of the Company to the said increased Stock," after reciting, that the .Affairs of the United Company of Merchants of England required a permanent Advance of a considerable Sum of Money, be and what the said Company could raise under the Powers then vested in them by Law, the said United Company are authorized and empowered to raise Money by enlarging their then Capital Stock or Fund of Six Millions of Pounds, to any Sum or Sums not exceeding the further Sum or Two Millions Capital Stock, so that their whole Capital Stock should not exceed the Capital Sum of Eight Millions. And whereas by an Act made in the Forty-seventh Year of the Reign of His said Majesty, intituled, 47 G. 3. c. 41"An Act to enable the East India Company to raise Money upon Bond, instead of increasing their Capital Stock," the said Company are authorized to borrow, upon Bonds to be issued under their Common Seal, any Sum or Sums of Money not exceeding in the Whole the Sum of Two Millions Sterling, over and above such Sum and Sums of Money as the said Company could then lawfully raise on their Bonds, and to apply the Money so to be borrowed and raised for such Purposes as under any by virtue of the said Act of the Thirty-seventh Year of the Reign of His said Majesty, the Money to be raised by enlarging the Capital Stock of the Said Company was applicable; and by the said Act of the Forty-seventh Year of the Reign of His said Majesty, it is provided, that when the said Company should have raised any Part of the Money which they were thereby authorized to raise by Bond, then and so long as such further Bond Debt, or any Part thereof should continue, all the Money thereafter to be raised by enlarging the Capital Stock of the said United Company, under and by virtue of the said Act passed in the Thirty seventh Year of the Reign.of His said Majesty, should be applied towards the Reduction of the Bond Debt of the said United Company, until it should be reduced to the Sum which the said Company might then lawfully raise by Bond; and in case the said Company should enlarge their Capital Stock, under and by virtue of the said Act passed in the Thirty-seventh Year of the Reign of His present Majesty, before they should have increased their Bond Debt under the Authority of the Act now in recital, that then the Sum which they were thereby empowered to raise on Bond, should be reduced by the Sum of Two hundred Pounds Sterling in respect of every One hundred Pounds Capital Stock so enlarged, and so in Proportion for a greater or less Amount of Capital Stock which should have been created: And whereas a considerable Part of the Debt Secured by the Engagement of the said Company in the East Indies, and which was incurred by reason of territorial and political Expences in that Country, has lately been discharged in India by means of Bills drawn by the Governments of the said Company in the East Indies upon their Court of Directors in London; and thereby it has become necessary for the said Company to provide in this Country a such larger Sum of Money than in the ordinary Course of their Transactions can arise from the Sales of their Goods and the ordinary Receipts and Means of the said Company: And whereas the said United Company have not yet increased their Capital Stock, under and by virtue of the Powers contained in the said first-mentioned Act; and it is expedient that the Power of the said United Company to raise Money upon their Bonds should be enlarged, so that they may be enabled either to raise a further Sum by Bond, or by Increase of their Capital Stock; and therefore, that the Provision in the said last-recited Act, as to the Application of the Money to be raised by increasing the Capital Stock of the said Company, and as to the Reduction of the Power of the said Company to increase their; Bond Debt in a certain Case, should be repealed, and that other Provisions should be made in respect thereof: May it therefore please Your Majesty that it may be enacted; and 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, Enabling the Company to borrow a further Sum of Money upon Bonds.That it shall and may be lawful to and for the said Company, by and With the Approbation and Consent of the Board of Commissioners for the Affairs of India for the Time being, at any Time or Times hereafter, to borrow upon Bonds to be issued under their Common Seal, any further Sum or Sums of Money not exceeding in the Whole the Sum of Two Millions Sterling, over and„ above such Sum and Sums as the said Company can now lawfully raise on their Bonds, and to apply the Money so to be borrowed and raised for such Purposes, as under and by virtue of the said Act of the Thirty-seventh Year of the Reign of His said Majesty, the Money to be raised by enlarging the Capital Stock of the said Company is applicable; any Thing contained in the said recited Act or any other Act notwithstanding.
Repealing Part of Act 47 G. 3. c. 41.II. And be it further enacted, That so much of the said Act of the Forty-seventh Year of the Reign of His present Majesty, as provides that all the Money to be raised by enlarging the Capital Stock of the said Company as therein mentioned, should be applied towards the Reduction of the Bond Debt of the said United Company, until it should be. so reduced to the Sum which the said Company might then lawfully raise by Bond, and as provides that in case the said Company should enlarge their Capital Stock, then that the Sum which they were thereby.empowered to raise by Bond should be reduced, shall be and the same, is hereby repealed.
