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600,000 to be the capital stock of said corporation, and shall be transferable and deemed personal estates,
and said capital stock, and the allowance of 4 per cent. not subject to foreign attachment:
all debentures locked up in treasury until cancelled,
and from the day passing of said patent, all debentures deposited and locked up, shall be cancelled, and all interest thereon shall cease,
and in lieu thereof, there shall be one annuity of 24,000l.
payable half-yearly;
1st payment of said annuity to be on 24 June or 25 December next after passing such letters patent as aforesaid; and if not a compleat half year from the passing said letters to one of said days, then to be paid in proportion; and all interest due to day of passing said letters, to be paid to governor and company for use of the subscribers.
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XVIII. And be it further enacted by the authority aforesaid, That the said sum of six hundred thousand pounds, when paid in by the said subscribers, shall be the common capital and principal stock of the said bank, and shall be transferable and assignable, and shall be deemed personal estate, and not real, and as such, if not otherwise disposed of by the persons intitled to the same, shall go to the executors and administrators of the person or persons dying possessed thereof, or intitled thereunto, and not the heirs of such person or persons; and that the said common capital or principal stock and real funds of the governor and company of the bank of Ireland, and the said allowances after the rate of four pounds per centum for the same, and the particular part, share, and interest of every member of the said corporation in the said stock, funds, and allowances, shall not be liable or subject to any foreign attachment; and that all and every debenture and debentures subscribed in part or for the whole of said stock, shall, as soon as the same shall be deposited by the said subscribers, be locked up in a chest in your Majesty's treasury, until the same shall be cancelled as herein after mentioned; and that from and after the day of passing such letters patent as aforesaid, all and every the debenture and debentures so deposited and locked up, shall be cancelled by the said vice treasurer or paymaster general, his or their deputy or deputies, in the presence of the governor and company of the said bank, from which day all interest payable on the said debentures to the holders or proprietors of the same, shall cease and determine; and in lieu thereof, there shall be paid and payable by the said vice treasurer or paymaster general, his or their deputy or deputies, out of the funds made applicable by Parliament for payment of the interest upon the said debentures, one annuity or yearly sum of twenty four thousand pounds, being a sum equal to the amount of the whole interest payable upon such debentures so cancelled; which annual sum of twenty four thousand pounds shall be paid and payable by two equal half yearly payments by the vice treasurer or paymaster general, his or their deputy or deputies for the time being, to the governor and company of the said Bank, without any defalcation or deduction, and in the same manner as interest hath been heretofore paid upon the said debentures; the first payment of the said annuity to commence and be made on the twenty fourth day of June, or twenty fifth day of December next after the day of passing such letters patent as aforesaid, which ever shall first happen; and if an entire half year shall not have elapsed between the day of passing the said letters patent, and such first day of payment of the said annuity, that then a part or portion of the said annuity proportioned to the time which shall have so elapsed, shall at the rate aforesaid be paid to the governor and company of the said bank; and that all interest which shall have accrued due on such debentures, down to the day of passing the said letters patent, shall be paid by your Majesty's vice treasurer, paymaster general, his or their deputy or deputies, to the said governor and company for the use of the said subscribers, to be handed over, and paid by the said governor and company to such subscribers, their executors, administrators, and assigns, according to the proportions so accruing due to said subscribers upon their respective debentures.
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