Bank of England Act 1696

L.

If at the End of One Year the Duties hereby appropriated be not sufficient to pay off the Interest due for that Year; the Deficiency to be supplied out of the next Aids.; In case, upon 1st Aug. 1706, or Three Months afterwards, the Funds hereby granted be not sufficient to pay off the Principal and Interest due on the foresaid Tallies and Orders,; the Deficiency to be supplied out of such Aids as shall be granted after the said 1st Aug. 1706.

And to obviate all Doubts for the future concerning the Securities by this Act intended for the payment of the Principal and Interest Moneys to be paid as aforesaid Be it further enacted by the Authority aforesaid That in case att the end of One Yeare to be reckoned from the utmost Day or time by this Act limited for taking of the said Subscriptions for augmenting the said Capital Stock of the Bank of England it shall appeare that the Funds or Duties by this Act appropriated to and for the payment of Interest Moneys (as well to the said Governour and Company of the Bank of England as to any other Persons or Corporations) shall not be sufficient to satisfie and discharge all the Interest Moneys which before the end of the said One Yeare shall be incurred growne due or ought to be paid of for or upon the respective Talleys and Orders before mentioned and every of them that then the Deficiency thereof (to witt) so much as will suffice to make upp & compleat the Interest Moneys which shall be growne due before the end of the said One Yeare as aforesaid shall be supplied and paid out of such Aids or Revenues as shall be granted to His Majesty His Heires or Successors in the Session of Parliament then next ensuing and so in like manner in case of Deficiency of Interest in any succeeding Yeare and in case upon the First Day of August which shall be in the Yeare of oure Lord One thousand seven hundred and six or within Three Months then next ensuing it shall appeare that the whole produce of the several Aids Revenues and Funds by this Act granted or appropriated together with the Moneys which shall have arisen by the Grants now in being and before this time made for the payment of the Principal Moneys of the said Tallies and Orders and the Interest thereof shall not be sufficient to discharge and pay off as well all the Principal Moneys upon all the said Talleys and Orders for the payment whereof Provision is intended to be made by this Act and all the Interest Moneys that are or shall be due or payable for the same that then the Deficiency thereof to witt so much as will be needfull compleatly to make upp satisfie and discharge all the said Principal and Interest Moneys which shall appeare on the said First Day of August One thousand seven hundred and six or within Three Months then next ensueing to remaine due and unpaid shall be supplied and paid out of such Aids or Revenue as shall be granted to His Majesty his Heires or Successors in the Session of Parliament which shall be next after the said First Day of August One thousand seven hundred and six.