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Taxation (No. 4) Act 1696
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XLIV.Clause of Loan for £200,000 Tax free at Interest of £8 per Cent. per Ann. payable every Three Months
And if the Contributions for the said Tickets before the 24th June 1697 should not be sufficient to repay the said Loan, with Interest, Deficiency made good out of the said Mult Duty, and such Tickets as herein mentioned cancelled, and the Moneys so lent appropriated as herein mentioned.
Provided always and it is hereby enacted That it shall and may be lawfull to and for any Person or Persons Natives or Forreigners Bodies Politick or Corporate to lend to His Majestie att the Receipt of Exchequer any Su[m]m not exceeding Two hundred thousand Pounds att an Interest not exceeding the Rate of Eight Pounds per Cents per Annum which Moneys so to be lent shall not be taxed to any Tax or Assessment and shall be repaid in Course according to the Dates of the Tallies of Loan for the same and the Interest thereof shall be paid every Three Months until Satisfaction of the Principal out of the Moneys to be contributed as aforesaid for the said Ticketts And in case the Contribuc[i]ons for the said Ticketts to be made before the Foure and twentieth Day of June One thousand six hundred ninety seven shall not be sufficient to repay the said Loans with Interest then the Moneys so to be lent which shall remaine unsatisfied and the Interest which shall be due or payable for the same shall be satisfied out of the Moneys which shall arise and be brought into the Exchequer in Specie of or for the said Duties upon Malt which are hereby appropriated thereunto until the said Loans and the Interest thereof shall be satisfied And in that Case so many of the [X1sd?] Ticketts not delivered out as aforesaid as shall be equal to the Principal Money so remaining unsatisfied shall be cancelled and the Remainder of all the said Ticketts to be drawne as aforesaid shall be proportioned accordingly and the Moneys so to be lent to His Majesty shall be deemed part of the Su[m]m hereby appropriated for the Service of His Majesties Household and other his necessary Occasions & shall be wholly applied thereunto Any thing herein contained to the contrary notwithstanding.
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