Bank of England Act 1696

XXI.

Stock of the Bank to be computed.; Old and new Members to settle the Capital Stock,; or else Lord Chancellor, &c. to adjust the same before 24th Aug. 1697.; Capital Stock to be made up to £1,200,000, and the Overplus divided amongst the old Members.

And for the better settling and adjusting the Right and Property of each Member of the present Corporation of the Governor and Company of the Bank of England before any such Enlargement as aforesaid be made thereunto Be it further enacted by the Authority aforesaid That before the Foure and twentieth Day of July One thousand six hundred ninety seven the Co[m]mon Capital & Principal Stock of the said Governour and Company shall be computed and estimated by the Principal and Interest owing to them from the King or any others and by Cash or by any other Effects whereof the said Capital Stock shall then really consist over and above the value of the Debts which they shall owe att the same time for Principal or Interest to any other Person or Persons whatsoever which Computation shall be made & settled by Seven of the present Members of the said Corporation to be elected for that purpose att the General Court of the old Members and by Seven of the new Subscribers to be nominated and elected by the major part of such new Subscribers who are hereby authorized to meet att any time within Ten Days after the Foure and twentieth Day of June One thousand six hundred ninety and seven to make such Elecc[i]on And in case the said Members and Subscribers shall not settle the same before the said Foure and twentieth Day of July One thousand six hundred ninety seven then the value of the said Capital Stock shall be finally settled and adjusted by the Lord Keeper of the Great Seale of England or by the Lord Chancellor or Co[m]missioners for the Custody of the Greate Seale of England for the time being who have hereby power to settle and adjust the same att any time before the Foure and twentieth Day of August One thousand six hundred ninety and seven and in case by such Settlement or Adjustment of the value of the said Stock it shall appeare that the same doth not amount to Twelve hundred thousand pounds then the Members of the said Corporation being Owners thereof shall and are hereby obliged at their owne proper Cost and Charge to contribute so much as will compleatly make the said Capital Stock Twelve hundred thousand pounds which Contribution shall or may be made either in their owne particular Tallies and Orders or in Bank Bills or Notes whereunto they shall be respectively intituled and in case the Value of the said Capital Stock upon such Adjustment to be made shall exceed Twelve hundred thousand pounds that then the Su[m]m so exceeding Twelve hundred thousand pounds be divided amongst those who shall be the old Members of the said Corporation of the Governor & Company of the Bank of England according and in Proportion to their respective Interests att that time.