That Bankers desirous of issuing Notes secured on their Property, vested in certain Public Funds, may apply at the Bank of England or Ireland, or South Sea House in London, to transfer such Funds to the Commissioners for the Reduction of the National Debt; and thereupon, and upon such Banker or Bankers transferring such Stocks, Funds or Annuities, or any part thereof, in the Books of the Governor and Company of the Bank of England, or Bank of Ireland, or South Sea House, respectively, into the names of the said Commissioners for the Reduction of the National Debt, in a special Account to be opened at the said Banks and South Sea House respectively, for the purposes of this Act, it shall and may be lawful for the Governor or Deputy Governor of the Bank of England or Ireland, or South Sea Company, for the time being, respectively, and they are hereby respectively authorised and required, to grant a Certificate to the Banker or Bankers, or other Person or Persons making such Transfer, directed to the said Commissioners for the Reduction of the National Debt (and which Certificate shall be also according to a Form which shall be established by the said Governor and Company of the Bank of England, Ireland, and South Sea Company, respectively, and shall be the same in all cases,) and such Certificate shall state, that the Person or Persons therein mentioned, hath or have transferred the Stocks, Funds or Annuities therein described, to the said Commissioners for the Reduction of the National Debt, for the purposes of this Act.

That the Commissioners for the Reduction of the National Debt shall establish Offices or appoint Agents in London and Dublin for the purposes of this Act, and keep proper Books, &c. there for the purposes of This Act, and relating respectively to the several Stocks, Funds or Annuities, or other Government Securities, to be transferred or deposited for the purposes of this Act.

That on production of Certificates of Transfer of Stock at such Offices, the Sums so transferred shall be placed to the account of the Proprietors in the Books of the Commissioners.

That after a date to be fixed, Bankers may deposit Exchequer or Treasury Bills with the Commissioners for the Reduction of the National Debt, for the purpose of issuing Notes on the Security thereof, and that the said Commissioners shall, upon such Deposit or Assignment, write or cause to be written into the Books of the said Commissioners for the Reduction of the National Debt, to be kept at such Offices for that purpose, the Principal Sums specified and contained in all and every such Exchequer or Treasury Bill or Bills so deposited or assigned, in the name or names, or to the account of the Party or Parties depositing or assigning the same; and every Deposit and Assignment of such Bills shall be made in

such manner and form, and under such Rules, Regulations and Restrictions, as the said Commissioners for the Reduction of the National Debt shall for that purpose think fit to make, order and appoint, from time to time, in that behalf.

That Bankers having transferred such Stock, or deposited such Bills, may make out Notes under 57. and not less than 20s. to the Amount of half the Capital of the Stock, or the whole Principal of the Treasury Bills so deposited or assigned by such Banker or Bankers respectively; and the said Notes shall be in the form of Notes usually given by any such licensed or registered Banker or Bankers in England or Ireland respectively, or in such other Form as the said Commissioners for the Reduction of the National Debt shall think fit to direct; and every such Note shall be made payable to the Bearer on demand, and shall be signed and subscribed by or on behalf of the Banker or Bankers so having transferred such Stock, or deposited or assigned such Bills, and shall be made payable at some Place or Places in England and Ireland respectively, to be mentioned and specified in every such Note; and every such Note shall be subject and liable to such Stamp Duty as Notes of the like Amount reissuable by Bankers in England or Ireland, respectively, are subject and liable to, under any Act or Acts in force at the time of the passing of this Act.

That previous to such Notes being issued or circulated by Bankers, they shall be entered and registered at the Offices of the Commissioners for the Reduction of the National Debt, for the purposes of this Act, on Payment of 2s. 6d. per cent on Stock, and 5s. on Exchequer Bills, or Treasury Bills, so deposited by such Banker or Bankers; and all such Notes shall and may be issued and circulated, and shall and may be reissued and reissuable by such Bankers, from time to time, after payment thereof, as often as shall be thought fit in England, and at any time within the term of years from the date thereof in Ireland, in such manner as Notes of the like amount are allowed to be issued or reissued by Bankers in England and Ireland respectively, under any Act or Acts in force immediately before the passing of this Act.

That when Notes are presented for payment, they may either be paid by the Banker, or be assigned by Indorsement for Payment at the Office of the Commissioners for the Reduction of the National Debt, for the purposes of this Act, in London or Dublin, as the case shall require.

That Commissioners, in case of Notes issued on Deposit of Stock, and presented to them, shall either sell sufficient Stock of the Party, or transfer a like Amount to their General Account, and pay the Notes, which shall be cancelled, but that the Capital of Stock transferred shall in no case exceed twice the amount of

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the Notes, and if such Portion of Capital is not sufficient to pay the Notes, the Holders may take such Portion of Stock in satisfaction; or otherwise it shall be transferred in part payment, and the Holders may proceed at Law for the Balance within Que Month; on failure of which, such Transfer shall be taken and pleadable as a satisfaction.

And that for the ascertaining the Price at which such Stocks, Funds or Annuities, shall and may be so transferred by the said Commissioners for the Reduction of the National Debt, in payment and satisfaction of any such Notes in manner aforesaid, the Chashier or Cashiers of the Governor and Company of the Bank of England and Bank of Ireland, and of the South Sea Company respectively, shall, and they are hereby required, on every day on which any such Stocks, Funds or Annuities transferrable at the said Banks, and at the South Sea House respectively, shall have been bought at either of the said Banks or South Sea House respectively, to cause an Account to be made out of the average Price at which such Stocks, Funds or Annuities respectively, shall have been bought on such day; and in case no Purchase shall have been made of any such Stocks, Funds or Annuities, such Account shall state, that no such Purchase was made of such Stocks, Funds or Annuities, or that the Books of the said Stocks, Funds or Annuities were shut; and the said Account shall be transmitted to the said Commissioners for the Reduction of the National Debt, at their Offices in London or Dublin respectively, for the purposes of this Act, and shall be put up in some conspicuous place in the said Office, in order that the same may be seen by all Persons concerned; and in every case where any such Stocks, Funds or Annuities, shall be so transferred by the said Commissioners for the Reduction of the National Debt, in payment or satisfaction of any such Note or Notes, in manner by this Act directed, such Transfer shall be made according to the average price (to be ascertained as aforesaid) of such Stocks, Funds or Annuities, on the day next preceding that on which such Note or Notes was or were produced at the Office of the said Commissioners, in case there shall have been any Sale or Purchase at the Bank of England or Ireland, or South Sea House respectively, of Stock of the like descriptions on such day, or otherwise on the nearest preceding day on which there shall have been any Sale or Purchase at the said Banks or South Sea House respectively, of Stock of the like descriptions, as that to be so transferred by the said Commissioners, according to the directions of this Act.

That in case of Notes issued on Deposit of Exchequer Bills, the Commissioners may sell such Bills, or pay the Notes, and put the Amount to the debit of the Party, and that the Surplus

(if any) of Exchequer Bills sold shall be put to the credit of the party by whom such Exchequer or Treasury Bill or Bills shall have been assigned or deposited as aforesaid; and it shall and may be lawful for the said Commissioners to apply such excess in or towards the payment of any other Note or Notes issued by the same person, on the deposit of any Exchequer Bills or Treasury Bills, and which may at any time afterwards be presented for payment at the Office of the said Commissioners; and all such Notes so paid shall be cancelled or destroyed, and shall not be reissued or reissuable after such payment thereof.

That if the Banker liable refuses to indorse the Note for payment by the Commissioners for the Reduction of the National Debt, the holder may protest the same, and the Commissioners shall proceed in satisfying the same accordingly.

That in case of Bankruptcy, the claims of the Commissioners for the Reduction of the National Debt, and of the holders of Circulating Notes, shall have preference on the Stock, &c. transferred and deposited, over those of all other creditors.

That whenever the whole of the Circulating Fund Notes, entered and registered at any or either of the Offices of the said Commissioners for the Reduction of the National Debt, for the purposes of this Act, to any Banker or Bankers having transferred any Stocks, Funds, or Annuities, to the said Commissioners, or having deposited or assigned any Exchequer Bills or Treasury Bills under the provisions of this Act, shall be returned and delivered up at such Office, by or on behalf of the Banker or Bankers who' shall have so transferred such Stocks, Funds, or Annuities, or shall have deposited or assigned such Exchequer Bills or Treasury Bills, or the personal Representatives of such Banker or Bankers, or shall be paid and satisfied by the said Commissioners, in manner required by this Act, it shall and may be lawful for the said Commissioners, and they are hereby authorised and required, to retransfer and deliver up to such Banker or Bankers, or his or their Representatives, all such Stocks, Funds, or Annuities, or Exchequer or Treasury Bills, respectively, as shall have been so transferred to or deposited with the said Commissioners by such Banker or Bankers, for the purposes of this Act, or so much of such Stocks, Funds, or Annuities, or Bills, as shall not have been applied by the said Commissioners in or towards payment or satisfaction of any such Circulating Fund Notes, according to the directions of this Act; and that on payment of any quantity of Notes, the Commissioners may retransfer twice the amount of Stock and deliver up the whole amount of Exchequer Bills; and in case any such Notes shall be lost, mislaid or destroyed, then it shall and may be lawful for the said Commissioners, in their discretion, on satisfactory proof of such circumstance, to retransfer VOL. XVII. NO. XXXV.

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and deliver up to the Banker or Bankers, or his or their Representatives, liable to the payment of such Notes, the whole or any part of the capital of such Stocks, Funds, or Annuities, or the whole or any part of such Exchequer Bills or Treasury Bills, as shall be subject to the payment of such Notes so lost, mislaid or destroyed, according to the directions of this Act; or to permit new Notes to the amount of the Notes so lost, mislaid or destroyed, to be issued in lieu thereof, upon such Security, in either case, and under and subject to such Rules, Regulations and Restrictions, as to the said Commissioners shall seem fitting and convenient, for the avoiding of any loss by the payment of any such Notes so lost, mislaid or destroyed.

That Dividends on Stock transferred under this Act, shall be paid to Commissioners for the Reduction of the National Debt, and by them to the proprietors, deducting for Expenses of this Act.

That Commissioners for the Reduction of the National Debt may renew Exchequer Bills when paid off.

That a receipt for principal and interest of Bills paid off, shall be given by a person appointed by Commissioners for the Reduction of the National Debt.

And that the interest received by Commissioners on Exchequer Bills shall be paid to the party depositing them; deducting so much as shall be enjoined, for the purpose of paying the expenses incurred by the Commissioners in carrying into execution the provisions of this Act.

That the Treasury may advance Money to Commissioners for the Reduction of the National Debt, for Expenses of executing this Act; the same to be repaid by Transfer Fee and Deduction out of Dividends, &c.

That Duplicates may be granted of Certificates lost or destroyed, and security be given against the production of the original.

That persons counterfeiting Certificates, Notes, &c. be deemed guilty of Felony.

That no Fee be taken for delivering or receiving any Certificate, under Penalty of 201.

And that annual accounts of Stock transferred, and Notes issued under this Act, shall be laid before Parliament.