Bank of England Act 1697

IV. Recital of 8 & 9 W.III. c.20. §48.

and that the making Dividends at the End of every Four Months was inconvenient. Bank to make Dividends every Six Calendar Months.

And whereas by the Act before recited or mentioned itt was also enacted That the Moneys which from time to time should become due and payable by virtue of any Talley or Order subscribed into the Capitall Stock of the Governor and Company of the Bank of England by virtue of the said Act as soon as conveniently might be after the same should be received out of the Excheq[uer] or any Publick Office by the said Governor and Company their Officers Servants and Agents and att farthest X1 every Foure Months should be divided by the said Governour and Company among the Members of the whole Corporation ratably and in Proportion to their several and respective Parts Shares and Interests in the said Capital Stock for the particular proper and onely Use and behoofe of the said Members seperately and in their private and personal Capacities as by the said Act relation being thereunto had may appeare And whereas since the enlarging the Capital Stock of the said Governor and Company of the Bank of England by Subscription of Talleys and Orders pursuant to the said Act the making Dividends of such Moneys att the end of every Foure Months is found to be very inconvenient and a great Interrupc[i]on to the businesse of Transferrs Payments and other Occasions of Persons dealing with the said Bank Be it therefore enacted and declared by the Authority aforesaid That the [X2 said ] Governour & Company of the Bank of England or their Successors shall not be obliged to make Dividends of the Moneys which from time to time shall become due or payable to and be received by the said Governour and Company by virtue of the Talleys and Orders which have been so subscribed into the Capital Stock of the said Governour and Company of the Bank of England pursuant to the said Act of Parliament once. in every Foure Months But the said Governour and Company and their Successors are hereby required and enjoyned from and after, the Five and twentieth Day of March which shall be in the Yeare of our Lord One thousand sixe hundred ninety eight to make such Dividends of the said Moneys once in every Six Kalendary Months att the least unto the Members of the said Corporation according to their respective Shares and Interests in the said Capital Stock of the said Governour and Company Any thing in the aforesaid Act to the contrary notwithstanding.

Editorial Information

X1 Variant reading of the text noted in The Statutes of the Realm as follows: once in O. [O. refers to a collection in the library of Trinity College, Cambridge]

X2 interlined on the Roll; omitted in King's Printer's Copy.