THE PUBLIC GENERAL STATUTES, 21 VICTORIA. 6 CAP. I. An Act to indemnify the Governor and Company of the Bank of England in respect of certain Issues of their Notes, and to confirm such Issues, and to authorize further Issues for a Time to be limited. 66 66 [12th December 1857.] WHEREAS by the Act of the Session holden in the 7 & 8 Vict. Seventh and Eighth Years of Her Majesty, Chapter c. 32. Thirty-two, to regulate the Issue of Bank Notes and for giving to the Governor and Company of the Bank of "England certain Privileges for a limited Period," the Governor and Company of the Bank of England are prohibited from issuing Bank of England Notes either into the Banking Department of the Bank of England or to any Persons or Person whatsoever, save in exchange for other Bank of England Notes, or for Gold Coin, or for Gold or Silver Bullion received or purchased for the Issue Department of the said Bank under the Provisions of that Act, or in exchange for Securities acquired and taken in the said Issue Department under the Provisions therein contained: And whereas under the said Act and an Order in Council issued under the Provisions thereof the Amount of Securities to be acquired and taken in the said Issue Department stands limited not to exceed the Sum of Fourteen million four hundred and seventy-five thousand Pounds: And whereas by a Letter dated the Twelfth Day of November last the First Lord of the Treasury and the Chancellor of the Exchequer informed the Governor and Deputy Governor of the Bank of England that Her Majesty's Government had 'observed with great Concern the serious Consequences which had ensued from the recent Failure of certain Joint Stock Banks in England and Scotland, as well as of certain large mercantile Firms chiefly connected with the American Trade; that the Discredit and Distrust which had resulted from these Events, and the Withdrawal of a large Amount of the Paper Circulation authorized by the existing Bank Acts, appeared to Her Majesty's Government to render it necessary for them to inform the Bank of England that if they should [No. 1. Price 2d.] • be 6 A Issues of Bank of England Notes since 12th Nov. 1857 in excess of those authorized by Law confirmed and made valid. The Restric tion on the Amount of Securities to be taken in the Issue Department suspended. be unable in the present Emergency to meet the Demands for Discounts and Advances upon approved Securities without exceeding the Limits of their Circulation prescribed by the Act of One thousand eight hundred and forty-four, the Government would be prepared to propose to Parliament upon its meeting a Bill of Indemnity for any Excess so issued; and that, in order to prevent that temporary Relaxation of the Law being extended beyond the actual Necessities of the Occasion, Her Majesty's Government were of opinion that the Bank Terms of Discount should not be 'reduced below their then present Rate: And whereas the Governor and Company of the Bank of England have since the said Twelfth Day of November One thousand eight hundred and fifty-seven issued Bank of England Notes in exchange for Securities acquired and taken in the said Issue Department beyond the Amount limited by Law, and it is expedient that the Acts of the said Governor and Company in relation to the Matters aforesaid should be confirmed, and that the Restriction on the Amount of the Securities to be acquired and taken in the said Issue Department should be suspended for a limited Time:' Be it therefore 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: 6 I. All such Issues of Bank of England Notes as may have been made by the said Governor and Company, or by their Order or Direction, since the said Twelfth Day of November One thousand eight hundred and fifty-seven, although beyond the Amount authorized by Law, and all Acts necessary for the making of such Issues, and for the acquiring and taking since the said Twelfth Day of November One thousand eight hundred and fifty-seven Securities in the Issue Department of the Bank of England beyond the Amount authorized by Law, shall be confirmed and made valid; and the said Governor and Company, and all Persons who have been concerned in such Issues or in doing or advising any such Acts as aforesaid, are hereby indemnified and discharged in respect thereof, and all Indictments and Informations, Actions, Suits, Prosecutions, and Proceedings whatsoever commenced or to be commenced against the said Governor and Company or any Person or Persons in relation to the Acts and Matters aforesaid, or any of them, are hereby discharged and made void. II. So much of the said Act of the Seventh and Eighth Years of Her Majesty as limits the Amount of the Securities to be acquired and taken in the Issue Department of the Bank of England shall be and be deemed to have been suspended as from the Twelfth Day of November One thousand eight hundred and fifty-seven, and shall continue suspended until the Expiration of Twenty-eight Days after the First Meeting or Sitting of Parliament in the Year One thousand eight hundred and fifty-eight, subject to the Proviso herein-after contained, and during such Suspension the Provisions of the said Act in relation to the Issue of Bank of England Notes shall be construed and take effect as if the Restriction on the Amount of Securities in the said Issue Department, and the Prohibition of the Increase of such Amount and of the Issue of additional Bank of England Notes thereon, had not been contained in the said Act: Provided always, that if before the Expiration of the Time herein-before limited the Governor and Company of the Bank of England give public Notice that they have reduced the minimum Rate of Interest required by them below the Rate of Ten per Centum per Annum, the said Suspension shall cease. reduced on or III. Upon or before the Expiration or Cesser of the Sus- The Issues in pension aforesaid the Excess of Issues herein-before confirmed excess to be shall be reduced to the Amount which would have been autho- before the rized by Law if this Act had not been passed; and, subject Expiration of to the Indemnity and Discharge hereby given, all the Provisions the Suspension. of the said recited Act shall, after such Expiration or Cesser, be and remain in full Force. 6 CAP. II. An Act to settle Annuities on Lady Havelock and Most Gracious Sovereign, Lady Havelock, I. An Annuity of One thousand Pounds shall be paid to Power to grant Hannah Shepherd Lady Havelock, Widow of the late Major an Annuity of 1,000l. to General Henry Havelock of Lucknow, Knight Commander of the Most Honourable Order of the Bath, for the Term of her Widow of Sir natural Life; and a like Annuity of One thousand Pounds H. Havelock; shall be paid to Sir Henry Marshman Havelock, Baronet, eldest nuity to Sir H. Son of the said late Major General Havelock, for the Term of M. Havelock, the natural Life of the said Sir Henry Marshman Havelock, A 2 and and a like An Bart. Power to East to raise any Sum not exceeding Eight Millions. and the said Annuities shall issue and be payable out of the Consolidated Fund of the United Kingdom of Great Britain and Ireland, and shall be deemed to have commenced and taken effect from the Fifth Day of February One thousand eight hundred and fifty-eight, and the First Payment of a proportionate Part thereof respectively for the Period from such Commencement to the Fifth Day of April One thousand eight hundred and fifty-eight shall be made on the said Fifth Day of April One thousand eight hundred and fifty-eight, and such Annuities shall thereafter be paid quarterly, (that is to say,) on the Fifth Day of July, the Tenth Day of October, the Fifth Day of January, and the Fifth Day of April in every Year; and the Receipts of the said Lady Havelock and Sir Henry Marshman Havelock respectively, or of such other Persons as shall be duly authorized and appointed by her or him to receive her or his respective Annuity, shall be a good and sufficient Discharge for the Payments thereof; and the said Annuities shall be clear of all Taxes and all other Charges whatsoever, except Income Tax. CAP. III. An Act for enabling the East India Company to raise Money in the United Kingdom for the Service of the Government of India. [22d March 1858.] WHEREAS in consequence of the Disturbances in India it is expedient that the East India Company should be enabled to raise Money in the United Kingdom on the Credit of the Revenues of India:' Be it therefore 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: I. It shall be lawful for the Court of Directors of the India Company East India Company, under the Direction and Control of the Board of Commissioners for the Affairs of India, at any Time or Times before the Thirtieth Day of April One thousand eight hundred and fifty-nine, or if Parliament be then sitting before the End of the then Session of Parliament, to raise in the United Kingdom for the Service of the Government of India any Sum or Sums of Money not exceeding in the whole Eight Millions as hercin-after provided. Money may be raised on Bonds of the Com pany. II. It shall be lawful for the said Court of Directors, under such Direction and Control as aforesaid, from Time to Time to borrow upon Bonds, to be issued under the Common Seal of the said Company, all or any Part of the Money hereby authorized to be raised as aforesaid, such Bonds to be for such respective Amounts payable after such Notice and at such Rate or Rates of Interest as the said Court of Directors, under such Direction and Control, may think fit. III. For on Bond pany. III. For raising all or any Part of the Money by this Act When Money authorized to be raised which may not be borrowed on Bond not borrowed as aforesaid, it shall be lawful for the said Court of Directors, Debentures under such Direction and Control as aforesaid, to issue from may be issued Time to Time Debentures, under the Common Seal of the said by the ComCompany, for such respective Amounts and at such Rate or Rates of Interest as the said Court of Directors, under such Direction and Control as aforesaid, think fit, such Debentures to be issued at or for such Prices and on such Terms as may be determined by the said Court of Directors, under such Direction and Control as aforesaid. and Interest on IV. All Debentures issued under the Authority of this Act As to Payment shall be paid off at Par at a Time or Times to be mentioned of Principal in such Debentures respectively, and the Interest on all such Debentures. Debentures shall be payable half-yearly on such Days as shall be mentioned therein, and the Principal Monies and Interest secured by such Debentures shall be payable at the Treasury of the said Company in London. The whole Amount V. All Debentures issued under the Authority of this Act, Debentures and all Right to and in respect of the Principal Monies secured transferable by Delivery. thereby, and all Interest due and accruing thereon, shall be transferable by the Delivery of such Debentures respectively. VI. The whole Amount of Principal Monies to be secured by Bonds or Debentures, or by Bonds and Debentures, to be issued under this Act, shall not exceed Eight Millions; and no Money shall be raised or secured under the Authority of this Act after the said Thirtieth Day of April One thousand eight hundred and fifty-nine, or if Parliament be then sitting after the End of the then Session of Parliament, save for or upon the Repayment of Principal Monies previously secured under this Act, as herein-after provided. VII. Upon or for the Repayment of the Principal Money Power to raise secured under the Authority of this Act, or any Part of such Repayment of Money, the Court of Directors may, at any Time, under such Principal Direction and Control as aforesaid, borrow or raise by Bonds or Monies. Debentures as aforesaid all or any Part of the Amount of Principal Money repaid or to be repaid, and so from Time to Time as all or any Part of any Principal Money for the Time being secured under this Act may require to be repaid; but the Amount to be secured by new Securities shall not in any Case exceed the Principal Money required to be repaid. VIII. All Bonds and Debentures to be issued under this Act, and the Principal Monies and Interest thereby secured, shall be charged on and payable out of the Revenues of the Territories under the Government of the said Company, in like Manner as other Liabilities incurred on account of the Government of the said Territories. Securities to be charged on Revenues of India. IX. The Provisions contained in Section Four of the Act Provision as of the Session holden in the Fifth and Sixth Years of King for Stamp Duto Composition William the Fourth, Chapter Sixty-four, with respect to the ties on India Composition and Agreement for the Payment by the said Bonds extended Company to Bonds and A 3 |