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The Bank, East India Company, &c. to be charged by their Directors, for their corporate Stock.
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XXXI. And be it further enacted, That the Governor and Directors of the Company of the Bank of England, in respect of the Annuities payable to the said Company, at the Receipt of Exchequer, commonly called Bank Stock; the Directors of the United Company of Merchants of England trading to the East Indies, in respect of the Annuities payable to the said Company at the said Receipt, commonly called East India Stock; and the Governors and Directors of the Company of Merchants trading to the South Seas in respect of Annuities payable to the said Company at the said Receipt, commonly called South Sea Stock, or any Three or more of them respectively, shall respectively be Commissioners for the general Purposes of this Act, so far as respects the Duty on such Annuities, and the Profits attached to the same, and divided amongst the several Proprietors; and shall respectively have Authority as such Commissioners to exercise all the Powers of this Act in relation to the Duty to be charged on such Annuities and Profits attached to the same; but nevertheless separate and distinct from the Amounts of any other annual Profits and Gains in respect of the Trade and Commerce or Business of such Companies respectively, over and above such Dividends and Profits attached thereto, and divided as aforesaid; and the proper Officers or Persons employed in the Payment of Dividends on such Annuities and Profits attached thereto, and divided as aforesaid, are respectively hereby authorized to retain and deduct out of such Dividends and Profits, a proportionate Part in respect of the Duty so assessed, except in such Cases where a Certificate of Exemption or Abatement shall have been granted to the Party entitled to any such Dividends or Profits, in which Cases the Excess of the Duty so assessed, over and above the Sum allowed by such Certificate and no more, shall be so retained and deducted; and such Officer and Person aforesaid, and all others employed on Behalf of the said Companies, and the Governors and Directors thereof respectively, is and are hereby indemnified from such Deductions; and the Person demanding such Dividends or Profits are hereby required to allow such Deductions on the Receipt of the Residue of such Dividends or Profits, and shall give Acquistances for the same as if the Whole of the said Dividends and Profits had been paid to them respectively; and such Commissioners shall have Authority to use, exercise, and apply all the Powers of this Act, as effectually as any other Commissioners are hereby authorised to use, exercise, or apply the same so far as the same relate to the said last mentioned Duties.
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