance of such Subscriptions for and towards a National Land Bank or upon such Co[m]mission to be issued under the Great Seal of England for taking Subscriptions as is before mentioned or so much thereof as shall be sufficient to pay off and discharge the Orders of Loan for Moneys which shall be lent att the said Receipt of the Exchequer and the Bills of Creditt before menc[i]oned as also the principal Moneys for which such Annuities or yearly Su[m]ms shall be desired and payable as aforesaid and the Arrears thereof (if any such be) shall be applied disposed and issued accordingly in and for the paying off & discharging of all the Principal and Interest Money which shall be due upon such Orders of Loan and Bills of Creditt respectively and also the Principal Moneys for which such Annuities or yearely Su[m]ms shall be desired and payable as aforesaid and the Arrears thereof if any such be or so much thereof as the Moneys so advanced upon Subscriptions will extend to pay off and discharge And the Co[m]missioners of His Majesties Tresury or the Tresurer of the Exchequer for the time being are hereby authorized and strictly enjoyned and required by virtue of this Act and without any further or other Warrant in that behalfe as any Money ariseing upon Subscriptions as aforesaid shall be lent into the said Receipt of Excheq[uer] to issue and apply the same in discharge of the said Orders of Loan and Bills of Creditt and also of the Principal Moneys for which such Annuities or yearly Su[m]ms shall be desired and payable as aforesaid and the Arrears thereof if any such be so long as any of them shall remaine unsatisfied and according to the Purport and true meaning of this Act And that upon the paying off and discharging every or any such Orders of Loan Bills of Creditt Principal Interest and Arrears by or with the Moneys so to be advanced upon Subscriptions (or reserving so much in the Exchequer as shall be sufficient when called for by the respective Parties concerned to pay off and discharge the same) the said Duties hereby granted and the said Fund hereby appropriated to or for the Benefitt of the Corporation or Subscribers before mentioned shall be totally exonerated and discharged and the same is hereby absolutely exonerated and discharged of from and against all and every such Orders of Loan and Bills of Creditt which shall or may be paid off and discharged and of from against the respective Annuities or yearly Su[m]ms for which the Principal and Arrears shall be so satisfied and against the Orders for the future Payment of such Annuities and the said Orders of Loan and other Orders with the Issues thereupon shall remaine in the Excheq[uer] afterwards onely as Vouchers to the Tellers Accounts and to witnesse the Satisfaction of the Principal Interest and Arrears thereupon And the said Bills of Creditt which shall be so paid off and discharged shall imediately be cancelled without being issued againe or renewed And the said Corporation (in case it be erected) or the Subscribers before mentioned their Executors Successors and Assigns respectively shall have receive and enjoy and be intituled by this Act to have receive and enjoy for the Moneys which shall be by them subscribed advanced and paid into the Receipt of the Excheq[uer] as aforesaid the Yearly Fund or the proportionable part or parts thereof by this Act intended for them clearly acquitted and discharged of from and against the said Orders of Loan and Bills of Creditt which shall be so paid off and of from and against all and every the said Annuities or yearly Su[m]ms for which the Principal or Arrears shall be so satisfied by or with the Money to be advanced by the Subscribers for a National Land Bank or upon their Subscriptions as aforesaid any thing in this Act contained to the contrary in any wise notwithstanding.

Editorial Information

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