Power of coining Money.The Company may also Coin, in their Forts, any Species of Money usually coined by the Princes of those Countries, So that it be made agreeable to the Standards of those Princes in Weight and Fineness, and so that they, do not coin European Money; and it is declared that all such Money so to be coined by them shall be current in any City, Town, Port, or Place, within the Limits of the Company's Charters, but not elsewhere.
Seventh Charter, dated 7th October, 1693.
Cause of Forfeiture of former Charters,THE Company having made Default in the Payment of a Duty of Five Pounds per cent, imi posed on their Capital Stock by an Act of the 4th and 5th of William and Mary, cap. 15. a Doubt arose whether in Strictness of Law their Charters were, not become void, under a Proviso contained in the Act. and the evil Consequences, stated. To prevent the Disorders and Inconveniencies which would have befallen the Company, and other Persons concerned and employed in their Commerce, as well at Home as Abroad, if the Crown were to have taken Advantage of the Forfeiture, the King grantedThe Company restored to their chartered Rights; to the Company a new Charter of this Date, for restoring them to their former Capacities and Privileges; subject to a Special Proviso, that if they should not accept oft and in all Things conform, to such Orders and Constitutions, the King, with the Advice of His Privy Council,conditioned for their submitting to Regulations. should express and Direct by any Instrument under the Great Seal, the King should be at Liberty to resume the Charter Two Charters of Regulations issued.And by Two separate Instruments under the Great Seal, dated the 11th of November, 1693, and the 28th of September,.1694, the King prescribed various Rules and Orders for the Company's Observance; viz.
The Heads of the First Charter of Regulations.By the Instrument of 1693, it is ordered. That,
1 . All Subscribers shall be Members of the Company.
2 . Seven hundred and Forty-four thousand Pounds shall be added to the present Capital Stock of the Company by a new Subscription.
3. None shall subscribe above Ten thousand Pounds.
4. In general Courts, One thousand Pounds Stock to give One Vote; and none to have above Ten Votes.
5. Such as shall become Proprietors by Purchase, shall pay Five Pounds for their Freedom; who (as also the new Subscribers) Shall take the Oaths appointed by Law, and also the Freeman's Oath.
6. The Governor, or, in his -Absence, the Deputy Governor, to have a casting Vote in all Courts.—Each of them to have Four thousand Pounds Stock in their own Right; and each Director or Committee-man, One thousand.
7. No Permission shall be granted for Ships to India on a private Account, under the Penalty of forfeiting the Charters.
5. No private Contract is to be made for the Sale of the Company's Goods, Saltpetre sold for the King’s Use only excepted; but all to be openly and publicly sold.—And no One Lot (Jewels excepted) to exceed Five hundred Pounds value.
9. The Company shall annually export Goods to India, of the Growth and Product of England, to the Value of at least One hundred thousand Pounds.
10. The Company shall annually supply the Grown with Five hundred Tons of Saltpetre, at Thirty-eight Pounds Ten Shillings per Ton, in Time of Peace, and Forty-five Pounds in Time of War.
11. All Dividends of the Company's Profits-shall for the future be made in Money only.
12. A Book to be kept by the Company, wherein the Value of their Stock shall be entered, and attested upon Oath, and lie Open to the view of all Persons concerned; and the,like as to Mortgages, Alienations, Transfers, and Assignments.
13. The Joint Stock of the Company shall continue for a Term of Twenty-one Years; and for the Space of One Year before its Expiration, Books shall lie open for new Subscriptions to a new Joint Stock.
And by the second Instrument of Regulations, were made the following Alterations and Explanations:
