the said Governor and Company in like Manner to close the Books for the Transfer of the said Stocks so created by the Secretary of State in Council for India as aforesaid respectively, on any Day in the Month preceding that in which the Dividends thereon respectively shall by Law be due, and thereupon the Rights of the Transferor and Transferee respectively to such Dividends shall be the same as is herein-before provided respecting the Transferor and Transferee of Dividends of other Capital Stocks transferable at the Bank of England in the like Case; provided that the Period for which such Books of Transfer shall be closed shall not exceed Fifteen Days. 6.66 CAP. IV. An Act for amending the Red Sea and India Telegraph Act, 1859. [22d March 1861. WHEREAS in the Year One thousand eight hundred and fifty-eight a Joint Stock Company was incor'porated, under the Joint Stock Companies Act, 1856, hy the Name of "The Red Sea and India Telegraph Company, Limited," for the Purpose of establishing Telegraphic • Communication between England and India by the Red Sea: And whereas by an Indenture of Agreement, dated 'the Eighteenth Day of November One thousand eight hundred and fifty-eight, and made between the Right Honourable Edward Geoffrey Earl of Derby and the Right Honourable Benjamin D'Israeli, Two of the Lords • Commissioners of Her Majesty's Treasury, of the one Part, and the said Company of the other Part, it was, ' amongst other things, provided as follows: "That the "Lords Commissioners of Her Majesty's Treasury shall guarantee to the Company (subject to such Confirma"tion by Act of Parliament as herein-after mentioned) "that during the Period of Fifty Years from the Fourth Day of August in the Year of our Lord One thousand eight hundred and fifty-eight the net Receipts available "for Dividends upon each half-yearly Statement of Ac""counts, after Payment of Working Expenses, as herein""after mentioned, shall be equal to Interest or Dividend "at the Rate of Four and a Half per Centum per Annum "at the least upon the Amount of the Capital for the "Time being bona fide called and paid up for the Purpose "of the Company's Undertaking, not exceeding in any Case, 6 66 except as herein-after mentioned, the Sum of Eight "hundred thousand Pounds, and shall, if and so often as "during the said Period of Fifty Years upon any half"yearly Statement of Accounts the net Receipts available "for Dividend after the Payment of Working Expenses "shall not be equal to Interest or Dividend at the Rate of "Two and a Quarter per Centum for the Half Year upon "the above-mentioned Amount of Capital, pay and make "good 6 6.66 6.66 Construction 6.66 66 good such Deficiency to the Company; provided aways, "that in the Calculation of the Amount to which the "Company are entitled upon this Guarantee all Capital paid up in the course of the current Half Year shall be "taken to be entitled to Interest or Dividend at the above"" mentioned Rate only from the Time when the same was so paid up; provided also, that all Amounts paid by the "Lords Commissioners under this Guarantee shall be a Charge upon the Company, to be repaid out of future "surplus Profits, as herein-after provided:" And whereas the said Company was afterwards incorporated by the Red Sea and India Telegraph Act, 1859, and the said 'Indenture of Agreement was by the said Act confirmed: And whereas Doubts are entertained whether the said 6.66 6.66 6 Agreement empowers the said Commissioners to give effect to such Guarantee, except during such Time as the Line of Telegraph of the Company is in Working Order: And whereas it is expedient that such Doubts should be removed: Be it enacted by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, as follows: 1. It is hereby declared, That the Guarantee contained in of Agreement. the said Agreement was not intended to be and is not conditional on the Line of Telegraph of the Company being in Working Order. Acts to be con- 2. This Act and the Red Sea and India Telegraph Act, strued together. 1859, shall be construed together as One Act. Mode of preparing and issuing Exchequer Bills 6 W CAP. V. An Act to amend the Law relating to Supply Ex- 1. From and after the passing of this Act all Exchequer Bills which shall hereafter be made out under the Authority of any Act or Acts of Parliament shall be prepared and made after passing of out, at the Receipt of the Exchequer, in such Method and Form, with Coupons for the Interest becoming due from Time to Time thereon, as the Commissioners of Her Majesty's Treasury shall think most safe and convenient, and may contain one common Sum or different Sums in the Principal this Act. Moneys; Moneys; and every such Exchequer Bill shall be signed by the Comptroller General of Her Majesty's Exchequer, or by the Assistant Comptroller, in his own Name: Provided always, that no such Exchequer Bills shall be signed by such Comptroller General or Assistant Comptroller, and put into Circulation, until Notice of his Authority to sign Exchequer Bills under this Act shall be duly notified in the London Gazette. charged on the 2. All Moneys raised by such Exchequer Bills so to be Exchequer prepared and made out, either of one common Sum or different Bills to be Sums in the Principal Moneys therein contained, shall be Consolidated carried to and made Part of the Consolidated Fund of the Fund. United Kingdom; and the Principal Moneys contained therein, and all Interest due thereupon from Time to Time, shall be charged upon and paid out of the Consolidated Fund of the United Kingdom, or out of the growing Produce thereof. 3. All Exchequer Bills prepared and made out under the Rate of InAuthority and Directions of this Act shall bear Date on such terest on Exchequer Bills. Days, and shall and may bear Interest at such Rate, as may from Time to Time be fixed by the Commissioners of the Treasury, not exceeding the Rate of Five Pounds and Ten Shillings per Centum per Annum, upon and in respect of the Moneys respectively contained therein; and such Interest shall be payable half-yearly at the Bank of England under such Regulations as shall be prescribed in that respect by the Commissioners of Her Majesty's Treasury. Payment an 4. The Commissioners of Her Majesty's Treasury shall, on Exchequer some Day not later than Fourteen Days prior to the Expiration Bills to be adof each Twelve Months from the respective Dates of such vertised for Exchequer Bills, during their legal Currency, give Notice in nually. the "London Gazette," of the Day or Days on which, if claimed, Payment will be made to the Holders of such Bills of the Principal Moneys therein contained; and such Payment, if claimed, shall be made to such Holders at the Bank of England under such Regulations as the said Commissioners shall prescribe; and if Payment of such Principal Moneys shall not be so claimed, then the Exchequer Bills not so paid off shall continue to have legal Currency for the next following Twelve Months, and so on from Year to Year until such Principal Moneys shall be claimed by and paid to such Holders, but such Holders shall have no Title to claim Payment of such Principal Moneys at any Interval of Time between the Times fixed by such yearly Notices, except as provided in Section 5 of this Act. rent for Duties 5. At any Time in the last Six Months of every Year from Exchequer the Day of the Date thereof in which Exchequer Bills shall Bills to be curhave Currency by Law such Exchequer Bills shall and may be payable to Her received and taken, and shall pass and be current for the Prin- Majesty. cipal Moneys contained therein, to all and every the Receivers and Collectors in the United Kingdom of the Customs, Excise, or any Revenue, Supply, Aid, or Tax whatsoever, already granted, due, or payable, or which shall or may hereafter be granted, Power to Treasury to issue Bills paid off in Money or paid in for Duties. granted, due, or payable to Her Majesty, Her Heirs and Successors, and also at the Bank of England on account of the Exchequer, from the said Receivers or Collectors, or from any other Person or Persons, Bodies Politic or Corporate whatsoever, making any Payment there to Her Majesty, Her Heirs and Successors, for or upon any Account, Cause, or Occasion whatsoever, according to the Purport and true Meaning of this Act, and so on from Year to Year during the last Six Months of every Year in which such Exchequer Bills shall have Currency by Law, as provided in Section 4 of this Act, but such Exchequer Bills shall not be receivable for Duties granted to Her Majesty at any Time or Times except during such last Six Months of every such Year: Provided always, that all such Exchequer Bills as shall be tendered in Payment of Duties by virtue of this Act shall be transmitted by the Receivers thereof to the Comptroller General of Her Majesty's Exchequer for Examination; and no such Exchequer Bills shall be finally accepted in Payment of such Duties until they shall have been so examined and verified by the said Comptroller General. 6. Whenever Payment of the Principal Moneys of any ExBills in lieu of chequer Bills shall be claimed and shall be paid to any Holder thereof, and whenever any Exchequer Bills shall be paid in for Duties granted to Her Majesty under the Authority of this Act, it shall be lawful for the Commissioners of Her Majesty's Treasury to order the Preparation and Issue of a like Amount of Exchequer Bills in place of the Exchequer Bills so paid off and so paid in for Duties. Power to Treasury to issue new Exchequer Bills to replace former Exchequer Bills to any Amount not exceeding 13,230,000l. Interest on Exchequer Bills payable in part of Revenue to be paid. 6 7. And whereas under the Authority of an Act of the Twenty-third Victoria, Chapter Twenty, the Commissioners of Her Majesty's Treasury were empowered at any Time or Times to cause any Number of Exchequer Bills to be made out at the Receipt of the Exchequer at Westminster for any Sum or Sums of Money not exceeding in the whole the Sum ' of Thirteen million two hundred and thirty thousand Pounds: And whereas it is expedient to authorize the said Commis'sioners to cause the like Amount of Exchequer Bills to be prepared, made out, and issued under the Authority of this Act to replace the Exchequer Bills so authorized to be made out by the said recited Act:' Be it therefore enacted, That the said Commissioners shall have such Power and Authority accordingly: Provided always, that no Amount greater than the said Sum of Thirteen million two hundred and thirty thousand Pounds shall be at any Time in circulation without the express Authority of an Act of Parliament to be passed for that Purpose: Provided also, that all such Exchequer Bills shall be issued for any Term not exceeding Five Years, and shall be renewed from Time to Time for Periods not exceeding Five Years. 8. The Interest which shall from Time to Time be due upon any Exchequer Bill or Bills which may be hereafter issued, and which shall be made payable in part of any Duties granted to to Her Majesty, shall be allowed to all Persons, Bodies Politic and Corporate, paying the same to any Receiver or Collector, Receivers or Collectors, of any Duties granted to Her Majesty, to the respective Days upon which such Bill or Bills shall be so paid: Provided always, that all Interest upon or for any such Bill or Bills so paid into the Hands of any of the said Receivers or Collectors, or into the Bank of England on account of the Exchequer, shall cease on and from the Day of such Payment. 9. And to the end it may be known for what Time such Bills bearing Interest shall from Time to Time remain in the Hands of such Receivers or Collectors, or in the Bank of England on account of the Exchequer as aforesaid: Be it enacted, That the Person or Persons who shall pay any such Bill or Bills so bearing Interest to any Receivers or Collectors of any Duties granted to Her Majesty, shall, at the Time of making such Payment, write upon each such Bill his, her, or their Name or Names, and in Words at Length the Day of the Month and Year in which he, she, or they so paid such Bill or Bills bearing Interest, all which the said Receivers and Collectors respectively, and also the proper Officers of the Bank of England, shall take care to see done and performed accordingly; to which respective Days the said Receivers and Collectors shall be allowed again the Interest which he or they shall have allowed or paid upon such respective Bill or Bills, upon his or their paying the same into the Bank of England on account of the Exchequer. 10. All the said Exchequer Bills shall be prepared and made out with such Cheques, Indents, or Counterfoils as shall be directed by the Commissioners of the Treasury; and the Person or Persons appointed or who shall be appointed to pay off the said Bills shall from Time to Time have the Use and Custody of the Cheques, Indents, or Counterfoils from which the said Bills shall have been cut, to prevent his or their being imposed upon by counterfeit or forged Bills; and all the said Cheques, Indents, or Counterfoils shall be delivered back into the Receipt of the Exchequer when the said Bills shall have been paid off, cancelled, and discharged, and the Account thereof shall have been audited and allowed. 11. Unless otherwise directed by the Commissioners of Her Majesty's Treasury, Two Counterfoils shall be made to every Exchequer Bill issued after the passing of this Act, and One of such Counterfoils shall not be delivered for the Use or into the Custody of any Paymaster of Exchequer Bills, unless by special Direction of the Commissioners of Her Majesty's Treasury, but shall remain in the Custody of the Comptroller General, subject to such Directions as shall be given by the said Commissioners from Time to Time for keeping or burning or otherwise destroying the same: 12. In case any of the Exchequer Bills shall by any Accident Exchequer be defaced it shall be lawful for the Commissioners of the Bills defaced [No. 2. Price 2d.] Treasury B |