East India Company Act 1697

XXXIX. Any Sums (not less than £100) may be subscribed.;

The Monies subscribed to be answered by Ten equal Payments, the First Payment to be made at the time of subscribing; Each subsequent Payment to be made at the End of every Two Months. (reckoning 60 Days for each Two Months) till the Whole be paid; The last Payment to be liable to make good any Deficiency which may happen (during the Time for making the said last Payment) in the Produce of the said Duties.

And be it enacted by the Authority aforesaid That during the time hereby limitted for taking the said Subscriptions it shall and may be lawful to and for all and every Person and Persons Natives and Foregners Bodies Politick and Corporate by and for themselves or any of them or by themselves or any of them in Trust for any other Person or Persons Bodies Politick and Corporate or any of them except as aforesaid freely to subscribe any Sum of Money (not less than One hundred Pounds) for or towards the Sum of Two Millions And all the Moneys so to be subscribed shall be answered and paid by the respective Subscribers thereof to such as shall be appointed to receive the same to His Majesties Use in manner following (that is to say) One full Tenth Part (the Whole in Ten equal Parts to be divided) of every Sum of Money so subscribed by or for any Person or Persons or by or for any [X1 Body] Politick or Corporate respectively shall be paid by him or them to His Majesties Use as aforesaid at or before the time of making each Subscription respectively And that one other Tenth Part of every Sum so subscribed shal be paid in like manner at or before the end of Two Months next after the time hereby limitted for the First Payment as aforesaid (which time of Two Months shall be reckoned to consist of Sixty Days) and so onwards at the end of every such Two Months successively One full Tenth Part of every Sum so subscribed shall be paid to His Majesties. Use as aforesaid until the ful Sum of every Subscription shall be entirely cleared and paid off Nevertheless the last of the said Payments upon every Subscription to be made as aforesaid shall be subject and liable to make good any Deficiency (if such should happen to be) which at any time or times before the time hereby limitted for making such last Payment or Payments shall appear to be in the Produce of the said Duties hereby granted or appropriated for answering so much as before the said time hereby limitted for such last Payment or Payments shall incur or grow due for or upon the yearly Fund by this Act settled or established and so much out of the said last Payments as shall be sufficient to answer and make good such Deficiency (if any be) shall and may be defaulked of otherwise applyed to that Use although His Majesties Supply by this Act intended be thereby lessened Any Matter or Thing herein contained to the contrary notwithstanding.

Editorial Information

X1 interlined on the Roll.