|
|
The Treasury may raise Loans, not exceeding 20 Millions.
|
XXIV. ‘And whereas, towards compensating the Persons at present entitled to the Services of the Slaves to be manumitted and set free by virtue of this Act for the Loss of such Services, His Majesty’s most dutiful and loyal Subjects the Commons of Great Britain and Ireland in Parliament assembled have resolved to give and grant to His Majesty the Sum of Twenty Millions Pounds Sterling;’ be it enacted, That the Lords Commissioners of His Majesty’s Treasury of the United Kingdom of Great Britain and Ireland may raise such Sum or Sums of Money as shall be required from Time to Time under the Provisions of this Act, and may grant as the Consideration for such Sum or Sums of Money Redeemable Perpetual Annuities or Annuities for Terms of Years (which said Annuities respectively shall be transferable and payable at the Bank of England), upon such Terms and Conditions and under such Regulations as to the Time or Times of paying the said Sums of Money agreed to be raised as may be determined upon by the said Commissioners of the Treasury, not exceeding in the whole the Sum of Twenty Millions Pounds Sterling: Provided nevertheless, that the Rate of Interest at which the said Sums of Money shall be from Time to Time raised shall be regulated and governed by the Price of the respective Redeemable Perpetual Annuities or Annuities for Terms of Years on the Day preceding (or on the nearest preceding Day if it shall so happen that there shall be no Price of such said Annuities respectively on the Day immediately preceding) the Day of giving Notice for raising such Sum or Sums of Money, and that the Rate of Interest to be allowed to the Contributors for such Sum or Sums of Money shall in no Case exceed Five Shillings per Centum per Annum above the current Rate of Interest produced by the Market Price of any such Redeemable Perpetual Annuities or Annuities for Terms of Years existing at the Time, and in which such Contracts shall be made.
|
