Exchequer Bills at the Bank of England in manner aforesaid, chequer Bills, to pay to the Cashier or Cashiers of the Governor and Company paying an additional 5s. per of the Bank of England (who is and are hereby appointed Cent. on the Receiver or Receivers thereof, without any other Warrant to be Money paid. made in that Behalf,) any Sum or Sums of Money in lieu of such Exchequer Bills, upon paying an Addition of Five Shillings per Centum upon the Amount which such Subscriber may so pay in Money; and every Subscriber who has so paid or shall hereafter pay Money instead of Exchequer Bills shall for every One hundred Pounds Five Shillings Principal Money so paid be entitled to the Sum of One hundred and eleven Pounds Two Shillings and Twopence Consolidated Annuities, at the Rate of Three Pounds per Centum per Annum, to commence and be payable as herein-after mentioned.

&c. towards

V. It shall be lawful for any Guardian or Trustee having the Guardians, &c. Disposition of the Exchequer Bills or Money of any Infant to may subscribe, subscribe and contribute towards the funding of Exchequer funding of Bills, under the Provisions of this Act; and such Infant, upon Exchequer the Deposit or Payment of the Amount subscribed by such Bills. Guardian or Trustee, shall become a Subscriber within the Meaning of this Act, and be entitled to have and receive the Annuities, Advantages, and Payments in respect thereof, in such and the like Manner as any other Subscriber; and such Guardian and Trustee, as to the Sum or Sums so advanced, is hereby discharged, so as the Name of such Infant be expressed in the Receipt or Receipts for such Exchequer Bills or Mone.

Dividends.

VI. The several Subscribers, their Executors, Administra- Periods for tors, Successors, and Assigns, who shall have deposited or shall Payment of deposit any such Exchequer Bill or Bills as aforesaid, or shall have paid or shall pay Money in lieu of such Exchequer Bills, shall, for every Sum of One hundred Pounds contained in such Exchequer Bills, or for every One hundred Pounds Five Shillings paid in Money, and so in proportion for any greater Sum, have and be entitled to the Capital Stock in Annuities herein-before mentioned, such Annuities to commence from the Fifth Day of January One thousand eight hundred and fiftysix, and to be payable half-yearly, by equal Portions, on the Fifth Day of July and the Fifth Day of January in every Year, the First Payment to become due on the Fifth Day of July One thousand eight hundred and fifty-six.

Credit of Sub

VII. As soon as any Subscribers, their Executors, Adminis- Stock to be trators, Successors, or Assigns, after Deposit of the First placed to Instalment of Ten Pounds per Centum in Exchequer Bills, or scribers in Payment of Money in lieu thereof, shall have deposited any sub- Books at Bank sequent Instalment in respect of the Amounts subscribed by of England. them respectively in Exchequer Bills, or shall have paid Money in lieu thereof, on the Days specified in this Act, they may have a proportional Amount of Stock in Consolidated Three Pounds per Centum Annuities, in respect of such subsequent Instalment, forthwith placed in the Books of the Bank of England to.

the

Subscribers

Deposits or
Payments.

19 VICT. the Credit of such respective Subscribers, their Executors, Administrators, Successors, and Assigns; and on Completion of the last Instalment such Subscribers, their Executors, Administrators, Successors, and Assigns, shall have a proportional Amount of like Stock placed to their respective Credits, corresponding, at the Rate aforesaid, to the aggregate Amount of the First Instalment and of such last Instalment; and the respective Subscribers to whose Credit such Consolidated Annuities or such proportional Parts thereof shall be so placed, their respective Executors, Administrators, Successors, and Assigns, shall and may have Power to assign and transfer the same, or any Part, Share, or Proportion thereof, to any other Person or Persons, Body or Bodies Politic or Corporate, whatsoever, in the Books of the Bank of England; and the said Governor and Company of the Bank of England are hereby required, as soon as conveniently may be after the passing of this Act, to prepare proper Books for the Purpose of entering the Names of all such Subscribers, and of placing to their Credits the Principal Sums so deposited in Exchequer Bills or paid in Money by them respectively; and such Stock shall carry the Annuities after the Rate of Three Pounds per Centum per Annum, to be payable under this Act, until Redemption thereof in such Manner as is herein-after mentioned, and shall be transferable as this Act directs, and not otherwise.

VIII. All such Subscribers, their Executors, Administrators, may anticipate Successors, or Assigns, who shall deposit at the said Bank the whole Amount subscribed by them respectively in Exchequer Bills or any Part thereof, or pay into the Hands of the said Cashier or Cashiers Money in lieu thereof, in anticipation of the said Instalments or any of them, shall be entitled to have forthwith inscribed into their respective Names the whole or such proportional Amount of the said Three Pounds per Centum Annuities; but Interest shall only be payable on the Exchequer Bills so deposited in anticipation of any of the said Instalments from the Day of the Date of such Bills up to the Day of the actual Deposit thereof, and Discount shall not be allowed on any such Payment of Money in anticipation of any of the said Instalments.

Annuities
charged on
Consolidated
Fund.

Regulations as to Payment of

Dividends.

IX. All the Annuities which shall become payable under this Act are hereby charged upon and made payable out of the Consolidated Fund of the United Kingdom of Great Britain and Ireland; and so much Money shall from Time to Time be set apart and issued at the Receipt of the Exchequer out of the said Consolidated Fund, to the Cashier or Cashiers of the Governor and Company of the Bank of England, as shall be sufficient to satisfy and pay the Dividends on the Annuities to be created under this Act, with the Charges attending the same.

X. For the more easy and sure Payment of the Annuities established by this Act, the Governor and Company of the Bank of England, and their Successors, shall from Time to Time, until all the said Annuities shall be redeemed or shall cease, appoint

and

and employ One or more sufficient Person or Persons within their Office in the City of London to be their Chief or First Cashier or Cashiers, and One other sufficient Person within the same Office to be their Accountant General; and so much of the Monies by this Act appropriated for the Purpose as shall be sufficient from Time to Time to answer the said Dividends and other Payments herein directed to be made out of the said Consolidated Fund shall, by Order of the Commissioners of Her Majesty's Treasury, without any further Warrant to be sued for, had, or obtained in that Behalf, from Time to Time, at the respective Days of Payment in this Act appointed for Payment thereof, be issued and paid, at the Receipt of the Exchequer, to the said First or Chief Cashier or Cashiers of the said Governor and Company of the Bank of England, and their Successors for the Time being, by way of Imprest and upon Account, for the Payment of the Dividends payable by virtue of this Act; and such Cashier or Cashiers to whom the said Money shall from Time to Time be issued shall from Time to Time, without Delay, pay the same accordingly, and render his or their Accounts thereof to the Commissioners for auditing the Public Accounts; and the said Accountant General for the Time being shall from Time to Time inspect and examine all Receipts and Payments of the said Cashier or Cashiers, and the Vouchers relating thereto, in order to prevent any Fraud, Negligence, or Delay.

XI. The Cashier or Cashiers of the Governor and Company Receipts to be of the Bank of England, who shall have received or shall receive assignable. any Part of the said Subscription towards the said Sum of Three Millions, shall give a Receipt or Receipts in Writing to every such Subscriber for the Principal Money comprised in the Exchequer Bills deposited, or for the Sum of Money paid in lieu thereof, and the Receipt so to be given shall be assignable at any Time before the Twenty-fourth Day of April One thousand eight hundred and fifty-six, and no longer, and such Cashier or Cashiers shall from Time to Time deliver to the Paymaster General all the Exchequer Bills which shall be so deposited as soon as he or they shall receive the same or any Part thereof, or within Five Days afterwards at the furthest

Names to be

entered in

XII. In the Office of the Accountant General of the Governor Subscribers and Company of the Bank of England for the Time being a Book or Books shall be provided and kept, in which the Names Books at the of the Subscribers shall be fairly entered, which Book or Books Bank of the said respective Subscribers, their respective Executors, England. Administrators, Successors, or Assigns, shall and may from Time to Time and at all seasonable Times resort to and inspect, without any Fee or Charge; and the said Accountant General shall, on or before the Fifth Day of January One thousand eight hundred and fifty-seven, transmit an attested Duplicate, fairly written on Paper, of the said Book or Books, into the Office of the Receipt of the Exchequer at Westminster, there to remain for ever.

XIII. In

Subscribers not paying up Sums sub

scribed to forfeit their Deposits.

Annuities to be deemed Personal Estate.

Books to be provided for the Entry and Registry of Transfers.

XIII. In case any such Subscribers who have already deposited or paid with or to or shall hereafter deposit or pay with or to the said Cashier or Cashiers any Exchequer Bills, or any Sum of Money in lieu thereof, at the Time and in manner herein-before mentioned, in part of the Sum or Sums so by them respectively subscribed, or their respective Executors, Administrators, Successors, or Assigns, shall not advance and deposit and pay to the said Cashier or Cashiers the Residue of the Sum or Sums so subscribed, at the Times and in the Manner herein-before mentioned, then and in every such Case the said Deposit or First Instalment of Ten Pounds per Centum shall be forfeited for the Benefit of the Public, and all Right and Title to such Deposit or First Instalment, or the said Consolidated Three Pounds per Centum Annuities in respect thereof, shall be extinguished, anything in this Act contained to the contrary thereof in anywise notwithstanding.

XIV. All Persons and Corporations who shall be entitled to any of the Annuities created by virtue of this Act, and all Persons and Corporations lawfully claiming under them, shall be possessed thereof as of a Personal Estate, which shall not be descendible to Heirs, nor liable to any Foreign Attachment by the Custom of London or otherwise, any Law, Statute, or Custom to the contrary notwithstanding.

XV. Books shall be constantly kept by the said Accountant General for the Time being, wherein all Assignments or Transfers of all Sums of Stock in the Consolidated Three Pounds per Centum Annuities created under this Act shall be entered and registered, which Entry shall be conceived in proper Words for that Purpose, and shall be signed by the Parties making such Assignments or Transfers, or, if such Parties be absent, by their respective Attorney or Attorneys thereunto lawfully authorized in Writing under his or their Hand and Seal or Hands and Seals, to be attested by Two or more credible Witnesses; and the several Persons to whom such Transfers shall be made may respectively underwrite their Acceptance thereof; and no other Method of assigning and transferring the said Annuities, or any Part thereof, or any Interest therein, shall be good or available in Law; and liable to Stamp no Stamp Duties whatsoever shall be charged on any of the said Transfers; any Law or Statute to the contrary notwithstanding.

Transfers not

Duty.

Deposited
Exchequer
Bills to be
cancelled.

XVI. All the Exchequer Bills so deposited or to be deposited according to the Directions of this Act with the Governor and Company of the Bank of England shall be from Time to Time transmitted by the said Governor and Company and delivered over to the Paymaster General to be cancelled, and the Receipt for such Exchequer Bills, signed by the said Paymaster General, shall be a sufficient Acquittance to the said Cashier or Cashiers in accounting for the Exchequer Bills to be received by them in pursuance of this Act; and the said Paymaster General is hereby authorized and required, upon Receipt of any such Bill,

to

to mark and cancel the same, and to pay the Interest thereupon according to the Provisions of this Act.

this Act to be

XVII. The Cashier or Cashiers of the Governor and Monies reCompany of the Bank of England shall, from Time to Time as ceived under the same may be received, duly account for and pay over to the paid into the Receipt of Her Majesty's Exchequer all the Moneys which Exchequer. he shall have already received or shall hereafter receive in pursuance of this Act, within Five Days at the farthest after he shall have received the same, and shall account for the same in the Exchequer, according to the due Course thereof.

Bills funded

Payments to be
made for inci-
and to the
dent Charges,

XVIII. The Accountant General of the Governor and Bank to certify Company of the Bank of England shall certify to the Commis- Amount of sioners for the Reduction of the National Debt the Amount of and of Stock all Exchequer Bills subscribed to be funded, and all Sums of created. Money subscribed to be paid, under the Provisions of this Act, and also the Amount of the Consolidated Three Pounds per Centum Annuities which shall be created by virtue of this Act. XIX. The Commissioners of Her Majesty's Treasury shall have Power, out of the said Consolidated Fund, to discharge all such incident Charges as shall necessarily attend the Execution of this Act, in such Manner as to them shall seem just and Bank for Serreasonable, and also to make Payment of an Allowance for the vices perService, Pains, and Labour of the said Cashier or Cashiers formed. employed in receiving, paying, and accounting for the said Annuities, and also for the Service, Pains, and Labour of the said Accountant General for performing the Trusts reposed in him by this Act, which Allowance in respect of the Service, Pains, and Labour of the said Cashier or Cashiers and Accountant General of the said Governor and Company shall be for the Use of the said Governor and Company, and at their Disposal only.

ments.

XX. It shall be lawful for the Commissioners of Her Appropriation Majesty's Treasury to issue and apply from Time to Time all of Money Paysuch Sums of Money as may be so paid into the Receipt of Her Majesty's Exchequer by the said Cashier or Cashiers of the Governor and Company of the Bank of England as aforesaid in the Redemption of the Principal of Exchequer Bills charged on Aids or Supplies, and such Exchequer Bills so redeemed shall be delivered over to the Paymaster General to be cancelled, and also to apply such Moneys to such Services as have been or shall be voted by the Commons of the United Kingdom of Great Britain and Ireland, or to such Services as are now charged on the Consolidated Fund of the United Kingdom of Great Britain and Ireland, or shall be charged thereon by any Act that may be passed hereafter.

shall be added

to the Joint

XXI. All the Annuities after the Rate of Three Pounds Three per Cent. per Centum per Annum to which any Person or Persons shall Annuities become entitled by virtue of this Act shall be added to the Joint Stock of Annuities transferable at the Bank of England into which the several Sums carrying an Interest after the Rate of Three Pounds per Centum per Annum were by several Acts

made

Stock of the Three per

Cent. Consols.