East India Company Act 1697

XL. If the First Payment be not made at the Time of subscribing, such Subscription shall be void.;

And if all the subsequent Payments be not complied with, the First Tenth Part forfeited, and the Annuity payable for such Subscription reduced according to the Money actually paid, after an.; Abatement of the First Tenth Part; Tallies of Assignment or Anticipation may be levied on the Commissioners or Receivers General of the Money to be subscribed; The said Tallies to bear an Interest of £8 per Cent. per Ann.

And it is hereby further enacted That if any Person or Persons Bodies Politick or Corporate who shall have subscribed as aforesaid doe not pay down the First Tenth Part upon his or their Subscription or at the time of making thereof as aforesaid then every such Subscription (without such Payment) shall be utterly void and of none Effect And if any Person or Persons Body Politick or Corporate who shall have subscribed as aforesaid his her or their Executors Administrators Successors or Assigns having paid to the Kings Use any Part or Parts of the Sum or Sums so by him her or them subscribed shall make Default in any of the subsequent Payments which ought to be made by him her or them upon such Subscription respectively then and in every such Case the First Tenth Part paid down upon every such Subscription shall be forfeited and lost to His Majesty And the respective Annuity or yearly Sum which shall be payable out of the said Fund for or in respect of such Subscription after the Rate of Eight Pounds per Centum per Annum shall be reduced lessened or proportioned according to the X1 actually paid to His Majesties Use upon every such Subscription respectively after an Abatement or Deduction shall be made of the First Tenth Part to be forfeited as aforesaid And to the end the said Subscription Moneys so to be payable at several Days and Times and by such Proportions as aforesaid may be the sooner made X2 of for the Supply of this Majesties extraordinary Occasions the Commissioners of His Majesties Treasury or any Three or more of them now being or the Treasurer of the Exchequer or any Three or more of the Commissioners of the Treasury for the time being are hereby authorised and impowered to cause Talleys of Assignment or Talleys of Anticipation for the same or any part thereof to be levied upon the Commissioners Receiver or Receivers General or Cashier who shall be appointed or authorized to receive the same And that an Interest not exceeding the Rate of Eight Pounds per Centum per Annum shall be annexed to attend and go along with the Principal Moneys contained in all and every such Talley and Talleys to be paid every Three Months out of such Subscription Moneys from the Date of every such Talley until Satisfaction of the Principal thereupon and that the Principal upon every such Talley shall be paid in course according to the Date thereof respectively

Editorial Information

X1 Money O. & King's Printer's Copy.

X2 Use O. & King's Printer's Copy.