general iffue, and fhall recover treble cofts. at any time hereafter be brought, commenced or profecuted against any person or perfons for any caufe, matter or thing done in pursuance of this act or the before recited acts, that the defendant or defendants in fuch fuit or fuits fhall and may plead the general iffue, and thereupon give the special matter of his defence in evidence; and in cafe a verdict paffes therein for fuch defendant or defendants, or the plaintiff becomes nonfuit, or discontinues his action, the defendant or defendants in fuch case shall have and recover treble costs; any law or custom to the contrary thereof in any wife notwithstanding. CAP. XVII. An act for appointing commiffioners to examine, state and determine the debts due to the army; and to examine and ftate the demands of feveral foreign princes and states for fubfidies during the late war, EXP. CA P. XVIII. An act for better fecuring certain powers and privileges intended to be granted by his Majesty by two charters for affurance of Jhips and merchandizes at fea, and for lending money upon bottomry; and for reftraining feveral extravagant and unwarrantable practices therein mentioned. MOST gracious Sovereign, whereas it hath for many ages past been esteemed good policy, by all proper ways and means, to fecure and encourage the trade of this realm, whereby the wealth and ftrength of the fame, and particularly the Jhipping, navigation and public revenues thereof, have been increased; and it hath been, time out of mind, a custom or usage amongst merchants, as well of this realm as of foreign nations, when they make any adventures at fea (especially into remote or dangerous parts) to give a premium or confideration to particular perfons, to have from fuch particular perJons affurance of or upon ships, goods or merchandizes adventured, or Some of them, at fuch rates or prices as the parties affurers and the parties affured can agree, which kind of contract or dealing is commonly called a policy of affurance, and several laws and ftatutes now in force have been made concerning the fame affurances; notwith43 Eliz. c. 12. ftanding which it is found by experience, that many particular per13 & 14 Car.2. fons, after they have received large premiums or confideration-monies C. 23. for or towards the infuring hips, goods and merchandizes at fea, have become bankrupts or otherwife failed in anfwering or complying with their policies of affurance, whereby they were particularly engaged to make good or contribute towards the loffes which merchants or traders have fuftained, to the ruin or impoverishment of many merchants and traders, and to the difcouragement of adventurers at sea, and to the great diminution of the trade, wealth, ftrength and publick revenues of this kingdom: and whereas it is conceived, That if two feveral and diftinct corporations, with a competent joint flock to each of them belonging, and under proper conditions, reftrictions and regulations, were erected and established for affurance of Lips, or any Ships, goods or merchandizes at fea, or going to fea (exclufive of all other corporations or bodies politick already created, or hereafter to be created, and likewife exclufive of fuch focieties or partnerships as now are or may hereafter be entered into for that purpofe) several merchants or traders, who adventure their eftates, or part of their eftates, in fuch ships, goods or merchandizes at fea, or going to fea (especially in remote or hazardous voyages) would think it much fafer for them to depend on the policies or affurances of either of those two corporations fo to be erected and established, than on the policies or affurances of private or particular perfons; and that fuch merchants or adventurers as shall hereafter be minded to agree for affurance of their hips, goods or merchandizes with private or particular perfons, may still be at liberty fo to do according to their own option or choice: and whereas it has also been a custom or usage in this as well as in other nations, for merchants or traders, who adventure their ships and merchandizes at fea, to borrow money to be repaid upon the return or arrival of fuch fhips, which kind of borrowing is commonly called, taking up money on bottomry; in which cafes the lenders run a rifque or hazard, more or lefs, of lofing their principal, and are therefore allowed to contract for fuch intereft or confideration-money for the use or forbearance of the principal, as can be agreed upon between the borrowers and the lenders: and it is confidered, That it may be a great advantage and encouragement to trade and navigation, if fuch merchants and traders might have it in their power, at their own election, either to have recourfe to one of the corporations to be erected and established in pursuance of this act, or to private or particular persons, for borrowing money upon bottomry as aforefaid, at fuch rate or rates as fhall be agreed upon between fuch borrowers and lenders respectively and whereas the fole right and prerogative of granting charters of incorporation (not being fuch as are repugnant to any law or ftatute of this realm) doth belong to your Majefty; and it is confidered, That if your Majesty fhall be graciously pleafed to grant two fuch diftinct charters as aforefaid, the members of each corporation fo to be erected and established (for and in confideration of the advantages which may accrue to them refpectively thereby, and for having reasonable powers and privileges fecured to them in pursuance of this act) may be willing to pay to your Majesty's ufe fuch fums of money, at fuch times and by fuch proportions, as are herein after mentioned: be it therefore enacted by His Majesty the King's most excellent majefty, by and with the advice and may grant confent of the lords fpiritual and temporal and commons, in charters to this prefent parliament affembled, and by the authority of the two distinct fame, That it fhall and may be lawful to and for his Majefty, companies for by one charter or indenture under the great feal of Great Briships, and for tain, to declare and grant, that fuch and fo many perfons (who lending moshall be named therein, and of whofe abilities and fitnefs his ney on botMajefty fhall thereby declare himself to be well fatisfied) and tomry, all and every such other person and perfons as hereafter from time to time shall be duly admitted as members into their corporation, fhall be one distinct and separate body politick and corporate for the affurance of fhips, goods and merchandizes : affurance of They may choose their own govern ors, &c. at sea, or going to sea, and for lending money upon bottomry, by fuch name as his Majefty fhall think most proper and that it fhall and may be lawful to and for his Majefty, by another charter or indenture under the great feal of Great Britain, to declare and grant, that fuch and fo many other perfons (who shall be named therein, and of whofe abilities and fitness his Majesty shall thereby declare himself to be well fatisfied) and all and every fuch other perfon and perfons as hereafter from time to time shall be duly admitted as members into their corporation, shall be one other diftinct and feparate body politick and corporate for affurance of fhips, goods and merchandizes at sea, or going to fea, and for lending money upon bottomry, by such to have perpe- name as his Majefty alfo fhall think most proper: and that the tual fucceffion, said several and respective corporations, by their respective but fubject to names aforefaid, fhall have perpetual fucceffion, fubject neverredemption. theless to such redemption or power of revocation as hereafter in this act is provided concerning the fame; and that the faid feveral and respective corporations, during the continuance. thereof respectively, fhall have power from time to time to choose their respective governors, directors and other officers and servants, for better management of the affairs of the fame corporations refpectively, in fuch manner and under fuch qualifications, as fhall be prescribed in and by the faid respective charters or indentures in that behalf; nevertheless the vernors, &c. firft governor and directors of each of the faid two corporations to be appoint- fhall or may be appointed by his Majesty, in and by the fame ed by his Ma- charters or indentures refpectively; and that the faid first gojesty. vernors and directors, and all fubfequent governors and diin their places rectors, fhall continue in their respective offices for three years, and in cafe of death or removal be fupplied as in fuch refpective charters or indentures fhall be prescribed; and that each of the common feal. faid corporations or bodies politick, by fuch refpective names as aforefaid, fhall and may have and ufe a common feal only for the business of the fame corporations refpectively, and fuch seal from time to time may break, change, make new or alter, May purchase as shall be found most expedient; and that each of the faid corlands to the porations fhall be able and capable in law to purchase, take and value of 1000l. enjoy meffuages. lands or tenements not exceeding the value The first go. To continue for three years, &c. To have a per ann. May fue or be fued. Each of the of one thousand pounds per annum, and to grant, alien, demife or difpofe the fame, or any part thereof, at their free wills and pleasures; and shall be able and capable in law to fue and implead, be fued and impleaded, anfwer and be answered in courts of record, or elsewhere, in all actions and causes whatsoever, for, touching or concerning the affurance of thips, goods or merchandizes at fea, or lending money upon bottomry, or any other matter or thing whatsoever concerning the fame corporations refpectively. II. And it is hereby further enacted by the authority aforecorporations faid, That each of the faid two corporations to be erected and to pay into the established as aforefaid (for and in confideration of the benefits exchequer and advantages which may accrue to them refpectively by vir 300,000l. for tue 7Geo. I. c. 27. tue of the said respective charters or indentures, and the grants difcharging thereby to be made to each of them) fhall be obliged by force the debts of and virtue of this act, and of the refpective charters or inden- the civil lift. tures before-mentioned, to pay or cause to be paid into the re- fect. 26. ceipt of the exchequer at Westminster, for the use of the King's majesty, in order to discharge the debts and expences of his civil government, the full fum of three hundred thousand pounds. of lawful money of Great Britain (which for both corporations will amount in the whole to fix hundred thousand pound;) the said payments for each corporation to be made in manner following; that is to say, one full and equal third part there- Times of payof within one calendary month after the date of the re- ment. spective charter or indenture, for or upon account of which fuch payment is to be made; one full and equal fixth part thereof within three calendary months after fuch date; one other full and equal fixth part thereof within five calendary months after fuch date; one other full and equal fixth part thereof within eight calendary months after such date; and the remaining fixth part thereof within ten calendary months after fuch date, without any deduction, defalcation or abatement whatsoever. the times of payment, cor III. And it is hereby enacted, That in case the faid corpora- On failure of tions, or either of them, shall make failure in payment of the payment at faid feveral fums of three hundred thoufand pounds and three hundred thousand pounds, to be paid by each of them refpec- poration may tively as aforefaid, or any part thereof, at the refpective times be fued. herein before limited for payment of the fame, then and in every or any such case or cafes, the money whereof such failure in payment fhall be made, fhall and may be recovered in his Majesty's name against the particular corporation or corporations making fuch failure, by action of debt or upon the cafe, bill, fuit or information in any his Majesty's courts of record at Westminster, wherein no effoin, protection, privilege or wager of law fhall be allowed, or any more than one imparlance; and in such action, bill, fuit or information it fhall be lawful to declare, That the faid corporation fo making default in payment is indebted to the King's majesty the money whereof such default in payment fhall have been made, according to the form of this ftatute, and have not paid the fame, which fhall be fufficient; and in or upon fuch action, bill, fuit or information Ten per cent. there fhall be further recovered against the defendants damage damages, with after the rate of ten pounds per centum per annum for the monies full costs of fo unpaid, befides full cofts of fuit; and each corporation for making default in payment, and its ftock and effects fhall be and are hereby made fubject and liable thereunto; and if default shall be made in the payment of the faid several and re- ment for thir fpective fums of three hundred thousand pounds, or any part ty days, corthereof, by the space of thirty days after any of the days of poration may be determinpayment limited as aforefaid for the payment of the fame, or ed any proportion thereof, that then and from thenceforth it thall and may be lawful to and for the King's majefty, his heirs and R 4 fuc fuit. On non-pay Each corpora ftock to an fwer all de mands on On neglect may be fued, &c. fucceffors, by any inftrument or writing under his or their great feal of Great Britain or privy feal, to fignify his or their pleafure for revoking and making void, and thereby to revoke and inake void all the powers, privileges and advantages to be granted as aforefaid to that particular corporation fo making default, and to determine the fame corporation; and thereupon the faid powers, privileges and advantages thall accordingly be revoked, and the fame corporation shall be determined, without any inquifition, Scire facias, or any matter or thing to make void and determine the fame; any thing in this present act contained, or in fuch charters or indentures to be contained to the contrary notwithstanding. IV. And be it further enacted by the authority aforefaid, tion to provide That each of the two corporations to be erected and established a fufficient as aforefaid shall be obliged, by force and virtue of this act, and of the respective charters or indentures to be granted or made forth as aforefaid, from time to time, during the contitheir policies. nuance of the fame corporations refpectively, to caufe fuch a stock of ready money to be provided and referved, as shall be fufficient to answer, from time to time, all juft demands upon their policies of affurance for any loffes whatsoever which shall happen; and shall fatisfy, pay and discharge the same demands from time to time, according to the tenors of their respective policies of affurance, and the true meaning of this act; and in cafe of refusal or neglect, the party or parties affured, his, her or their executors, administrators or affigns may bring his, her · or their action of debt or on the cafe, bill, fuit or information for the money demanded, against the corporation refusing or neglecting to pay as aforefaid, in any of his Majesty's faid courts of record at Westminster, wherein no effoin, protection, wager of law, or more than one imparlance thall be granted or allowed; and in such action, bill, fuit or information the plaintiff or plaintiffs may declare, That the fame corporation is indebted to him, her or them the money fo demanded, and have not paid the fame according to this act; and thereupon the plaintiff or plaintiffs fhall recover against the fame corporation double damages, befides full cofts of fuit, and the stock and effects of the particular corporation fo refufing or neglecting to pay, shall be alfo fubject and liable thereto. For pleas in Juch a&ions, JIGeo. 1. c.30. fect. 43. Altered as to double damages by 8 Geo. 1. V. And to the end the faid fums of three hundred thousand pounds and three hundred thousand pounds may be raised and duly paid into the exchequer for his Majefty's ufe within the respective times before-mentioned; and that fufficient provifion of money may be made for ready anfwering and paying juft demands upon the polices of the faid refpective corporations for loffes which. fhall or may happen at fea; and that the faid respective corporations may be enabled to lend money upon bottomry as aforefaid, or to lend or advance money upon any parliamentary fecurities, and may be furnished with money for other their neceffary or lawful occafions: it is hereby further enacted by the authority aforefaid, That each of the faid cor porations 1 |