East India Company Act 1697

XLII. Each Subscriber to have an Annuity after the Rate of £8 per Cent. per Ann., to commence from Michaelmas 1698, and paid Quarterly.;

The First Payment at Christmas, 1698; subject to Redemption, and Reduction, in case of Failure in Payment of Part of Subscription Money.

And it is hereby further enacted ordained and declared by the Authority aforesaid That every Person and Body Politick who shall subscribe as aforesaid and be named or contained in the said Book or Books his her or their Heirs Executors Administrators Successors and Assigns respectively shall have receive and enjoy for ever out of the Fund by this Act settled and provided One Annuity or certain Yearly Sum for the whole Sum by him her or them subscribed according to the Rate or Proportion of Eight Pounds per Centum per Annum that is to say all and every Person and Persons or Corporation subscribing One hundred Pounds shall be intituled to an Annuity of Eight Pounds per Annum out of the said Fund and so proportionably for higher or larger Subscriptions the same Annuities or Yearly Payments to commence from the Feast of Saint Michael the Archangel in the Year of our Lord One thousand six hundred ninety eight and to be paid and payable at the Four most usual Feasts in the Year that is to say the Feasts of the Birth of our Lord Christ the Annunciation of the blessed Virgin Mary the Nativity of Saint John Baptist and Saint Michael the Arch-Angel by even and equal Portions the First Payment thereof to be made at the Feast of the Nativity of our Lord Christ One thousand six hundred ninety eight Which said Annuities or Yearly Payments shall nevertheless be subject or lyable to the Condition and Power of Redemption hereafter in this Act expressed and also to the Clause before in this Act contained for reducing or lessening such Annuities where Failure shall be made in some of the Payments of the Subscription Money for the same.