East India Company (Money) Act 1794

AN ACT to impower the East India Company to continue a Bond Debt of Two Millions, and to increase the same by a further Sum, as Circumstances may require.

⁠WHEREAS by an Act made in the last session of Parliament, intituled "An Act for placing the stock called East India Annuities under the management of the governor and company of the Bank of England, and ingrafting the same on the three pounds per centum reduced annuities, in redemption of a debt of four millions two hundred thousand pounds owing by the publick to the East India Company, and for enabling the said company to raise a sum of money by a further increase of their capital stock, to be applied in discharge of certain debts of the said company," it was amongst other things enacted, that it should be lawful for the said company, with the consent of the commissioners of his Majesty's Treasury or any three of them, or the high treasurer for the time being, at any time or times thereafter to open books and receive subscriptions for enlarging their then present capital stock or fund of five millions to any sum not exceeding the further sum of one million, so as to make their whole capital stock the sum of six millions; and that the said company should, out of the monies to arise by the said subscriptions, in the first place apply so much thereof as should be sufficient for the purpose in reducing their bond debt in Great Britain to the sum of one million five hundred thousand pounds, and after such reduction made or a sufficient sum set apart and reserved for that purpose, that the said company should and might apply and dispose of the residue of the monies arising by the said subscriptions in the discharge of such other debts due or coming due from them as they should think fit; and it was thereby also enacted, that after the said bond debt should have been so reduced to one million five hundred thousand pounds as aforesaid it should not be lawful for the said company again to increase the same beyond that amount, unless with the approbation of the board of commissioners for the affairs of India for that purpose in writing first had and obtained, and that the whole increase to be made to the said bond debt should in nowise exceed the sum of five hundred thousand pounds: And whereas the said company have accordingly received subscriptions in the manner by the said Act directed, whereby their capital stock hath been increased to six millions, and the said company have, out of the monies arising by the said subscriptions, paid, bought up or otherwise discharged bonds to the amount of one million one hundred and fifty thousand five hundred and seventy-five pounds or thereabouts, and have set apart a sufficient sum for the purchase or discharge of as many more bonds as will reduce the said debt to two millions: And whereas in the present state of the affairs of the said company it will be for their convenience and advantage that, instead of applying any further part of the money which hath arisen by the said subscriptions in or towards a further reduction of their said bond debt beyond the sum already set apart as aforesaid, the company should be permitted to apply the same to the general purposes of their commerce and to continue on foot the said bond debt of two millions, and it is also expedient that the said company should be permitted to increase their said bond debt by a further sum not exceeding one million, as circumstances may require: 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, that it shall and may be lawful for the said company to keep on foot and continue their said bond debt in Great Britain at the aforesaid amount of two millions, and to apply the surplus monies of the said subscriptions remaining, after reducing or setting apart a sufficient sum to reduce the said bond debt to the amount aforesaid, to and for the general purposes of their trade and commerce; and further, that it shall and may be lawful 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 and issue bonds under their common seal for any further sum or sums of money not exceeding in the whole the sum of one million, for the purposes of their trade, as circumstances may require, any thing contained in the said Act or in any other Act to the contrary notwithstanding.