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unless he or they respectively shall at the time of such choice have, and No. III. during such his respective office continue to have, in his and their 3 & 4 W. 4, respective name, in his and their own right, and for his and their own c. 98. use, the respective sums or shares of and in the capital stock of the said corporation in and by the charter of the said governor and company prescribed as the qualification of governor, deputy governor, aud directors respectively.

XII. Provided also, That no proprietor shall be disqualified from at- Proprietors not tending and voting at any general court of the said governor and com- to be disqualipany, to be held between the said fifth day of October one thousand fied. eight hundred and thirty-four and the twenty-fifth day of April one thousand eight hundred and thirty-five, in consequence of the share of such proprietor of and in the capital stock of the said governor and company having been reduced by such repayment as aforesaid below the sum of five hundred pounds of and in the said capital stock; provided such proprietor had in his own name the full sum of five hundred pounds of and in the said capital stock on the said fifth day of October one thousand eight hundred and thirty-four; nor shall any proprietor be required, between the said fifth day of October one thousand eight hundred and thirty-four and the twenty-fifth day of April one thousand eight hundred and thirty-five, to take the oath of qualification in the said charter.

XIII. That from and after the said first day of August one thonsand Bank to deduct eight hundred and thirty-four the said governor and company, in con- the annual sum sideration of the privileges of exclusive banking given by this act, shall of 120,0001, during the continuance of such privileges, but no longer, deduct from from sum althe sums now payable to the said governor and company, for the lowed for macharges of management of the public unredeemed debt, the annual sum

nagement of

national debt. of one hundred and twenty thousand pounds, any thing in any act or acts of parliament or agreement to the contrary notwithstanding : Provided always, That such deduction shall in no respect prejudice or affect the right of the said governor and company to be paid for the management of the public debt at the rate and according to the terms provided in an act passed in the forty-eighth year of his late Majesty 48 G. 3, c. 4. king George the third, intituled An Act to authorize the advancing for the public service, upon certain Conditions, a Proportion of the Balance remaining in the Bank of England for Payment of unclaimed Dividends, Annuities, and Lottery Prizes, and for regulating the Allowances to be made for the Management of the National Debt.

XIV. That all the powers, authorities, franchises, privileges, and ad- Provisions of vantages given or recognized by the said recited act of the thirty-ninth act of and fortieth years aforesaid, as belonging to or enjoyed by the governor 39 & 40 G.3, and company of the bank of England, or by any subsequent act or acts to remain in of parliament, shall be and the same are hereby declared to be in full force, except as force and continued by this act, except so far as the same are altered by altered by this this act, subject nevertheless to such redemption upon the terms and act. conditions following ; (that is to say,) that at any time, upon twelve months' notice to be given after the first day of August one thousand eight hundred and fifty-five, and upon repayment by parliament to the said governor and company or their successors of the sum of eleven millions fifteen thousand one hundred pounds, being the debt which will remain due from the public to the said governor and company after the payment of the one fourth of the debt of fourteen millions six hundred and eighty-six thousand eight hundred pounds as herein-before provided, without any deduction, discount, or abatement whatsoever, and upon payment to the said governor and company and their successors of all arrears of the sum of one hundred thousand pounds per annum in the said act of the thirty-ninth and fortieth years aforesaid mentioned, together with the interest or annuities payable upon the said debt or in respect thereof, and also upon repayment of all the principal and interest which shall be owing unto the said governor and company

No. III.

and their successors upon all such tallies, exchequer orders, exchequer 3 & 4 W. 4, bills, or parliamentary funds which the said governor and company or c. 98. their successors shall have remaining in their hands or be entitled to at

the time of such notice to be given as last aforesaid, then and in such case, and not till then, (unless under the proviso herein-before contained,) the said exclusive privileges of banking granted by this act shall cease and determine at the expiration of such notice of twelve months.

[See the 5 & 6 W. 4, c. 41, to amend the law relating to securities arising out of gaming, usurious, and certain other illegal transactions. See post, Class V. Usury.]

PART III.

CLASS V.

USURY.

[No. I.] 3 & 4 W. IV. c. 98. [By this act, renewing the bank charter (s. 7) it is enacted “That no bill of exchange or promissory note made payable at or within three months after the date thereof, or not having more than three months to run, shall, by reason of any interest taken thereon or secured thereby, or any agreement to pay or receive or allow interest in discounting, negotiating, or transferring the same, be void, nor shall the liability of any party to any bill of exchange or promissory note be affected by reason of any

statute or law in force for the prevention of usury, nor shall any person or persons drawing, accepting, indorsing, or signing, any such bill or note, or lending or advancing any money, or taking more than the present rate of legal interest in Great Britain and Ireland respec. tively, for the loan of money on any such bill or note, be subject to any penalties under any statute or law relating to usury, or any other penalty or forfeiture, any thing in any law or statute relating to usury in any part of the united kingdom to the contrary notwithstanding."](1)

[No. II.] 5 & 6 W. IV. c. 41.–An Act to amend the Law

relating to Securities given for Considerations arising out of gaming, usurious, and certain other illegal Transactions.

[31st August 1835.] WHEREAS by an act passed in the sixteenth year of the reign of 16 Car. 2, c. 7.

his late Majesty king Charles the second, and by an act passed in the parliament of Ireland in the tenth year of the reign of his late Majesty king William the third, each of such acts being intituled An Act 10 Will. 3. (I.) against deceitful, disorderly, and excessive Gaming, it was enacted, That all and singular judgments, statutes, recognizances, mortgages, conveyances, assurances, bonds, bills, specialties, promises, covenants, agreements, and other acts, deeds, and securities whatsoever, which should be obtained, made, given, acknowledged, or entered into for security or satisfaction of or for any money or other thing lost at play or otherwise as in the said acts respectively is mentioned, or for any part thereof, should be utterly void and of none effect: And whereas by an act passed 9 Ann. c. 14. in the ninth year of the reign of her late Majesty queen Anne, and also by an act passed in the parliament of Ireland in the eleventh year of 11 Ann. (I.) the reign of her said late Majesty, each of such acts being intituled An Act for the better preventing of excessive and deceitful Gaming, it was enacted, That from and after the several days therein respectively mentioned all notes, bills, bonds, judgments, mortgages, or other securities or conveyances whatsoever, given, granted, drawn, or entered into or

(1) A warrant of attorney given to secure the amount of a bill at three months, discounted at more than 51. per cent. interest, and wbich was dishonored when due, was held to be also protected by the above clause.-Connop v. Yeates, Nev. & M. 302.

Y

c. 16.

No. II. executed by any person or persons whatsoever, where the whole or any 5 & 6 W. 4, part of the consideration of such conveyances or securities should be for c. 41. any money or other valuable thing whatsoever won by gaming or play

ing at cards, dice, tables, tennis, bowls, or other game or games whatsoever, or by betting on the sides or hands of, such as did game at any of the games aforesaid, or for the reimbursing or repaying any money knowingly lent or advanced for such gaming or betting as aforesaid, or lent or advanced at the time and place of such play to any person or persons so gaming or betting as aforesaid, or that should, during such play, so play or bet, should be utterly void, frustrate, and of none effect, to all intents and purposes whatsoever; and that where such mortgages, securities, or other conveyances should be of lands, tenements, or hereditaments, or should be such as should incumber or affect the same, such mortgages, securities, or other conveyances should enure and be to and for the sole use and benefit of and should devolve upon such person or persons as should or might have or be entitled to such lands or hereditaments in case the said grantor or grantors thereof, or the person or persons so incumbering the same, had been naturally dead, and as if such mortgages, securities, or other conveyances had been made to such person or persons so to be entitled after the decease of the person or persons so encumbering the same ; and that all grants or conveyances to be made for the preventing of such lands, tenements, or hereditaments from coming to or devolving upon such person or persons thereby intended to enjoy the same as aforesaid should be deemed

fraudulent and void and of none effect, to all intents and purposes what12 Ann. st. 2, soever : And whereas by an act passed in the twelfth year of the reign

of her said late Majesty queen Anne, intituled An Act to reduce the Rate of Interest without any Prejudice to Parliamentary Securities, it was enacted, That all bonds, contracts, and assurances whatsoever made after the twenty-ninth day of September one thousand seven hundred and fourteen for payment of any principal or money to be lent or covenanted to be performed upon or for any usury, whereupon or whereby there should be reserved or taken above the rate of five pounds in the hundred, as therein mentioned, should be utterly void : And

whereas hy an act passed in the parliament of Ireland in the fifth year 5 G. 2. (1.) of the reign of his late Majesty king George the second, intituled An

Act for reducing the Interest of Money to Six per cent, it was enacted, That all bonds, contracts, and assurances whatsoever made after the first day of May one thousand seven hundred and thirty-two for payment of any principal or money to be lent or covenant to be performed upon or for any loan, whereupon or whereby there should be taken or reserved

above the rate of six pounds in the hundred, should be utterly void : 58 G. 3, c. 93. And whereas by an act passed in the fifty-eighth year of the reign of his

late Majesty king George the third, intituled An Act to afford Relief to the bona fide Holders of negotiable Securities without Notice that they were given for a usurious Consideration, it was enacted, That no bill of exchange or promissory note that should be drawn or made after the passing of that act should, though it might have been given for a usurious consideration or upon a usurious contract, be void in the hands of an indorsee for valuable consideration, unless such indorsee had at the time of discounting or paying such consideration for the same actual notice that such bill of exchange or promissory note had been originally given for a usurious consideration or upon a usurious contract : And

whereas by an act passed in the parliament of Ireland in the eleventh 11 & 12 G. 3. and twelfth years of the reign of his said late Majesty king George the (1.)

third, intituled An Act to prevent Frauds committed by Bankrupts, it was enacted, That every bond, bill, note, contract, agreement, or other security whatsoever to be made or given by any bankrupt or by any other person unto or to the use of or in trust for any creditor or creditors, or for the security of the payment of any debt or sum of money due from such bankrupt at the time of his becoming bankrupt, or any part thereof, between the time of his becoming bankrupt and such bankrupt's discharge, as a consideration or to the intent to persuade him, No. II. her, or them to consent to or sign any such allowance or certificate, 5 & 6 W.4, should be wholly void and of no effect, and the monies there secured or c. 41. agreed to be paid should not be recovered or recoverable : And whereas by an act passed in the forty-fifth year of the reign of his said late Majesty king George the third, intituled An Act for the Encouragement of 45 G. 3, c. 72. Seamen, and for the better and more effectually manning his Majesty's Navy during the present War, it was enacted, That all contracts and agreements which should be entered intu, and all bills, notes, and other securities which should be given, by any person or persons for ransom of any ship or vessel, or of any merchandize or goods on board the same, contrary to that act, should be absolutely null and void in law, and of no effect whatsoever : And whereas by an act passed in the sixth year of the reign of his late Majesty king George the fourth, intituled 6 G. 4, c. 16. An Act to amend the Laws relating to Bankrupts, it was enacted, That any contract or security made or given by any bankrupt or other person unto or in trust for any creditor, or for securing the payment of any money due by such bankrupt, at his bankruptcy, as a consideration or with intent to persuade such creditor to consent to or sign the certificate of any such bankrupt, should be void, and the money thereby secured or agreed to be paid should not be recoverable, and the party sued on such contract or security might plead the general issue, and give that act and the special matter in evidence : And whereas securities and instruments made void by virtue of the several herein-before recited acts of the sixteenth year of the reign of his said late Majesty king Charles the second, the tenth year of the reign of his said late Majesty king William the third, the ninth and eleventh years of the reign of her said late Majesty queen Anne, the eleventh and twelfth years of the reign of his said late Majesty king George the third, the forty-fifth year of the reign of his said late Majesty king George the third, and the sixth year of the reign of his said late Majesty king George the fourth, and securities and instruments made void by virtue of the said act of the twelfth year of the reign of her said late Majesty queen Anne, and the fifth year of the reign of his said late Majesty king George the second, other than bills of exchange or promissory notes made valid by the said act of the fifty-eighth year of the reign of his said late Majesty king George the third, are sometimes indorsed, transferred, assigned, or conveyed to purchasers or other persons for a valuable consideration, without notice of the original consideration for which such securities or instruments were given; and the avoidance of such securities or instruments in the hands of such purchasers or other persons is often attended with great hardship and injustice : For remedy thereof be it enacted, &c. That so much of the herein-before re- Securities given cited acts of the sixteenth year of the reign of his said late Majesty for consideraking Charles the second, the tenth year of the reign of his said late tions arising Majesty king William the third, the ninth, eleventh, and twelfth years out of illegal of the reigm of her said late Majesty queen Anne, the fifth year of the transactions reign of his said late Majesty king George the second, the eleventh and not to be void,

but to be twelfth and the forty-fifth years of the reign of his said late Majesty

deemed to king George the third, and the sixth year of the reign of his said late

have been Majesty king George the fourth, as enacts that any note, bill, or mort- given for an gage shall be absolutely void, shall be and the same is hereby repealed ; illegal consibut nevertheless every note, bill, or mortgage wbich if this act had not deration, been passed would, by virtue of the said several lastly herein-before mentioned acts or any of them, have been absolutely void, shall be deemed and taken to have been made, drawn, accepted, given, or executed for an illegal consideration, and the said several acts shall have the same force and effect which they would respectively have had if instead of enacting that any such note, bill, or mortgage should be absolutely void, such acts had respectively provided that every such note, bill, or mortgage should be deemed and taken to have been made, drawn, accepted, given, or executed for an illegal consideration : Pro

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