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Bank of England Act 1696
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XLIX.Debts of the Bank not to exceed the Value of the Capital undivided Stock.
If Governor and Company lessen their Joint or Capital Stock, so as the Value thereof be not sufficient to answer their Debts, Members liable, to the Extent of their Shares, to satisfy the Debts unpaid.
Provided always and be it enacted That the said Governor & Company and their Successors shall always take care that the Su[m]m total of all their Debts which they shall owe att any one time to any other Person or Persons Bodies Politick or Corporate do not exceed the Value of the Capital Stock which att any such time shall be and remaine to the said Governour and Company undivided and that in case the said Governor and Company or their Successors by virtue or colour of the Power hereby given to them of dividing the Moneys coming in by their Talleys and Orders as aforesaid or by any other Dividend whatsoever to be made amongst themselves or in their private or personal Capacities shall reduce or lessen their Joint Stock or Capital without limitting paying off or proportionably reducing the Total Su[m]m of the said Debts which they shall owe to others as aforesaid so that the value of their Joint Stock or Capital undivided shall not be sufficient to answer their just Debts then remaining unpaid in every such Case the particular Members and every of them respectively who in their private or personal Capacities shall receive any Share of such Dividend shall be severally liable and they are hereby made liable so farr as the respective Shares so by them respectively received upon such Dividend will extend to pay and satisfie the Debts which shall remaine due and unpaid by the said Governor and Company to any other Persons or Bodies Politick or Corporate as aforesaid who by virtue of this Act shall and may sue for and recover the same (besides treble Costs of Suit) by Action of Debt or of the Case as is before mentioned Any thing in this Act or in any former Act Charter or otherwise howsoever to the contrary notwithstanding.
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