Tobe perfonal eftates, and not liable to foreign attachments, &c.

Principal

monies in annuities, &c.

able.

An office to be

puted pursuant to this act, and every of them, fhall be free from all taxes, charges and impofitions whatsoever.

IX. And be it further enacted by the authority aforefaid, That all and every the perfons and corporations whatsoever, who fhall be entitled to any of the faid South-Sea annuities, to be founded on this act as aforefaid, and all perfons and corporations lawfully claiming under them refpectively, fhall be poffeffed thereof as a perfonal estate, and the fame fhall not be defcendable to the heir, and fhall not be liable to any foreign attachment by the cuftom of London or otherwise; any law, ftatute, or custom to the contrary notwithstanding.

X. And be it further enacted by the authority aforesaid, That all the principal monies in the faid joint ftock of the to be deemed South-Sea annuities for which the said several and respective ancapital or joint nuities fhall purfuant to this act be payable as aforefaid, thall tock, &c. be deemed, reputed and taken to be one capital or joint stock, on which the fame annuities fhall be attending; and that all and every person and perfons, body and bodies politick and corporate, in proportion to fuch their refpective South-Sea annuities, thall have and be deemed, reputed and taken to have a fhare in fuch stock; and that the fame capital or joint ftock, or any thare or fhares therein, and the proportional annuity and annuities attending the fame, fhall be affignable and transferrable as this And affign- act directs, and not otherwife; and that the faid company, commonly called the South-Sea company, fhall caufe to be con ftantly kept, within fome convenient place within the city of London, an office and a book or books, in which all affignments kept in Lon- or transfers of the faid ftock of South-Sea annuities as aforefaid, don for entry and of the proportional annuities attending the fame, or any of affign- part or parcel, parts or parcels thereof, fhall be fairly entred ments, &c. and regiftred, which entry fhall be contrived in proper words for that purpose, and fhall be figned by the parties making fuch aflignments or transfers, or (if the party be abfent) by his, her or their attorney thereunto lawfully authorized by writing under his, her or their hands and feals, to be attefted by two or more credible witneffes; and that the perfon or perfons, to whom fuch transfers fhall be made, do underwrite his, her or their acceptance thereof; and that no other method of affigning or transferring the faid ftock and annuities to attend the fame, or any part thereof, or any intereft therein, shall be good and available in law: provided always, That any perfon or per fons poffeffed of fuch South-Sea annuity or annuities as aforefaid, or any intereft therein, may bequeath the fame by will in writing, attested by two or more credible witnesses, but that such legatee shall receive no payment thereupon, till fo much of the faid will as relates to fuch South-Sea annuity or annuities, be entred in the office laft mentioned; and in default of fuch tranffer or bequeft, the ftock and annuity or annuities attending the fame, fhall go to the executors or administrators.

No stampduties on

XI. And it is hereby enacted by the authority aforefaid, That transfers, &c. no ftamp duties whatsoever, fhall be chargeable upon any the

trans

to receive the

1727, &c.

transfers or affignments of the faid joint ftock of the faid SouthSea annuity, or annuities to attend the fame, or any of them. XII. And as for and concerning the other moiety or half-part of the faid whole capital ftock of the faid company, commonly called the South-Sea company, fo remaining and continued to the faid South-Sea company as their capital stock, and all fums fettled and allowed, or to be fettled and allowed for management as aforefaid, with all the other benefits, profits of trade, privileges and advantages whatsoever belonging to the faid company before the making of this act; be it enacted by the authority aforefaid, That the faid South-Sea company fhall, from and af- South Sea ter the faid twenty fourth day of June one thoufand feven hun- company, after dred and twenty three, continue to have, receive and enjoy, and 24 June 1723. ⚫be entitled to have, receive and enjoy, at the exchequer, in their refidue of anown right, the refidue of the faid annuities or yearly funds, nuities, &c. at computed in the whole to one million fix hundred fifty one thou- the exchequer fand feven hundred and thirty pounds ten fhillings and ten pence till 24 June halfpenny per annum, till the faid feaft of the nativity of Saint John Baptift one thousand seven hundred and twenty feven, and to amount afterwards to one million three hundred fifty two thousand ninety nine pounds fix fhillings and eleven pence halfpenny per annum, till redemption by parliament as aforefaid; which faid refidue, till the faid feaft of the nativity of Saint John Baptift one thousand seven hundred and twenty feven, is computed at eight hundred and fix thousand fix hundred fixty eight pounds nine fhillings and a penny farthing, as is before mentioned, and afterwards is to be computed after the rate of four pounds per centum per annum, till redemption as aforesaid, as the annuity or yearly fund to attend the faid remaining moiety or half-part of the faid capital stock, hereby intended to be continued in the faid South-Sea company as aforefaid, till the redemption thereof by parliament as aforefaid; and fhall alfo have, receive and enjoy, and be entitled by virtue of this act to have, receive and enjoy, the faid whole fums of eight thousand pounds per annum, and one thoufand three hundred ninety feven pounds nine fhillings and fix pence per annum, already settled for charges of management, and all other fums to be allowed for charges of management as aforefaid, during the continuance thereof; and fhall be alfo entitled to hold, exercise and enjoy all the profits of trade, and other privileges and advantages belonging to the faid company, before the making of this act; and that all and every the members and proprietors, having any share or shares on the faid twenty fourth day of June one thoufand feven hundred and twenty three, in the faid remaining moiety or half-part of the faid capital stock, to be continued in the faid South-Sea company as aforefaid, his, her and their executors, adminiftrators, fucceffors and affigns refpectively, fhall have and be intitled to proportional shares of and in the faid annuities or yearly funds attending the fame, and alfo all benefits of trade and other benefits, and all dividends, profits and advantages whatsoever, belonging

C 4

and

&c,

and remaining in the faid South-Sea company, and the faid allowances made and to be made for charges of management. XIII. And it is hereby further enacted by the authority aforePowers given to the South- faid, That as well the faid company, called the South-Sea comSea company, pany, and their general courts, their courts of directors and fub-committees, and all their officers and minifters whatsoever, for the time being, as alfo all the refpective members of the fame company, their executors, adminiftrators, fucceffors and affigns for the time being, in refpect of the faid remaining moiety or half-part of the faid capital ftock, to be continued in the faid company as aforefaid, and in refpect of the faid refidue of the faid annuities or yearly funds attending the fame moiety or half-part, and in refpect of the faid allowances made and to be made for charges of management, and in refpect of all the feveral thares and interests of the faid members and proprietors, of and in the fame and every of them, and in respect of all dividends, profits and advantages belonging and remaining to the faid South-Sea company, fhall and may have, exercise and execute, and fhall be entitled by force and virtue of this act, to have, exercise and execute all fuch and the like powers and authorities and capacities, and to have, receive and enjoy fuch and the like freedoms, immunities, exemptions from taxes and other exemptions and privileges, and fuch and the like benefits of trade, and other benefits, profits and advantages (other than in cafes touching which other provifions or directions are hereafter made and given in and by this act) as the said South-Sea company, or their general courts, their courts of directors, fub-committees, their officers or minifters, or the members of the fame company, their executors, adminiftrators, fucceffors or affigns refpectively, might have exercised or executed, or might have had, received or enjoyed, if this act had not been made; fubject nevertheless to such and the like reftrictions, rules and directions, as they refpectively were fubject to before the making of this act; and all and every the powers, authorities, privileges, freedoms, immunities, exemptions, bencfits of trade, and other benefits, profits and advantages, and all pains of death, penalties, forfeitures and difabilities, and all reftrictions, rules and directions, and all claufes, conftitutions, by-laws, matters and things whatsoever, which were enacted, or lawfully provided or established, in, by or purfuant to any act or acts of parliament, laws, ftatutes or provifions whatfoever, which were in force, at or until the time of the making of this act, for the better fecuring the whole capital ftock of the faid South-Sea company, or for fecuring and paying their whole annuities or yearly funds at the exchequer, by weekly or other payments, or for, touching or concerning the affigning or transferring the fame, or any fhares therein, or for payment of the faid allowances for charges of management or for preventing or punishing the forging or counterfeiting any transfer or transfers, affignment or affignments, or any powers relating thereunto, or for fecuring the trade of the faid South-Sea company, or for any matter or thing whatfoever relating to the faid company,

or

or the members thereof, are and fhall, by force and virtue of this act, be revived and continued, and be practifed and put in execution, in respect of the faid remaining moiety or half-part of the said capital stock, hereby intended to be continued, and in refpect of the faid refidue of the annuities or yearly funds, hereby enacted to attend the same, and the allowances made and to be made for management as aforefaid, and in refpect of the feveral shares and interests of the members of the fame company for the time being, of and in the fame moiety or half-part, and of and in the yearly funds, benefits, dividends, profits and advantages attending the fame, as fully and effectually to all intents and purposes whatsoever, as if all and every the faid powers, authorities, privileges, immunities, exemptions, benefits of trade, and other benefits, profits and advantages, restrictions, rules and directions were again repeated and particularly re-enacted in the body of this prefent act, other than and except in fuch cafes, touching which other provifions or directions hereafter made and given in and by this act.

cies, &c.

XIV. Provided always, and it is hereby enacted by the autho- South-Sea rity aforefaid, That if, at any time or times hereafter, any defi- company to ciency or deficiencies thall happen in the produce of all or any bear a moiety the feveral duties, revenues and incomes charged with the faid of all deficienjoint ftock of the South-Sea annuities, and attendant on the faid remaining stock, and the faid allowances for charges of management, to be continued to the faid South-Sea company in their own right as aforefaid, then, and in every fuch cafe fo happening, the faid South-Sea company, upon account and in respect of the remaining ftock and the allowances to be continued to them in their own righ as aforefaid, fhall, from time to time, bear one moiety or half-part of every fuch deficiency, until the fame shall be provided for and made good by authority of parliament, and no more; any thing in this act, or any former law, ftatute or provifion whatfoever to the contrary notwithstanding.

XV. And be it further enacted by the authority aforefaid, Not to incur That the faid company, commonly called the South-Sea com- difability for pany, or any member thereof, fhall not incur any difability for doing any or by reafon of their doing any matter or thing in pursuance of fuance of this thing in pur this act; nor fhall the prefent governor, fub-governor, or deputy- act, &c. governor, nor any of the prefent directors, be deemed to be difqualified to continue governor, fub-governor, deputy-governor or directors, after the feparation or divifion of the faid capital fhall have taken place, for or by reafon of their not having remaining in their own respective names or right, fo much capital ftock of the said company, as they before the making of this act were required to have for the qualification of fuch governor, fub-governor, deputy-governor or directors refpectively, fo as fuch governor, fub-governor, deputy-governor or director refpectively, fhall have and continue in his own name and right, fo much of the faid joint ftock of South-Sea annuities, as, together with the South-Sea ftock remaining in his own name and right, fhall make up the fum in stock, which before the making

of

ment by par

of this act was requifite for fuch refpective qualification, according to the charter of the faid company, or any by-laws made in pursuance thereof.

XVI. Provided always, and it is hereby enacted by the authoUpon repay rity aforefaid, That at any time after the faid feaft of the natiliament of the vity of Saint John Baptift which shall be in the year of our Lord capital fum of one thousand seven hundred and twenty feven, upon repayment 33,802,4831. by parliament to the faid company, commonly called the South14s. one half- Sea company, of the faid whole principal or capital fum of thirJune 1727, to ty three millions eight hundred two thousand four hundred eighthe company, ty three pounds fourteen fhillings and one halfpenny, that is to &c. annuities fay, The fum of fixteen millions nine hundred and one thouout of the ex- fand two hundred forty one pounds feventeen fhillings one farchequer to

penny,after 24

ceafe, &c.

How annui

ties, &c. pay

thing, being one moiety or half-part of the faid whole principal or capital fum, for the ufe of fuch perfon and perfons, body and bodies politick and corporate, as fhall then be proprietors of the faid joint ftock of South-Sca annuities to be founded on this act, according to the fhares and intereft which they respectively shall then have therein; and the remaining fixteen millions nine hundred one thousand two hundred forty one pounds feventeen fhillings and one farthing, being the other moiety or half part thereof, for the use and account of the faid capital stock, remaining and to be continued to the company in their own right as aforefaid, and upon payment of all arrears which shall then be due for or upon the faid annuities or yearly funds payable at the exchequer attending the fame refpectively as aforefaid, and upon payment of all arrears of the faid yearly fums, allowed or to be allowed to the faid company for their own ufe, for charges of management as aforefaid; (all which arrears, if any fuch be, fhall be computed and paid to the quarterly feaft-day then next preceding, and from thence fhall be computed and paid by the day, till the time of fuch full payment made) then the faid yearly annuities or funds payable at the exchequer to the faid company in truft for the faid South-Sea annuitants, and in their own rights refpectively as aforefaid; as alfo the faid yearly fums to be allowed for charges of management as aforefaid, and every of them fhall from thenceforth ceafe and determine.

XVII. And in regard it is intended, that at any time or times after able at the ex- the faid feaft of the nativity of Saint John Baptist in the year of our chequer, &c. Lord one thousand feven hundred and twenty Jeven, the principal ar as fhall bear fum total of the faid capital amounting to thirty three millions eight monies paid in hundred two thousand four hundred eighty three pounds fourteen sbilpart of princi- lings and one halfpenny shall be fatisfied to the faid company, called the pal, thall ceafe. South-Sea company, by any payments not being less than five hundred

proportion to

thousand pounds at a time; and that as the fame principal money shall be fo paid off, fuch leffer payments fhall, from time to time, be applied, either towards difcharging the faid principal fums which shall then belong to the faid South-Sea company in their own right, or towards difcharging the faid principal fums of the faid South-Sea annuities, or towards difcharging, as well the faid principal fums of the faid company, as alfo of the faid South-Sea annuities, in fuch proportigns, manner and form as fhall be preferibed by the respective act or

ACTS