National Debt Act 1822

JurisdictionUK Non-devolved
Citation1822 c. 93
Anno Regni GEORGII IV. Britanniarum RegisTertio. An Act for carrying into Execution an Agreement between His Majesty and theEast India Company.

(3 Geo. 4) C A P. XCIII.

[30th July 1822]

'Most Gracious Sovereign,

WHEREAS by an Act passed in the Fifty second Year of the Reign of His late Majesty KingGeorge the Third, intituled An Act for advancing Two millions five hundred thousand Pounds to the East IndiaCompany, to enable them to discharge Part of the Indian Debt , it was enacted, That it should and might be lawful to and for the Commissioners of His Majesty's Treasury, or any Three or more of them, and they were thereby required, at any Time before the First Day of January One thousand eight hundred and thirteen, to advance and pay to the said United Company, out of the Sum of Twenty two millions five hundred thousand Pounds to be raised by Loan, as in the said Act is mentioned, any Sum or Sums of Money not exceeding in the whole the Sum of Two millions five hundred thousand Pounds, and at such Times as should be required by the said United Company; and it was provided that it should be lawful to and for the Commissioners of His Majesty's Treasury, or any Three or more of them, to order and direct that a Sum, after the Rate of Eight hundred Pounds for every Million of the said Two millions five hundred thousand Pounds, should be deducted out of the Sum or Sums of Money to be advanced and paid to the said United Company, to reimburse the Charges to be incurred in and about the receiving, paying and accounting for the said Loan; and that the said United Company, previous and in preference to the Payment of any Dividend to the Proprietors of East India Stock, should pay annually into the Hands of the Governor and Company of the Bank of England , by Two equal Half yearly Payments, the Sum of Ninety thousand Pounds, being the Interest after the Rate of Three Pounds, per Centum on the Sum of Three millions Reduced Three Pounds per Centum Annuities, created in respect of the principal Sum of Two millions five hundred thousand Pounds, Part of the said Loan of Twenty two millions five hundred thousand Pounds; and also the further Sum of Fifty five thousand four hundred and ten Pounds, by Two equal Half yearly Payments, on Account of the Sinking Fund, for the Redemption of the said Sum of Three Millions Reduced Three Pounds per Centum Annuities; the said Half yearly Payment to commence on the Fifth Day of October One thousand eight hundred and twelve, and to continue to be made on or before the First Day of April and the Fifth Day of October in each succeeding Year; and that the said United Company should pay annually into the Hands of the said Governor and Company of the Bank of England , to the Account thereinbefore mentioned, in Two equal Half yearly Payments, the Sum of Forty two thousand Pounds, being the Interest after the Rate of Three Pounds per Centum on the Sum of One million four hundred thousand Pounds Consolidated Three Pounds per Centum Annuities, created in respect of the said principal Sum of Two millions five hundred thousand Pounds, Part of the said Loan of Twenty two millions five hundred thousand Pounds; and also of the further Sum of Fifty five thousand four hundred and ten Pounds, by Two equal Half yearly Payments, on Account of the Sinking Fund, for the Redemption of the said Sum of One million four hundred thousand Pounds Consolidated Three Pounds per Centum Annuities; the said last mentioned Half yearly Payments to commence on the First Day of July , and to continue and be made on or before the First Day of January and First Day of July in each succeeding Year; and that over and besides the said several Sums of Ninety thousand Pounds, and Fifty five thousand four hundred and ten Pounds, and Forty two thousand Pounds, and Fifty five thousand four hundred and ten Pounds, thereinbefore mentioned, the said United Company should pay into the Hands of the Governor and Company of the Bank of England , by Half yearly Payments, such Sum and Sums of Money as, pursuant to an Actof Parliament made and passed in the Forty eighth Year of the Reign of His raid late Majesty, intituledAn 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 paid for the Management of the National Debt , should be payable in respect of the Charges of Management of the said Two several Sums of Three millions Reduced Three Pounds per Centum Annuities, and One million four hundred thousand Pounds Consolidated Three Pounds per Centum Annuities, or so much thereof respectively as from time to time should remain unredeemed; and it is by the said first mentioned Act provided, That it should be lawful to and for the said United Company, if they should see fit, at any time, and from time to time, to pay into the Hands of the said Governor and Company of the Bank of England , any further Sum or Sums of Money beyond the said Two several annual Sums of Fifty five thousand four hundred and ten Pounds, and Fifty five thousand four hundred and ten Pounds, on account of the Sinking Fund, for the Redemption of the said Two Capital Sums of Three Millions Reduced Three Pounds per Centum Annuities, and OneMillion four hundred thousand Pounds Consolidated Three Poundsper Centum Annuities; and by the same Act it is enacted, That a separate Account should be kept of the Amount of the Capital Stock of the Public Annuities of Great Britain , bearing an Interest of Three Pounds per Centum , purchased or redeemed by the Operations of the said Two several Sums of Fifty five thousand four hundred and ten Pounds, and Fifty five thousand four hundred and ten Pounds, and such other Sum or Sums of Money as from time to time might be paid into the Hands of the Governor and Company of the Bank of England , or their Cashier, on account of the Sinking Fund, for the Redemption of the said Two several Capital Sums of Three Millions Reduced Three Pounds per Centum Annuities, and One million four hundred thousand Pounds Consolidated Three Pounds per Centum Annuities, and also of the Dividends payable out of any Stock redeemed or purchased therewith; and whenever and so soon as the Sum of Four millions four hundred thousand Pounds Capital Stock of the Public Annuities ofGreat Britain , bearing an Interest of Three Pounds per Centum , being the Amount of the said Two several Sums of Three Millions Reduced Annuities, and One million four hundred thousand Pounds Consolidated Annuities, created by the said Sum of Two millions five hundred thousand Pounds, should have been purchased or redeemed by the Operation of the said Two several Sums of Fifty five thousand four hundred and ten Pounds, and Fifty five thousand four hundred and ten Pounds, and such other Sum or Sums of Money as might be paid on account of the said Sinking Fund, as thereinbefore mentioned, and of the Dividends payable on any Stock redeemed or purchased therewith, then and from thenceforth the several Payments thereinbefore provided for the Interest, Sinking Fund, and Charges of Management thereof respectively, should wholly cease and determine, and the said United Company should be wholly acquitted from all future Demands in respect thereof; and by the same Act it is further enacted, that the several Sums of Money payable or to be paid for Interest, Sinking Fund and Charges of Management of the said several Sums of Three Millions Reduced Three Poundsper Centum Annuities, and One million four hundred thousand Pounds Consolidated Three Pounds per...

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