a governor, fub-governor, deputy-governor, or director of either of the corporations intended to be erected and established in purfuance of this act shall, during the time he shall be fuch governor, fub-governor, deputy-governor, or director, be incapable of being chofen a governor, fub-governor, deputygovernor, or director of the other corporation intended to be or purchase erected and established in pursuance of this act; and if any goftock in both vernor, fub-governor, deputy-governor, or director, or memcorporations. ber of either of the corporations intended to be erected and established in pursuance of this act, having any fhare in the capital stock of that corporation, fhall in his or her own name, or in the name or names of any other perfon or persons in trust for fuch governor, fub-governor, deputy-governor, director or member, purchase any fhare in the capital ftock of the other corporation intended to be erected and established in pursuance of this act, that then and in every such case, the share so purchased shall be forfeited; the one moiety thereof to the use of his Majefty, his heirs and fucceffors, and the other moiety to the use of such person or persons as will inform or fue for the same, and to be recovered in the manner before-mentioned. Penalty. On three years notice at any time within 31 years, on payment of the 300,000l. determined tions are judged inconvenient, his XV. Provided always, and it is hereby further enacted by the authority aforesaid, That upon three years publick notice to be printed in the London Gazette, and affixed upon the Royal Exchange in London, by authority of parliament, at any time. within or during the term of thirty one years, to be reckoned from the date or respective dates of the two charters or indentures intended to pass under the great feal of Great Britain, as aforefaid, and upon payment by parliament to the said refpective corporations of the faid refpective fums of three hundred thousand pounds, and three hundred thousand pounds, which shall have been advanced to his Majefty's ufe, as aforefaid, without any interest or confideration for the forbearance thereof, then and not till then the faid refpective corporations, and all the powers, privileges, benefits and advantages to be granted to them respectively, in purfuance of this act, fhall ceafe, determine and become void; any thing contained in this act, or to be contained in the faid charters or indentures, or either of them, to the contrary notwithstanding; and that any vote or refolution of the house of commons fignified by the speaker in writing, to be inferted in the faid London Gazette, and affixed on the Royal Exchange in London, as aforefaid, thall be deemed and adjudged to be fufficient notice within the words and meaning of this act. After 31 years, XVI. Provided alfo, and it is hereby enacted, That if at any if the corpora- time after the expiration of the said term of thirty one years, his Majefty, his heirs or fucceffors, fhall judge the farther continuance of the faid two corporations to be hurtful or inconvenient to the publick, then and from thenceforth it fhall and may be lawful to and for his Majefty, his heirs or fucceffors, by any letters patents under the great feal of Great Britain, to revoke and make void the fame corporations, and all Majesty may determine them. the the powers, privileges, benefits and advantages to be granted to them refpectively, as aforefaid, and thereupon the fame shall determine and become void accordingly, without any inquifition, fcire facias, or other matter or thing to make void or determine the fame; any thing contained in this act, or to be contained in the faid charters or indentures, or either of them, to the contrary notwithstanding. XVII. Nevertheless it is intended and hereby declared and No other like enacted, That in cafe the faid corporations fhall be redeemed corporations upon fuch notice and payment, within the faid term of thirty grantable. one years, or be revoked by such letters patents, as aforefaid, after the faid term of thirty one years, the fame corporations, or any corporation or corporations, with like powers, privileges, benefits and advantages, fhall not be grantable again to any persons or corporations whatsoever, but fhall remain fuppreffed for ever, as having been found inconvenient and prejudicial to the publick. XVIII. And whereas it is notorious, that feveral undertakings or projects of different kinds have, at some time or times fince the four and twentieth day of June one thousand seven hundred and eighteen, been publickly contrived and practifed, or attempted to be practifed, within the city of London and other parts of this kingdom, as alfo in Ireland, and other his Majefly's dominions, which manifeftly tend to the common grievance, prejudice and inconvenience of great numbers of your Majesty's fubjects in their trade or commerce, and other their affairs; and the perfons who contrive or attempt fuch dangerous and mischievous undertakings or projects, under falfe pretences of publick good, do prefume, according to their own devices and schemes, to open books for publick subscriptions, and draw in many unwary persons to fubfcribe therein towards raifing great fums of money, whereupon the fubfcribers or claimants under them do pay Small proportions thereof, and fuch proportions in the whole do amount to very large fums; which dangerous and mischievous undertakings or projects do relate to feveral fisheries, and other affairs, wherein the trade, commerce, and welfare of your Majesty's fubjects, or great numbers of them, are concerned or interested: and whereas in many cafes the faid undertakers or fubfcribers have, fince the faid four and twentieth day of June one thousand feven hundred and eighteen, prefumed to act as if they were corporate bodies, and have pretended to make their fhares in stocks transferrable or assignable, without any legal authority, either by act of parliament, or by any charter from the crown for fo doing; and in fome cafes the undertakers or subfcribers, fince the faid four and twentieth day of June one thousand Seven hundred and eighteen, have acted or pretended to act under Some charter or charters formerly granted by the crown for fome particular or Special purposes therein expressed, but have used or endeavoured to use the fame charters for raising joint stocks, and for making transfers or affignments, or pretended transfers or affignments for their own private lucre, which were never intended or defigned by the fame charters refpectively; and in fome cafes the undertakers or fubfcribers, fince the faid four and twentieth day of June one thou fand 1720. all un trade, fand feven hundred and eighteen, have acted under fome obfolete charter or charters, although the fame became void or voidable by nonufer or abuser, or for want of making lawful elections, which were neceflary for the continuance thereof; and many other unwarrantable practices (too many to enumerate) have been, and daily are and may hereafter be contrived, fet on foot, or proceeded upon, to the ruin and destruction of many of your Majesty's good fubjects, if a timely remedy be not provided: and whereas it is become abfolutely neceffary, that all publick undertakings and attempts, tending to the common grievance, prejudice and inconvenience of your Majesty's fubjects in general, or great numbers of them, in their trade, commerce, or other lawful affairs, be effectually suppressed and restrained for the future, by fuitable and adequate punishments for that purpose to be afcertained After 24 June and established: now for fuppreffing such mifchievous and dangerous undertakings and attempts, and preventing the like dertakings tending to the for the future, may it please your moft excellent Majefty, at prejudice of the humble fuit of the faid lords fpiritual and temporal and commons, in this present parliament affembled, that it may be enacted; and be it enacted by authority of this present parlia ment, That from and after the four and twentieth day of June one thousand seven hundred and twenty, all and every the undertakings and attempts defcribed, as aforefaid, and all other publick undertakings and attempts, tending to the common grievance, prejudice and inconvenience of his Majesty's subjects, or great numbers of them, in their trade, commerce, or other lawful affairs, and all publick subscriptions, receipts, payfcriptions, &c. ments, affignments, transfers, pretended affignments and tranffers, and all other matters and things whatsoever, for furthering, countenancing or proceeding in any fuch undertaking or attempt, and more particularly the acting or prefuming to act as a corporate body or bodies, the raifing or pretending to raise or prefuming transferrable stock or ftocks, the transferring or pretending to to act as cor- transfer or affign any fhare or fhares in fuch stock or stocks, porate bodies without legal authority, either by act of parliament, or by any charter from the crown, to warrant fuch acting as a body corporate, or to raise fuch transferrable stock or stocks, or to transfer fhares therein, and all acting or pretending to act under any charter, formerly granted from the crown, for particular or special purposes therein expreffed, by persons who do or fhall use or endeavour to use the fame charters, for raising a capital stock, or for making transfers or affignments, or pretended transfers or affignments of such stock, not intended or defigned by fuch charter to be raised or transferred, and all acting or pretending to act under any obfolete charter become and all acting void or voidable by nonufer or abuser, or for want of making under obfolete lawful elections, which were neceffary to continue the corporacharters, &c. tion thereby intended, fhall (as to all or any such acts, matters and things, as fhall be acted, done, attempted, endeavoured or proceeded upon, after the faid four and twentieth day of June one thousand seven hundred and twenty) for ever be deemed and all fub thereto, without legal authority, 1 to to be illegal and void, and shall not be practised or in any wife shall be deemput in execution. ed illegal and void. XIX And be further enacted by the authority aforefaid, All fuch unThat from and after the faid four and twentieth day of June dertakings one thousand seven hundred and twenty, all fuch unlawful un- deemed pubdertakings and attempts, fo tending to the common grievance, lick nufances. prejudice and inconvenience of his Majefty's fubjects, or a great number of them, in their trade, commerce, or other lawful affairs, and the making or taking of any fubfcriptions for that purpose, the receiving or paying of any money upon fuch fubfcriptions, the making or accepting of any affignment or transfer, or pretended allignment or transfer, of any fhare or fhares upon any fuch fubfcription, and all and every other matter and thing whatsoever, for furthering, countenancing, or proceeding in any fuch unlawful undertaking or attempt, and more particularly the prefuming or pretending to act as a corporate body, or to raise a transferrable "ftock or stocks, or to make transfers or affignments of any fhare or fhares therein, without fuch legal authority, as aforefaid, and all acting or pretending to act under any charter formerly granted from the crown for any particular or fpecial purposes therein expreffed, by persons making or endeavouring to make use of such charter for any fuch other purpose not thereby intended, and all acting or pretending to act under any fuch obfolete charter as is before defcribed, and every of them (as to all or any such acts, matters or things as fhall be fo acted, done, attempted, endeavoured or proceeded upon, after the faid four and twentieth day of June one thousand feven hundred and twenty) fhall be deemed to be a publick nufance and nufances, and the fame, and all causes, matters and things relating thereto, and every of them, fhall for ever hereafter be examined, heard, tried and determined as common nufances are to be examined, heard, tried, and determined by or according to the laws of this realm; and all offenders therein, being thereof lawfully convicted upon information or indictment, in any of his Majesty's courts of record at Westminster, or in Edinburgh, or in Dublin, fhall be liable to fuch fines, penalties, and punishments, whereunto perfons convicted for common and publick nusances are, by any of the laws and ftatutes of this realm, fubject and liable; and moreover shall incur and sustain any further pains, penalties and forfeitures, as were ordained and provided by the fta- and fhall incur a præmunire. tute of provifion and præmunire made in the fixteenth of the year 16 R. 2. C. 5. reign of King Richard the Second. XX. And be it further enacted by the authority aforefaid, How merThat if any merchant or trader, at any time after the faid four chants or tra and twentieth day of June one thoufand feven hundred and ders may have twenty, fhall fuffer any particular damage in his, her or their their remedy against the untrade, commerce, or other lawful affairs, by occafion or means dertakers. of any undertaking or attempt, matter or thing, by this act declared to be unlawful, as aforefaid, and will fue to be relieved therein, then and in every fuch cafe, fuch merchant or trader VOL. XIV. S fhall Peralty on brokers buying or felling any fhares in fuch undertakings. Not to extend to undertakings fettled before 24 June, 17187 Nor to preju dice the two corporations hereby erect ed. shall and may have his and their remedy for the fame by an action or actions to be grounded upon this ftatute, against the perfons, focieties or partnerfhips, or any of them, who contrary to this act shall be engaged or interested in any fuch unlawful undertaking or attempt; and every fuch action and actions shall be heard and determined in any of his Majesty's courts of record aforefaid, wherein no effoin, protection, wager of law, or more than one imparlance shall be granted or allowed; and in every fuch action the plaintiff fhall or may recover treble damages with full cofts of fuit. XXI. And it is hereby further enacted by the authority aforefaid, That if any broker or perfon acting as a broker for himfelf, or in behalf of any others, at any time or times after the said four and twentieth day of June one thousand feven hundred and twenty, fhall bargain, fell, buy or purchase, or contract or agree for the bargaining, felling, buying or purchasing of any fhare or intereft in any of the undertakings by this act declared to be unlawful, or in any stock or pretended stock of fuch undertakers, that then and in every fuch cafe, every fuch broker or perfon acting as fuch, fhall not only be difabled and rendred incapable to be or act as a broker for the future, but shall alfo forfeit and lofe the fum of five hundred pounds, to be recovered, to wit, one moiety thereof to the use of the King's majefty, his heirs and fucceffors, and the other moiety thereof to the use of any perfon or perfons who will inform or fue for the fame in any of his Majefty's faid courts of record, as aforefaid, with full cofts of fuit. XXII. Provided always, and be it enacted by the authority aforefaid, That this act, or any thing therein contained, fhall not extend to any undertakings, or other matters or things fettled, established, or practifed in point of time before the faid four and twentieth day of June one thousand seven hundred and eighteen, but that the fame, and every of them, fhall be of fuch or the like force, effect or validity, and no other, as they refpectively would be of in case this act had never been made any thing herein contained to the contrary notwithstanding. ; XXIII. Provided alfo, and it is hereby further intended, declared and enacted by the authority aforefaid, That any of the claufes, matters or things in this act contained, fhall not extend, or be construed to hinder his Majefty from erecting or establishing the two corporations intended by this act to be erected and established, as is above mentioned, or either of them, or to prejudice thofe two corporations, or either of them, (when erected) in the exercise or enjoying of the powers, privileges, benefits or advantages intended to be granted to them respectively, by fuch respective charters or indentures as are above mentioned in that behalf, fubject nevertheless to such powers of redemption or revocation as are above in this act prefcribed for that purpose, any thing in this act contained to the contrary notwithstanding. XXIV. Provided also, That any thing in this act contained Sea company shall not extend, or be conftrued to extend to hinder or deprive 6 Or the South the |