Bank of Ireland Act, 1791

BANK OF IRELAND ACT 1791

CHAPTER XXII.

An Act to extend the Provisions of an Act passed in the Twenty-first and Twenty-second Years of His Majesty's Reign, Entitled, An Act for establishing a Bank by the Name of the Governor and Company of the Bank of Ireland.

Recital 21 & 33 G. 3.

600,000l. was subscribed under said act, and the subscribers were incorporated.

part of recited provision repealed,

governor and company to enjoy the annuity of 24,000l. and all abilities, &c. for ever,

and freed from condition of redemption.

WHEREAS by an act passed in the twenty-first and twenty-second years of his Majesty's reign, entitled, An act for establishing a bank by the name of the governor and company of the bank of Ireland, it is enacted, That his Majesty, his heirs and successors, might by commission under the great seal of Ireland, authorize and appoint any number of persons at any time after the first day of August then next, to take and receive all such voluntary subscriptions as should be made on or before the first day of January in the year one thousand seven hundred and eighty-four by any person or persons, natives or foreigners, bodies politic or corporate, for and towards raising and paying into the receipt of his Majesty's treasury in this kingdom, the sum of six hundred thousand pounds sterling, to be paid in money, or by debentures issued from his Majesty's treasury, by virtue of any act or acts of parliament made in this kingdom, bearing an interest at the rate of four pounds per centum per annum, and that such debentures should be taken at par from such subscriber or subscribers, and be considered as money by the persons to whom the same should be paid, for which sum so to be subscribed, a sum by way of annuity equal in amount to the interest upon such debentures at the rate of four pounds per centum per annum, should be paid at his Majesty's treasury in manner in the said act mentioned; and it is also enacted, that his Majesty, his heirs and successors might by letters patent under the great seal of Ireland, amongst other things, incorporate all and every such subscribers and contributors, their executors, administrators, successors, or assigns, to be one body politic and corporate, by the name of the governor and company of the bank of Ireland; and by the name of the governor and company of the bank of Ireland, to have perpetual succession and a common seal, subject nevertheless to the proviso or condition of redemption therein after mentioned; and it is by the said act provided and enacted, that at any time upon twelve months notice after the first day of January, one thousand seven hundred and ninety-four, to be published in the Dublin Gazette, by order of the lord lieutenant, or other chief governor or governors of this kingdom for the time being, and upon payment by parliament to the said governor and company of the bank of Ireland, or their successors, as well of the said sum of six hundred thousand pounds in like debentures, and subject to the like interest of four pounds per centum, as of all arrears of the annual sum of twenty-four thousand pounds in the said act mentioned without any deduction, then and in such case the said annuity of twenty-four thousand pounds, and every part thereof, together with the said corporation, shall cease and determine: And whereas in pursuance of the said act the sum of six hundred thousand pounds was subscribed and paid by such debentures as aforesaid, and his Majesty by letters patent under the great seal of this kingdom, incorporated the subscribers thereof into one body politic and corporate, by the name of the governor and company of the bank of Ireland, be it enacted by the King'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, That such part of the said recited provision contained in the same act, as relates to the determining of the said annuity of twenty-four thousand pounds per annum, and the said corporation of the governor and company of the bank of Ireland, upon the notice and payments therein mentioned, shall be, and is hereby repealed, and [Rep., Stat. Law Rev. (I.) Act, 1879.] that the said governor and company of the bank of Ireland, and their successors for ever, shall remain, continue, and be one body corporate and politic, by the name of the governor and company of the bank of Ireland aforesaid, and shall for ever have, receive, and enjoy the said annuity of twenty-four thousand pounds, together with [Rep., Stat. Law Rev. (I.) Act, 1879.] all abilities, capacities, powers, authorities, franchises, exemptions, privileges, profits and advantages whatsoever to which the said governor and company of the bank of Ireland now are, or before the making of this act were intitled by the said recited act and charter, and the said governor and company, and their successors, shall be, and are freed and discharged from the said condition of redemption. [Rep., Stat. Law Rev. (I.) Act, 1879.]

Governor and company's stock may be encreased to one million,

200,000l. to be subscribed before 24 June 1796, and the remainder on or before 21 June 1801, to be paid as directors shall appoint, subscriptions deemed part of the capital and used accordingly, subscribers incorporated after full payment,

additional stock transferable, &c.

III. And in order to promote the extension of public credit, and to further the commerce of this kingdom, be it enacted, That it shall and may be lawful for the said governor and company, and they are hereby authorized and impowered so soon as they shall think proper to receive subscriptions from any person or persons, natives or foreigners, bodies politic or corporate, for enlarging their capital stock or fund of six hundred thousand pounds, in any sum not exceeding the further sum of four hundred thousand pounds capital stock, so as to make their whole capital stock the sum of one million of pounds; provided that two hundred thousand pounds thereof at least, shall be subscribed for and paid on or before the twenty-fourth day of June, one thousand seven hundred and ninety-six, and the remainder thereof on or before the twenty-fourth day of June, one thousand eight hundred and one, which subscriptions shall be made, and the money for such additional stock shall be paid in such manner and form, and by such installments or proportions as the court of directors of the bank shall from time to time appoint; and [Rep., Stat. Law Rev. (I.) Act, 1879.] the capital stock so subscribed and paid for, shall from and after the time of such payment be deemed and taken as and for a part of the capital stock of the said corporation, and shall be employed and used by them in discount, or in any other manner in which by law the monies of the said bank may be employed, and the subscribers thereto from and after the time of making full payment for such additional stock, and their respective executors, administrators, and assigns, shall at all times be members of the said corporation, and incorporated therein, and shall be entitled unto, and have, hold, and enjoy all the benefits, privileges, advantages, and immunities, and be subject and liable to all the regulations, rules and orders to which the present stock-holders and members of the said corporation in respect of the stock held by and belonging to them, are respectively intitled subject and liable unto by the said act of parliament and charter, or by any bye-law of the said corporation or otherwise howsoever, and the said additional stock shall be transferable and assignable in like manner, and the proprietors and holders thereof shall hold their respective shares of the said additional stock in like manner as the respective present stock-holders of the said corporation now do, and hereafter shall hold and enjoy the respective sums now belonging to them in the present capital stock of the said corporation; and the same shall in all respects be consolidated and united as one joint stock.

Dividends to be made as herein.

IV. And be it further enacted, That the said corporation shall and may, from time to time, make and pay the like dividends to the proprietors of the said additional stock, as they shall make and pay to the proprietors and holders of the present stock of the said corporation, the first of which dividends shall commence from such time, as shall be specified in the proposals or terms to be offered for such subscription by the said court of directors.

When 400,000l. shall be subscribed, the corporation may borrow any sum not excceding a million.

VII. And be it further enacted, That from the time the said sum of four hundred thousand pounds shall be subscribed and paid in, the said corporation may borrow or give security for any sum or sums, so that they shall not owe at any one time more than a sum equal to the said sum of one million, any thing in the said act contained to the contrary notwithstanding.