An abstract of the charter to the governour and company of the Bank of England

An Abstract of the Charter to the Governour and Company of the Bank of England.

WHEREAS by an Act, Intituled, An Act for Granting to Their Majesties several Rates and Duties upon Tunnage, &c. It is Enacted, That for four years, from the first of June 1694. there shall be paid upon the Tunnage of all Vessels, wherein any Goods shall be Imported from any the Countries in the Act named, or Coast-wise, from Port to Port in England, the several Rates in the Act mentioned, and certain Additional Duties of Excise, on Beer, Ale, and other Liquors. And that Weekly, on every Wednesday, if not an Holy-Day, and if it be, the next day not an Holy-Day, all the Monies arising by the said Rates shall be paid into the Exchequer.

And that Yearly, beginning from the first of June 1694, the Sum of 140000 l. arising out of the said Duties and Rates (in Case the Weekly Payments extend thereunto) shall be the Yearly Fund, (and if they do not extend thereunto) then the said Weekly Payments, so far as they will extend, shall be part of the Yearly Fund: And in Case the said Duties and Rates shall be so low, as that within any one Year the Weekly Payment shall not amount to 140000 l. or be sufficient to answer the Annuities by the Act intended; in such Case, the Commissioners of the Treasury are strictly enjoyned, without any Warrant from the King, to make good such Deficiency, out of any Treasure or Revenue of the Crown (not appropriated) Yearly to discharge the said Annuities.

And that it should be Lawful for Their Majesties, to Commissionate any num∣ber of Persons to receive such Subscriptions as should be made before the first of Aug. next, by any Natives or Foreigners, or Corporations, towards paying, into the Exchequer, the Sum of 1200000 l. and that the Yearly Sum of 100000 l. shall be Appropriated to such Subscribers.

And that the said Weekly Payments, as they come in, shall be divided into 5/7 parts, and 2/7 parts, which 5/7 parts shall be Appropriated to the paying of the said 100000 l. per Annum, and shall be paid as the same comes into the Exchequer, to the use of such Subscribers.

And that the King may appoint how the said 1200000 l. and the said 100000 l. per Annum, shall be Assignable; and may Incorporate such Subscribers by the Name of the Governour and Company of the Bank of England, subject to the Condition of Redemption.

And if 1200000 l. or a Moiety, or greater part thereof, be not paid into the Exchequer, by the first of January 1694, then the Subscribers shall have only af∣ter the Rate of 8 per Cent. per Ann. And the Commissioners of the Treasury are required without any Warrant from the King to pay the said 100000 l. per Annum to the Subscribers.

And that no Person or Corporation shall Subscribe more than 20000 l. and eve∣ry Subscriber, at the time of his Subscribing, shall pay down 1/4 of his Subscription, and in Default thereof, such Subscription shall be void; that the Residue of the Subscriptions shall be paid into the Exchequer, before the first of January; and in Default thereof, the first fourth part shall be Forfeit; and that none before the first of July shall write above 10000 l.

Provided if 1200000 l. or a Moiety thereof be not subscribed by the first of Aug. then the Powers for Erecting a Corporation shall cease: And in such Case, so much of the 100000 l. as shall belong to the Subscribers may be assignable; and that the Monies payable by the Act to any Person, shall not be Chargeable with any Duties or Impositions, as by the said Act may appear.

And whereas, Their Majesties by Commission under the Great Seal, did au∣thorize divers Commissioners therein named to take such Subscriptions as should be made before the first of Aug. pursuant to the said Act; and therein did promise, that in case 1200000 l. or a Moiety were subscribed before the said first of August, that His Majesty immediately after the said Day, or as soon as 1200000 l. should be subscribed, which should first happen, would incorporate the Subscri∣bers by the name aforesaid, and did declare, that the whole Sum subscribed and paid, should be the Capital Stock; and that all the Subscribers should have an Interest therein, and in the said 100000l. per annum which Interest should be assignable, so as

such Assignments be Entred and Registred, as in the said Commission is directed, as by the same may more fully appear.

And Whereas, it appears by Duplicates transmitted into the Exchequer, under the Hands and Seals of Five or more of the Commissioners, that the Sum of _____ _____ hath been subscribed, and the first fourth part thereof paid to them on, or before the _____ _____ day of _____ _____ last by 〈1 span left blank〉〈1 span left blank〉

And whereas, it also appears by the entries of several Assignments, made in the Auditors office, that 〈1 span left blank〉〈1 span left blank〉 are by mean Assignments, se∣verally intituled to the Subscriptions, made by the said 〈1 span left blank〉〈1 span left blank〉 Their Majesties in pursuance of the Powers in the said Act do appoint, that the said 〈1 span left blank〉〈1 span left blank〉 and all and every other Persons, Natives, and Foreigners, and Bodies Politick, who over and besides the Persons before-named, have subscribed any Sum of Money towards the Sum of _____ _____ and paid the fourth part thereof upon their Subscriptions, and who are now living and have not assigned, and all the Heirs and Successors of any the Original Subscribers now dead, who have not assigned in their life, and the Heirs and Successors of the Assigns now dead, who did not in their life assign; and all Persons, Natives, or Foreigners, or Bodies Politick, who either as Original Subscribers, and not having parted with their Interests, or as Heirs, Successors, or Assigns, or by other lawful Title, have or shall have any In∣terest in the said Capital Stock, or Yearly Fund, so long as they have any Interest therein, shall be, and be called one Body Politick, &c. by the name of The Go∣vernour and Company of the Bank of England.

That by that name they shall have perpetual Succession, and a Common Seal, and be capable to purchase and hold Lands and Tenements, and Goods, and Chattels (not restrained by the Act) and to grant or dispose the same.

And shall sue and be sued, and do all other matters and things, that to them ap∣pertains, subject nevertheless to the Condition of Redemption in the Act mentioned, and to all other the Conditions and Clauses therein.

That all Persons having any Interest in the said Capital Stock, or Yearly Fund, as Original Subscribers, or by Assignments, or as Heirs, &c. shall be, and be estee∣med Members of the said Corporation, and be admitted into the same without Charge.

That the aforesaid Sum of _____ _____ subscribed as aforesaid, shall be, and be called the Capital Stock of the said Corporation, _____ _____ and that all Per∣sons, their Heirs, Successors, and Assigns, in proportion to the Sums by them re∣spectively subscribed, shall have an Interest in the said Capital Stock, and Yearly Fund of 100000 l.

That the Commissioners of the Treasury now, and for the time being, without any Warrant from the King, do direct their Warrants and Orders for Payment of the Yearly Sum of _____ _____ to the said Corporation and their Suc∣cessors for ever, by and out of the 5/7 parts of the Money, arising by the Duties gran∣ted by the said Act, (Subject nevertheless to the Payment of the Issues, Fines, and Debts upon Judgment against the Corporation) The first Year, to be reckoned from the first of June 1694.

That the Commissioners of the Treasury, and the Officers of the Exchequer, do pay the said 5/7 parts of the Monies arising by the said Duties, or so much of it as shall be sufficient for this purpose to the said Governour and Company, and their Successors, by Weekly Payments or otherwise, as the same shall come into the Exchequer, in satisfaction of the said Yearly Sum of _____ _____

And in case 5/7 parts of the said Weekly Payments intended to be the said Year∣ly, Fund, shall not amount to so much as the said Yearly Sum of _____ _____ which is the Annual Fund Established for the said Corporation, then Their Majesties Grant and Agree with the said Corporation, that 5/7 parts of the said Weekly Payments, so far as the same will extend shall be part of the Yearly Sum of _____ _____ And if the said Duties shall at any time appear to be so deficient, as that within any one Year to be reckoned from the said First of June 5/7 parts of the Weekly Payments on the said Duties shall not amount to so much as _____ _____ within the same Year: Then the Commissioners of the Treasury, with∣out

other Warrant from the King, shall make good every such deficiency, by paying so much of any Treasure of the King's (not appropriated by Parliament) toward the Payment of the said yearly Fund of _____ _____ as (together with 5/7 part of the Moneys, paid into the Exchequer for the said Duties) shall compleatly pay off the said Yearly Fund of _____ _____ according to the meaning of the said Act.

That for the better ordering the Affairs of the Corporation, and for a succession of Persons to be Governor, Deputy, and Directors thereof, there shall be for ever a Governor, Deputy, and 24 Directors, who, or any 13, or more of them (where∣of the Governor or Deputy to be one) shall be, and be called a Court of Directors, for the ordering the Affairs of the said Corporation with such Powers as are here∣after mentioned.

That 〈1 span left blank〉〈1 span left blank〉 (who is chosen for this purpose by a Majority of the Subscribers having each 500 l. Stock) be the first Governor, and 〈1 span left blank〉〈1 span left blank〉 who is chosen in like manner, be the first Deputy-Governor, and 〈1 span left blank〉〈1 span left blank〉 who are chosen in like manner, be the first Directors of the said Corporation.

That the said Governor, Deputy, and Directors, shall continue in their Offices till the 25th. of March, 1696, and till others be chosen and sworn, unless any of them shall dye, or be removed, as is after-mentioned.

That all the Members of the Corporation may meet for the Choice of their Governor, Deputy, and Directors, and for the making By-Laws for the Corpora∣tion, or other their Affairs (publick Notice being affixed at the Royal Exchange Two days at least before the said Meeting)

That all the Members, or so many as meet, shall be called a General Court, which shall assemble in manner hereafter mentioned.

That all succeeding Governors, Deputies, and Directors, after the 25th. of March, 1696. shall be yearly chosen forever between the 25th. of March, and the 25th. of April in each Year, by the Majority of the Members, having each 500 l. Stock, who shall be personally present, and each have One Vote and no more; which Governor, Deputy, and Directors, shall continue in their Offices for one Year, and till others be chosen and sworn.

And in case of the Death, Avoidance, or Removal of the Governor, Deputy, or Directors, the Survivor of them, or the Majority of those in Office, may Elect other Persons as aforesaid.

That every Deputy in the Absence of the Governor shall have the same power as a Governor.

That no Person shall be an Elector for the Choice of Governor, Deputy, or Di∣rectors, or making of By-Laws, or in any other the Affairs of the Corporation, who shall not have in his own Right, and not in Trust, 500 l. Stock; and also take the Oath hereafter mentioned, if required, viz. I A. B. do swear, That the Sum of 500 l. or more of the Capital Stock of the Governor and Company of the Bank, &c. doth at this time belong to me in my own Right, and not in Trust.

That no Member in any Election, or other Business of the Corporation, shall have more than one Vote.

Provided that any Quaker who shall have 500 l. Stock, and shall (if required) sign the following Declaration; viz. I A. B. Do solemnly declare in the Presence of God, That the Summ of 500 l. or more, of the Capital Stock of the Governor and Company of the Bank, &c. at this time belongs to me in my own Right and not in Trust, shall have a Vote at any General Court.

That the Governor or Deputy, or any two of the Directors, do administer the said Oath and Declaration.

That no Person shall be Governor, unless he be a Natural-born, or Naturalized Subject, and shall then have in his own Right 4000 l. Stock.

That none shall be chosen Deputy, unless at such time he be a Natural-born, or Naturalized Subject, and shall then have in his own Right 3000 l. Stock.

That none be chosen a Director, who shall not be a Natural-born, or Naturalized Subject, and shall then have in his own Right 2000 l. Stock.

That no Governor, Deputy, or Director, shall continue in their Offices longer than the continuance of their respective Stocks in their own Rights; but upon reducing their Stocks to any lesser Summ than as aforesaid, their respective Offices shall determine, and others be chosen in their Places by a General Court.

Provided that the said 〈1 span left blank〉〈1 span left blank〉 appointed to be the first

Governor, or any hereafter chosen into the said Office, shall not execute the said Office, until he hath taken the Oaths appointed to be taken by the Act, made for Abrogating the Oaths of Supremacy and Allegiance; and, until he hath taken the Oath following, viz. I A. B. do swear, That the Summ of 4000 l. of the Capital Stock of the Governor and Company, &c. doth at this time belong to me in my own Right, and not in Trust: And another Oath, viz. I A. B do swear, That I will to the utmost of my Power, support the Fellowship of the Governor and Company of the Bank, &c. and that in the Execution of the said Office, I will honestly demean my self according to the best of my Skill.

Which Oaths, to the first Governor, may be administred by the Lord Keeper, or the Chief Baron; and to any future Governor, by the Lord Chancellor, or Lord Keeper, or by the Chancellor, or Chief Baron of the Exchequer, or by the last preceeding Governor, or Deputy, or (in case a Deputy be sworn) by such a Deputy, who are empow'red to administer the same.

Provided that the said 〈1 span left blank〉〈1 span left blank〉 appointed the first Depu∣ty, or any hereafter in that Office, shall not execute the same till he hath taken the like Oaths (mutatis mutandis): Which Oaths, to the first Deputy, shall be admini∣stred by the Lord Keeper, or Chancellor of the Exchequer, or Chief Baron of the Exchequer, or by the first Governor after he is sworn: And to any future Deputy may be administred by the Lord Chancellor or Keeper, or the Chancellor or Chief Baron of the Exchequer, or by the preceding Governor, or Deputy, who are empow'red to administer the same.

Provided that none of the said 〈1 span left blank〉〈1 span left blank〉 hereby appointed the first 24 Directors, or any hereafter, in that Office shall execute the same, until they have taken the Oath mentioned in the Act for abro∣gating the Oaths of Allegiance, &c. and until they have taken the Oath following; viz. I A. B. do swear that the Sum of 2000 l. of the Stock of the Governor and Company of, &c. doth at this time belong to me in my own Right and not in Trust. And another Oath, viz. I A. B. do swear, That in the Office of a Director I will be indifferent to all Persons, and give my best Advice for the support of the said Corporation, and in the said Office honestly demean my self to the best of my Skill.

Which Oaths to the first Directors shall be administred by the Lord Keeper, Chancellor of the Exchequer, or Chief Baron, or by the First Governor, or Deputy-Governor sworn, as aforesaid: And the said Oaths, to any future Director, shall be administred by the said Chancellor or Lord Keeper, Chancellor, or Chief Baron of the Exchequer, or by a sworn Governor or Deputy.

That all the other Members having each 500 l. Stock before they shall give any Vote in any General Court, shall take the said Oaths appointed by the Act for Ab∣rogating the Oaths of Allegiance, &c. before the Governor, or Deputy, for the time being, who are required to administer the same, and also this Oath, viz. I A. B. do swear, That I will be faithful to the Governor and Company of the Bank, &c. and in all General Courts, according to the best of my Skill, give my assistance for support of the said Corporation.

Provided that any Quakers having 500 l. Stock before they shall Vote in any General Court, shall before the Governor, or Deputy, solemnly promise and declare in the Presence of God, in Words to the same Effect, with the Oath last mentioned, and shall severally Subscribe the same, together with the Declaration appointed by the Act for exempting Their Majesties Protestant Subjects, Dissenting from the Church of England, from the Penalties of certain Laws: Which Declarations and Subscriptions the Governor and Deputy are empow'red to administer.

That the Court of Directors shall have Power to give the following Oath to the Servants of the Corporation for due Execution of their Places; viz. I A. B. being Elected Treasurer of the said Corporation, do swear, That I will be true and faith∣ful to them, and will faithfully Execute the said Office to the utmost of my Skill. And the like Oaths to other Officers.

And in case any Person Elected Governor, Deputy-Governor, or Director, shall neglect or refuse for Ten Days to take the Oaths appointed, the Place of all such Persons shall be void, and others shall be chosen in their Places by a General Court.

That no Dividend shall be made, save out of the Interest, or Produce, arising out of the Capital Stock; or by such dealing, buying or selling, as are allowed by the Act, until Redemption by Parliament of the Yearly Fund: And that no Dividend be made without Consent of a General Court.

And that the Governor, or in his Absence, the Deputy, upon notice to be given, as aforesaid, shall summon Four General Courts, at least every Year; One in September, another in December, another in April, and another in July.

And if there be failure of holding a General Court in any of the said Months, by default of the Governor or Deputy, any Three or more of the Directors shall call a General Court, which shall be holden in the Month next after the Month in which the same should have been holden.

And that the Governor, or, in his Absence, the Deputy-Governor upon De∣mand to be made by any Nine, or more of the Members, having 500 l. or more Stock, shall within Ten Days, after Demand, summon a General Court to be held.

And, in default of the Governor or Deputy-Governor, it shall be lawful for the said Nine or more Members, having each 500 l. Stock, upon Ten Days Notice in Writing, to be fixed on the Royal Exchange, to summon a General Court, and to do any Business of the Corporation, and to hear and debate any Complaint made against any Governor, Deputy-Governor, or Directors, for Mismanagement: And if such Governor, Deputy-Governor, and Directors, shall not clear him or them∣selves to Satisfaction of the General Court; then within Ten Days another General Court shall be called finally to determine the same, who may remove the Gover∣nor, Deputy-Governor, and Directors for such Misdemeanors, and Elect others in their rooms in the same manner as before directed.

And where any Governor, Deputy, or Director shall die, or be removed, or his Office be void, the Members in a General Court, qualified as aforesaid, may Elect any other Member, qualified as aforesaid, into their Places, who shall continue therein to the next usual Election, and until others be chosen and sworn.

That the Governor, Deputy-Governor, and Directors for the time being, or any Thirteen or more of them, (the Governor or Deputy-Governor being always one) from time to time may meet at any convenient Place or Places, for Management of their Affairs, and hold Courts of Directors for the purposes aforesaid, and summon General Courts as often as they see Cause.

That the Governour, Deputy-Governour, and Directors, or the Major part, (The Governour or Deputy-Governour being one) shall Act by such Bye-Laws as shall be made by the General Court; and where the same shall be wanting, they shall direct and manage all Affairs of the Corporation in borrowing and re∣ceiving Monies, and giving securities under the Common Seal, and in their dea∣ling in Bills of Exchange, Buying or Selling Bullion, Gold or Silver, or selling Goods deposited for Money lent, and in selling Goods, being the produce of Lands purchased, or in lending any Monies, and taking securities for the same; and to chuse Servants, and allow them reasonable Salaries, and to remove them if they see cause, and generally to act and do in all matters, which by the Act may be done, which they shall judge necessary for the well ordering and managing the Corporation, and to enjoy and execute all Powers, &c. as fully as if done by the Governor and Company of the Bank, or by the General Court, subject to the Clauses and Restrictions, &c. in the Act.

And Their Majesties give Power to all and every Members, qualified for Electors at a General Court by Majority of Votes, to make By-Laws for the Corporation, and imposing Mulcts and Fines, (not repugnant to the Laws of the Land) so as they be confirmed according to the Statute, which Fines shall be received and recovered to the Use of the Governor and Company, without any Account to be rendred to Their Majesties, and to allow Salaries to the Governor, Deputy, and Directors.

That the first General Court shall be holden within Twenty eight Days after the Date of this Charter.

And for ascertaining how the Capital Stock and Yearly Fund of 100000 l. shall be assignable and assigned, Their Majesties direct there be constantly kept in the Office of the Company, a Book wherein all Assignments shall be entred: And Their Majesties (pursuant to the Powers in the Act) direct that the Method of making all Assignments of the Capital Stock, or any Part, shall be by an Entry in the said Book, Signed by the Party Assigning in the Words following, viz. Me∣morandum, That I A. B. the _____ _____ day of _____ _____ in the Year of our Lord ________ do Assign 〈1 span left blank〉〈1 span left blank〉 of my Interest in the Capital Stock of the Governor, and Company, &c. and the benefit thereby arising unto 〈1 span left blank〉〈1 span left blank〉 his

Heirs, &c. Witness my Hand—Or in case the Person be not personally present, then by an Entry signed by some Persons authorized by Letter of Attor∣ney, or Writing under Seal in the words following, viz. Memorandum I A. B. this _____ _____ day of _____ _____ in the Year of ________ By Virtue of a Letter of Attorney or Authority, under the Hand and Seal of 〈1 span left blank〉〈1 span left blank〉 Dated the _____ _____ do in the name, and on the behalf of the said 〈1 span left blank〉〈1 span left blank〉 Assign 〈1 span left blank〉〈1 span left blank〉 of the Interest and Share of the said 〈1 span left blank〉〈1 span left blank〉 in the Capital Stock of the Governour and Company, &c. unto 〈1 span left blank〉〈1 span left blank〉 his Heirs and Assigns, Witness my hand 〈1 span left blank〉〈1 span left blank〉 under which transferr the Person or Persons, or Bo∣dies Politick, to whom the Assignment is made, or some by them lawfully autho∣rized shall sign his name, attesting his acceptance thereof.

And that the Entry so signed, and no other way shall be the method of trans∣ferring the Interest in the Capital Stock, and such transferr shall be good, and con∣vey the Interest of the Party transferring.

Provided, That any Person having Stock may dispose thereof by Will, attested by Three or more Witnesses; however such Devisee shall not transferr, or be en∣tituled to receive any Dividend, till Entry of so much of the Will, as relates to the said Stock, be made in the Books of the Corporation.

Their Majesties appoint, that the Governour, or in his absence the Deputy-Go∣nour, shall not have any Vote, but only where there is an Equality of Votes.

Provided, That all Matters, which the Governour, Deputy-Governour, or Di∣rectors, shall order as aforesaid to be done by Sub-Committees, or others appoin∣ted under them, shall (by Vertue of such Order) be done by such Sub-Committees or others so appointed.

And Their Majesties grant, that this Charter, or the Inrollment thereof, shall in all things be valid in the Law, according to the true intent of the same, and be taken in the most beneficial sence, for the best advantage of the Company in all Courts of Record or elsewhere, notwithstanding any mis-recital, defect, &c.

And that this Charter shall be Made and Sealed without Fine or Fee, Great or Small, to be paid Their Majesties in their Hanaper or elsewhere.

And Their Majesties promise to grant such further and other Powers, &c. as shall be reasonably advised by the Counsel learned of the said Governour and Com∣pany, to be approved by the Attorney or Sollicitor-General. In Witness, &c.

FINIS.