East India Company Act 1697

LXV. Recital of 8 & 9 W. III. c.20. § 28.

General Society or Company established in pursuance of Act, not to borrow or give Security for any Sums on Credit of Funds by Act granted; nor to borrow, owe, or give Security for any other or greater Sum than shall be employed in their Trade; Such Moneys to be borrowed only on their Common Seal, and not be made payable less than Six Months from Time of borrowing; Not to discount Bills of Exchange, &c. or keep Cash for other Persons.

And whereas by an Act of Parliament made in the Eighth and Ninth Years of His Majesties Reign intituled An Act for making good the Deficiencies of several Funds therein mentioned and for enlarging the Capital Stock of the Bank of England and for raising the Publick Credit it is (amongst other things) enacted That during the Continuance of the Corporation of the Governor and Company of the Bank of England no other Bank or any other Corporation Society Fellowship Company or Constitution in the Nature of a Bank shall be erected or established permitted suffered countenanced or allowed by Act of Parliament within this Kingdom as in and by the said Act more at larg may appear Now for the better securing the Priviledges of the said Governor and Company of the Bank of England granted to them by Parliament and to prevent the Corporation or Corporations Society or Societies Fellowship or Fellowships Company or Companys Constitution or Constitutions which shall or may be established by virtue of this Act from interfering with or being prejuditial to the said Governor and Company of the Bank of England Be it enacted by the Authority aforesaid That it shall [X1 and may] be lawfull to and for the Corporation or Corporations Society or Societies Fellowship or Fellowships Company or Companies Constitution or Constitutions which shall or may be established by virtue of this Act (as a Coporation Society Fellowship Company or Constitution) to borrow owe or give Security for any Sum or Sums of Money on Credit of any Publick Fund or Funds hereby granted or any Part thereof and that it shall not be lawful for the said Corporation or Corporations Society or Societies Fellowship or Fellowships Company or Companys Constitution or Constitutions which shall or may be established by virtue of this Act to borrow owe or give Security for any other or greater Sum or Sums of Money than such as shall be really and bona fide expended and laid out in and for the buying of Goods Bullion or Commodities to be exported for the proper Account of the said Corporation or Corporations Society or Societies Fellowship or Fellowshipps Company or Companies Constitution or Constitutions which shall or may be established by virtue of this Act or shall otherwise be imployed in their Trade all which Sum or Sums of Money so to be borrowed for the Purpose aforesaid shall be borrowed only on their Common Seal and shall not be made payable or bona fide agreed to be paid at any time less than Six Months from the time of the borrowing thereof and that it shall not be lawful for the Corporation or Corporations Society or Societies Fellowship or Fellowships Company or Companies Constitution or Constitutions which shall or may be established by virtue of this Act to discount any Bills of Exchange or other Bills or Notes whatsoever or to keep any Books or Cash of or for any Person or Persons Bodies Politick or Corporate whatsoever other than only the proper Moneys and Cash of the said Corporation or Corporations Society or Societies Fellowship or Fellowships Company or Companies Constitution or Constitutions which shall or may be established by virtue of this Act.

Editorial Information

X1 not O. & King's Printer's Copy.