Bank of England Act 1696

XLV.

If Judgment be given against the Bank, yearly Payments, &c. belonging to them to be vested in 24 Trustees, elected by the Bank, for 3 Years; who may receive and sue for the Debts of the Corporation, and discharge such Judgment, &c; Surplus to be divided amongst the Members; In such Case yearly Payments payable to the Bank to be payable Quarterly to Members, and transferable without Fee.; Monies due upon the said Funds to be paid to the Trustees; and not misapplied.

And to the Intent that all Persons concerned with the Governor & Company of the Bank of England may be secured in their respective Debts and Effects in case any Forfeiture should be co[m]mitted or any Judgement or Forfeiture or Seizure of the said Corporation should be given for or by reason of or under any pretence of any Forfeiture whatsoever Be it enacted That i[m]mediately upon such Judgement given all and every the [X1 the]. Funds yearely Payments and Moneys payable out of the Exchequer to the Governor and Company of the Bank of England or which should have become due & payable to them in case no such Judgement had been given and also all and every the Estate Goods Debts and Chattells due belonging or owing to the said Governor and Company att the time of such Judgement shall be and are hereby (in such case) actually vested and settled in Foure & twenty such Persons as shall be for that purpose elected and chosen by the Governor and Company of the Bank of England in a General Court assembled before such Judgement given dureing the space of Three Yeares which said Persons so elected and the Survivors of them dureing the said Three Yeares shall be Trustees for the purposes aforesaid and shall and may receive sue for and recover the Money Debts and Estate of the said Corporation or which would have belonged to the said Governor and Company in case no such Judgement had been given and with the Moneys and Estate so received and recovered shall pay and discharge all the Debts due and owing by the said Corporation att the time of such Judgement given and performe and fulfil such Covenants and Contracts as the said Corporation att the time of such Judgement given had entred into and were bound and obliged to performe and after the said Three Yeares or after the Debts and Estate so gott in paid and applied then that the Surplus if any there shall be shall be paid and divided amongst such Persons as were Members of the said Corporation att the time of such Judgement given according to their several Shares and Proportions and also that the yearely Su[m]ms afterwards payable att the Receipt of Excheq[uer] to the said Corporation shall be vested in and payable quarterly to such Person and Persons their Executors Administrators & Assigns as were Members of the said Corporation att the time of such Judgement respectively according to their several Shares and Proportions in the said Stock and Company to be ascertained and specified in a List to be returned or given in by the said Trustees or the Survivors of them under their Hands and Seales into the Office of the Auditor of the Receipt and which said several yearely Paym[en]ts. so specified shall be from time to time assignable and transferrable by an Entry in a Book to be kept in the Office of Auditor of the Receipt for that purpose without any Fee or Reward whatsoever and that all the Moneys due upon the said Funds or payable in the said Receipt as aforesaid shall be from time to time paid and applied to the said Trustees to be elected as aforesaid dureing the said Three Yeares and afterwards to the said several and respective p[er]sons their Executors Administrators and Assigns and not any ways diverted or misapplied under the like Penalties Forfeitures and Disabilities as are given or imposed by any Act or Acts of Parliament now in force against any Person or Persons for diverting or misapplying any Moneys payable to any Person by the said Acts of Parliament or any of them.

Editorial Information

X1 O. omits.