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CA P. XLV.

An Act for repealing an Act passed in the Thirty ninth and Fortieth Years of the Reign of His late Majesty King George the Third, intituled An Act for Relief of Persons entitled to Entailed Estates to be purchased with Trust Monies, and for making further Provisions in lieu thereof.

[26th May 1826.]

HEREAS an Act was passed in the Thirty ninth and Fortieth 39 & 40 G.3.

• Third, intituled An Act for Relief of Persons entitled to Entailed • Estates to be purchased with Trust Monies; and such Act has 'been of great public Benefit, but it has been found that the • Provisions thereof do not apply to all Cases to which Relief to 'such Persons may reasonably be extended, and it is therefore ⚫ expedient that the said Act should be repealed, except as herein' after mentioned, and that other Provisions should be made in lieu of those therein contained :' Be it therefore enacted by the King's most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this present Parliament assembled, and by the Authority of the same, That the said Act shall be and the same is hereby repealed, except repealed as as to such Proceedings under the said Act as shall have been com- herein menmenced before the passing of this Act, and which may be continued tioned. under the Authority and according to the Provisions of the said Act or of this Act, as shall be most expedient.

Proviso where Money, under Controul of a Court of Equity, shall be

subject to be invested in Purchase of Freehold or Copyhold Precertain Settlements as herein mentioned.

mises under

II. And be it further enacted, That from and after the passing of this Act, in all Cases where Money under the Controul of any Court of Equity, or of or to which any Individuals as Trustees are possessed or entitled, shall be subject to be invested in the Purchase of Freehold or Copyhold Hereditaments, or both, to be settled upon any Person or Persons in such Manner that it would be competent, in case such Money had been invested in the Purchase of Real Estates, for the Person or Persons who would be the Tenant or Tenants of any Estate or Estates Tail therein, either alone or together with the Person or Persons who would be the Owner or Owners of any particular preceding Estate or Estates therein, by Deed, Fine or Common Recovery, or any of them, or other lawful Act, in the case of Freehold Hereditaments, or by Surrender and Recovery, or either of them, or other lawful Act, in the Case of Copyhold Hereditaments, to bar such Estate or Estates Tail, and the Rights and Interests of all Persons in Remainder after such Estate or Estates Tail, it shall not be necessary to have such Money actually invested in Lands or Hereditaments, in order that such Estates Tail and Remainders over may be so barred; but that it shall be lawful for the High Court of Chancery, or such Court of Equity under the Controul of which such Money shall be, and in the Case of Trustees for the said High Court of Chancery or the Court of Exchequer, in a summary Way, upon Petition of the Person or Persons who would be Tenant or Tenants Petition. of such Estate or Estates Tail, and of the Person or Persons, if any, whose Concurrence would be necessary and sufficient in order to enable the Person or Persons who would be Tenant or Tenants

of

Proviso for Cases of less than 2001.

Persons Te

nants in Tail, &c. presenting such Petitions.

of such Estate or Estates Tail to bar the same, and the Rights and Interests of all Persons in Remainder after such Estate or Estates Tail, such Petitioners being Adults, and where any of the Parties are or is Femes Covert or a Feme Covert, they or she being first separately examined in Court or upon a Commission, and consenting (except only in Cases where the Fund in which she or they shall be interested shall be less than Two hundred Pounds, in which Case such Consent shall not be required,) to make such Description of Orders and Declarations as are hereinafter mentioned; that is to say, in case such Petition shall be presented by the Person or Persons who would at the Time of presenting the same be Tenant or Tenants in Tail in Possession of the Hereditaments to be purchased free from Incumbrances, or shall be presented by the Person or Persons who would at the Time of presenting such Petition be Tenant or Tenants of the first Estate or first Estates Tail,' together with or with the Consent of the Person or Persons, if any, who would be Owner or Owners of the antecedent particular Estate or Estates, or who would be entitled to any Charge or Incumbrance antecedent to the Estate or Estates of such Tenant or Tenants in Tail, as the Case may be, to order the Money subject to such Trusts to be paid to the Petitioner or Petitioners, or any of them, or to be paid and applied in such Manner and for such Purposes as the Petitioners shall appoint and the Court shall approve of; and in case such Petition shall be presented by the Person or Persons who would at the Time of presenting the same be Tenant or Tenants in Tail in Possession of the Hereditaments to be purchased, but such Petition shall be presented without the Concurrence of all the Persons (if any) who would be entitled to any Charge or Incumbrance affecting the Hereditaments to be purchased antecedently to the Estate of such Tenant or Tenants in Tail, or shall be presented by the Person or Persons who would at the Time of presenting such Petition be Tenant or Tenants of some Estate or Estates Tail in the Hereditaments so to be purchased, together with or with the Consent of the Person or Persons (if any) whose Concurrence would be necessary and sufficient, in

order to enable the Person or Persons who would be Tenant or Tenants of such Estate or Estates Tail, in case the said Hereditaments were purchased, to bar the said Estate or Estates Tail, and the Rights and Interests of all Persons in Remainder after such Estate or Estates Tail, but without the Concurrence of all the Persons who would be entitled to particular Estates in, or to Charges or Incumbrances upon, the said Hereditaments, antecedently to such Estate or Estates Tail, to declare that such Estate or Estates Tail, and all Remainders and Reversions expectant thereon, is and are absolutely barred, and to order that the Hereditaments to be purchased with the Money subjected to the said Trusts shall, when purchased, be settled (subject to the Uses, Trusts, Estates and Interests antecedent to such Estate or Estates Tail) to the Use of the Person or Persons who would have been entitled to such Estate or Estates Tail, his, her and their Heirs and Assigns; and every such Declaration and Order shall be binding and conclusive, not only the Person or Persons who would have been entitled to such Estate or Estates Tail, but also upon all Persons who could have claimed through or under such

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Person

Person or Persons by force only of such Entail, or in Remainder or Reversion after such Estate or Estates Tail.

III. And be it further enacted, That in all Cases where Monies subjected to be laid out in the Purchase of Hereditaments, to be settled as aforesaid, shall happen to be invested in Government or Real or other Securities, all such Securities shall for the Purposes of this Act be considered as Money, and shall and may accordingly be transferred, assigned and disposed of under an Order of the respective Courts aforesaid, made in a summary Way upon the Petition of such Persons, and with such Examination and Consent where necessary as aforesaid, in such and the same Manner' as Monies subjected to be laid out in the Purchase of Hereditaments, to be settled as aforesaid, are hereinbefore authorized to be paid, applied and disposed of; and all Declarations and Orders to be made as to any such Securities shall be of equal Force and Validity with the Declarations and Orders hereinbefore authorized to be made, as to Money subjected to be laid out in the Purchase of Hereditaments to be settled as aforesaid.

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CA P. XLVI.

An Act for the better regulating Copartnerships of certain Bankers in England; and for amending so much of an Act of the Thirty ninth and Fortieth Years of the Reign of His late Majesty King George the Third, intituled An Act for establishing an Agreement with the Governor and Company of the Bank of England, for advancing the Sum of Three Millions towards the Supply for the Service of the Year One thousand eight hundred, as relates to the same.

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[26th May 1826.]

Securities for

such Money may be trans

ferred under

Order of
Court.

$ 15.

WHEREAS an Act was passed in the Thirty ninth and 39 & 40 G.3. Fortieth Years of the Reign of His late Majesty King c.28. George the Third, intituled An Act for establishing an Agreement with the Governor and Company of the Bank of England, for advancing the Sum of Three Millions towards the Supply for the Service of the Year One thousand eight hundred: And Whereas it was, to prevent Doubts as to the Privilege of the said Governor and Company, enacted and declared in the said recited Act, that no other Bank should be erected, established or allowed by Parliament; and that it should not be lawful for * any Body Politic or Corporate whatsoever, erected or to be erected, or for any other Persons united or to be united in < Covenants or Partnership, exceeding the Number of Six Persons, in that Part of Great Britain called England, to borrow, owe or take up any Sum or Sums of Money on their Bills or Notes payable on Demand, or at any less Time than Six Months from the borrowing thereof, during the Continuance of the said Privilege to the said Governor and Company, who were thereby declared to be and remain a Corporation, with the Privilege of Exclusive Banking, as before recited; but subject nevertheless to Redemption on the Terms and Conditions in the said Act "specified: And Whereas the Governor and Company of the Bank of England have consented to relinquish so much of their ex7 GEO. IV:

K

'clusive

In what Cases

Circumstances

and Conditions Copartnerships of more than

Six in Number

may carry on
Business as
Bankers in
England.

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clusive Privilege as prohibits any Body Politic or Corporate, or any Number of Persons exceeding Six, in England, acting inCopartnership, from borrowing, owing or taking up any Sum or Sums of Money on their Bills or Notes payable on Demand, or at any less Time than Six Months from the borrowing thereof; ' provided that such Body Politic or Corporate, or Persons united. in Covenants or Partnerships, exceeding the Number of Six • Persons in each Copartnership, shall have the whole of their Banking Establishments and carry on their Business as Bankers at any Place or Places in England exceeding the Distance of Sixty five Miles from London, and that all the Individuals composing such Corporations or Copartnerships, carrying on such Business, shall be liable to and responsible for the due Payment of all Bills and Notes issued by such Corporations or Copart nerships respectively: Be it therefore enacted by the King's most Excellent Majesty, by and with the Advice and Consent of the Lord Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, That and under what from and after the passing of this Act it shall and may be lawful for any Bodies Politic or Corporate erected for the Purposes of Banking, or for any Number of Persons united in Covenants or Copartnership, although such Persons so united or carrying on Business together shall consist of more than Six in Number, to carry on the Trade or Business of Bankers in England, in like Manner as Copartnerships of Bankers consisting of not more than Six Persons in Number may lawfully do; and for such Bodies Politic or Corporate, or such Persons so united as aforesaid, to make and issue their Bills or Notes at any Place or Places in Eng land exceeding the Distance of Sixty five Miles from London, payable on Demand, or otherwise at some Place or Places specified upon such Bills or Notes, exceeding the Distance of Sixty five Miles from London and not elsewhere, and to borrow, owe or take up any Sum or Sums of Money on their Bills or Notes so made and issued at any such Place or Places as aforesaid: Provided always, that such Corporations or Persons carrying on such Trade. or Business of Bankers in Copartnership shall not have of Business or Establishment as Bankers in London, Place or Places not exceeding the Distance of Sixty five Miles from London; and that every Member of any such Corporation or Copartnership shall be liable to and responsible for the due Payment of all Bills and Notes which shall be issued, and for all Sums of Money which shall be borrowed, owed or taken up by the Cor poration or Copartnership of which such Person shall be a Member, such Person being a Member at the Period of the Date of the Bills or Notes, or becoming or being a Member before or at the Time of the Bills or Notes being payable, or being such Member at the Time of the borrowing, owing or taking up of any Sum or Sums of Money upon any Bills or Notes by the Corporation or Copartnership, or while any Sum of Money on any Bills or Notes. is owing or unpaid, or at the Time the same became due from the Corporation or Copartnership; any Agreement, Covenant or tract to the contrary notwithstanding.

This Act not to authorize

any

House

or at any

Con

II. Provided always, and be it further enacted, That nothing in this Act contained shall extend or be construed to extend to enable

or

the Limits

Partner, &c.

so resident, for

less than 50l.;

or authorize any such Corporation, or Copartnership exceeding the Copartnerships Number of Six Persons, so carrying on the Trade or Business of to issue, within Bankers as aforesaid, either by any Member of or Person belonging mentioned, any to any such Corporation or Copartnership, or by any Agent or Bills payable Agents, or any other Person or Persons on behalf of any such on Demand; Corporation or Copartnership, to issue or re-issue in London, or at nor to draw any Place or Places not exceeding the Distance of Sixty five Miles Bills upon any from London, any Bill or Note of such Corporation or Copartnership, which shall be payable to Bearer on Demand, or any Bank Post Bill; nor to draw upon any Partner or Agent, or other Person or Persons who may be resident in London, or at any Place or Places not exceeding the Distance of Sixty five Miles from London, any Bill of Exchange which shall be payable on Demand, or which shall be for a less Amount than Fifty Pounds: Provided also, that it shall be lawful, notwithstanding any Thing herein or in the said recited Act contained, for any such Corporation or Copartnership to draw any Bill of Exchange for any Sum of Money amounting to the Sum of Fifty Pounds or upwards, payable either in London or elsewhere, at any Period after Date or after Sight.

III. Provided also, and be it further enacted, That nothing in this Act contained shall extend or be construed to extend to enable or authorize any such Corporation or Copartnership exceeding the Number of Six Persons, so carrying on the Trade or Business of Bankers in England as aforesaid, or any Member, Agent or Agents of any such Corporation or Copartnership, to borrow, owe or take up in London or at any Place or Places not exceeding the Distance of Sixty five Miles from London any Sum or Sums of Money on any Bill or Promissory Note of any such Corporation or Copartnership payable on Demand, or at any less Time than Six Months from the borrowing thereof, nor to make or issue any Bill or Bills of Exchange or Promissory Note or Notes of such Corporation or Copartnership contrary to the Provisions of the said recited Act of the Thirty ninth and Fortieth Years of King George the Third, save as provided by this Act in that Behalf: Provided also, that nothing herein contained shall extend or be construed to extend to prevent any such Corporation or Copartnership, by any Agent or Person authorized by them, from discounting in London, or elsewhere, any Bill or Bills of Exchange not drawn by or upon such Corporation or Copartnership, or by or upon any Person on their Behalf.

nor to borrow Money, or take up or issue

Bills of Exchange, contrary to recited

Act, except as herein provided.

Such Copartnerships shall, before issuing any Notes, &c. deliver at

IV. And be it further enacted, That before any such Corporation or Copartnership exceeding the Number of Six Persons, in England, shall begin to issue any Bills or Notes, or borrow, owe or take up any Money on their Bills or Notes, an Account or Return shall be made out, according to the Form contained in the Stamp Office Schedule marked (A) to this Act annexed, wherein shall be set in London an forth the true Names, Title or Firm of such intended or existing Account as Corporation or Copartnership, and also the Names and Places of herein menAbode of all the Members of such Corporation or of all the tioned. Partners concerned or engaged in such Copartnership, as the same respectively shall appear on the Books of such Corporation or Copartnership, and the Name or Firm of every Bank or Banks established or to be established by such Corporation or Copart

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nership,

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