Bank of England Act 1696

XXX. Recital of 5 & 6 W. & M. c. 28. § 25.

Bank may borrow any Sum above the £1,200,000, not exceeding the Sum hereby subscribed; In Default of Payment, Bills to be paid at the Exchequer; out of the Money due to the Bank; Bills made for above £1,200,000 to be expressed and distinguished.

And whereas in and by the said recited Act of Parliament intituled An Act for granting to their Majesties several Rates and Duties upon Tunnage of Ships and Vessells and upon Beer Ale and other Liquors for securing certain Recompences and Advantages in the said Act mentioned to such Persons as shall voluntarily advance the Su[m]m of Fifteen hundred thousand pounds towards carrying on the Warr against France itt is enacted amongst other things That the said Corporation to be made in pursuance of the said Direcc[i]ons of [X1 the said] recited Act should not borrow or give Security by Bill Bond Covenant or Agreement under their co[m]mon Seale for any more further or other Su[m]m or Su[m]ms of Money exceeding in the whole the Sum[m] of Twelve hundred thousand pounds so that they should not owe att any one time more than the said Su[m]m under their co[m]mon Seale unlesse it be by Act of Parliament upon Funds agreed in Parliament and in such Case onely such further Su[m]ms as should be so directed & allowed to be borrowed by Parliament and for such time onely until they should be repayd such further Su[m]ms as they should borrow by such Authority and if any more or further or other Su[m]m or Su[m]ms of Money should be borrowed taken upp lent or advanced under their Co[m]mon Seale or for Paym[en]t of which any Bill Bond Covenant or Agreement or other Writing should be made sealed or given under the co[m]mon Seale of the said Corporac[i]on then and in such Case all and every Person and Persons who should be a Member or Members of the said Corporation his and their respective Heirs Executors and Administrators should in his and their respective private and personal Capacities be chargeable with and liable in proportion for their several Shares or Subscriptions to the Repayment of such Moneys which should be so borrowed taken upp or lent with Interest for the same as in and by the said recited Act among other things may appeare Be it therefore enacted by the Authority aforesaid That it shall and may be lawfull to and for the said Governour and Company of the Bank of England & their Successors to borrow or give Security by Bills or Agreement under their co[m]mon Seale for any Su[m]m or Su[m]ms of Money (over and above the said Su[m]m of Twelve hundred thousand pounds mentioned in the said recited Act) so as the same exceed not the Value of the Su[m]m which shall be subscribed by virtue of this Act Provided the said Governour and Company do oblige themselves in [X2 their] said Bills by them to be given out to answer and pay the Money therein mentioned upon Demand And in default of such Payment demanded att the Bank between the Hours of Nine and Twelve in the Forenoon and the Default thereof being proved by an Affidavitt made in Writing before the Baronons of the Exchequer or any One of them be it enacted That all such Bills over and above the said Twelve hundred thousand pounds be answered and paid att the Exchequer out of the first Money which shall be due or payable att that Receipt to the said Governour and Company (other then their said yearely Fund of One hundred thousand pounds per Annum and the said Governour and Company are hereby required in the making forth of the said Bills for any Su[m]m being over and above the said Twelve hundred thousand-pounds to expresse the same to be made by virtue of this Act and otherwise to distinguish the same from all their said Debts contained within the said Su[m]m of Twelve hundred thousand pounds Any thing contained in the said recited Clause or in the said recited Act or any other Act Law Statute Usage or Custom to the contrary thereof in any wise notwithstanding.

Editorial Information

X1 interlined on the Roll.

X2 Variant reading of the text noted in The Statutes of the Realm as follows: the O. [O. refers to a collection in the library of Trinity College, Cambridge]