All the Monies to arise by Sale of the said Rents, . . . F1, under and by virtue of this Act, shall be paid into the Hands of the Receiver-general of the Revenues of the Duchy of Lancaster for the Time being, and his Successors; and that the Purchasers shall not be liable to fee to the Application thereof, but that the Receipts and Acquittances of the said Receiver-general for the said Monies, shall be a full Discharge to the Purchasers for the same; and the said Monies shall from Time to Time, as the same shall be paid in and received, be laid out, by the Order of the said Chancellor and Council, in the Purchase of three per Centum Bank Consolidated Annuities, or in any of the public Funds, transferrable at the Bank of England, in the Name of the Duchy of Lancaster;in which Name the Governor and Company of the Bank of England are hereby authorised and required to permit Transfers to be made of the said Annuities, Funds, or Stock, so purchased, and such Transfers to be accepted by the Receiver-general of the Revenues of the said Duchy for the Time being, who is hereby required to accept the same accordingly; and that all and every the Annuities, Fund, or Stock, to be so purchased and accepted, shall remain invested in the Name of the Duchy of Lancaster, and shall not be transferred, or transferrable, without the Authority of Parliament; but all the Interest of the said Annuities, Funds, and Stock, shall be from Time to Time paid, by the said Governor and Company of the Bank of England, unto the Receiver-general of the said Duchy for the Time being, and his Successors (whose Receipts shall be a sufficient Discharge for the same), as Parcel of the Revenues of the said Duchy, and shall be charged upon, and be answered and accounted for by him to the King’s Majesty, his Heirs and Successors, accordingly, subject to all such Charges, Incumbrances, and Outgoings, if any such there be (Taxes only excepted), as the said Rents now are, or would have been chargeable with or subject unto in case this Act had not been made.
Textual Amendments
F1Words repealed by Statute Law (Repeals) Act 1989 (c. 43), s. 1(1), Sch. 1 Pt. VII