[1706/10/463]¹

Act concerning the payment of the sums out of the equivalent to the African Company

Our sovereign lady, considering that by the fifteenth article of the treaty of union of the two kingdoms of Scotland and England it is agreed that out of the sum of £398,085 10s sterling mentioned in the said article, after what consideration shall be found necessary to be had for any losses which private persons may sustain by reducing the coin of Scotland to the standard and value of the coin of England, in the next place the capital stock of the African and Indian Company of Scotland, advanced, together with the interest of the said capital stock after the rate of five [of the] pound per cent per annum from the respective times of the payment thereof, shall be paid, upon payment of which capital stock and interest it is agreed the said company will be dissolved and cease, and also that from the time of passing the act of parliament in England for raising the said sum of £398,085 10s the said company shall neither trade nor grant licence to trade, providing that if the said stock and interest shall not be paid in twelve months after the commencement of the union that then the said company may from thence forward trade or give licence to trade until the said whole capital stock and interest shall be paid. And also, considering that there may be diverse difficulties arising concerning the stating of the said capital stock and the particular shares and titles of the several proprietors and the execution competent for recovering the respective shares and interest conforming to the article, and her majesty being most desirous to prevent all mistakes and abuses which may hinder the ready and effectual application of the foresaid money, conforming to the said article, and dissolving the company in the terms thereof, therefore, and to the end that the shares and titles of the several proprietors may be the more distinctly constituted and the commissioners for disposing the equivalent may the more safely make payment, her majesty, with advice and consent of the estates of parliament, requires and ordains the directors and secretaries of the said African and Indian Company to frame a particular account or list of the stock and interest of the same from the respective times of the payment, excepting only that such as got allowance for the interest of the first instalment at paying in of the second instalment shall only have right to the interest from 1 August 1698 for the first instalment belonging to each proprietor or their assignees where transfers are marked on the said company's books; as also, another account of the debts due by the said company containing the particular creditors' names with interest due for such debts as bear interest, the sums in both accounts not exceeding the sum of £232,884 5s ²/3d sterling at 1 May next. And both the said accounts are to make express mention at every article of the page and book belonging to the company from whence the said accounts have been taken. Likewise her majesty, with advice and consent foresaid, requires and ordains the present directors, at least five of them and their secretary who now is or whom they are hereby required to name for that effect, to draw up and perfect the foresaid two accounts or list in manner above-mentioned, and that they or five of them and their said secretary shall sign the said accounts respectively and deliver the same in to the lord clerk register between now and the foresaid 1 May next, certifying the said directors and their secretary that if they fail in punctual performance of the aforesaid, or any part thereof, letters of horning shall be directed against them and their said secretary at the instance of the commissioners to be appointed by her majesty for the disposing of the equivalent, who are hereby authorised and empowered for that effect. And further that the respective proprietors and others having interest and the creditors of the said company contained in the foresaid accounts may be the more readily answered and paid, her majesty, with advice and consent foresaid, statutes and ordains that a certificate drawn out of the books of the said company bearing the names of the respective proprietors and transfers which concern any share marked in the books of the said company, or the names of the said creditors of the company and the payments advanced by the said proprietors, or the sums due by the said company to their creditor with the time of advancing the said payments or contracting the said debts, with the said interest due on the respective shares and debts at five [of the] pound per cent until 1 May next, and which certificate shall also express the pages and books of the said company from whence the same are taken, and shall be signed by the directors or three of them, or an extract of a particle concerning any particular share or debt, under the hand of the lord clerk register or his deputes, furth of the said accounts appointed to be made up and delivered in to him in manner above set down, shall be separately authentic and probative and shall be a sufficient title to receive the respective shares or debts and interest due respectively thereof, and the discharges granted by persons having right to such certificates or extracts shall be a sufficient exoneration to the commissioners for disposing of the equivalent, which certificates and extracts are hereby ordained to be given furth gratis. And further where the shares of the proprietors or debts due to the creditors of the said company have been legally affected by diligence, the creditors using lawful diligence shall have such action against the commissioners of the equivalent for recovering the sums so affected as would have been competent to the parties themselves, whose shares or debts they do affect by virtue of this act, if they had insisted in their own names. And to the end the lieges may be certified when and where to receive their money, her majesty, with advice and consent foresaid, ordains that as soon as the foresaid sum of £398,085 10s mentioned in the above fifteenth article shall be paid in to the commissioners to be appointed by her majesty for disposing the equivalent, the same shall be notified to the privy council of this kingdom and thereupon a proclamation shall be issued out by the lords of privy council intimating the same to the lieges and requiring the proprietors and others having right to come and receive their shares, conforming to their respective titles, at Edinburgh where the said commissioners of the equivalent or a quorum of them are hereby appointed to reside until the said capital stock and interest be paid to the said proprietors and creditors of the said company. And her majesty, for the ends above-mentioned, with advice and consent foresaid, statutes and ordains that after the said proclamation the said commissioners to be appointed for disposing of the equivalent, by acceptance of their trust and office, shall be bound to make payment to the several proprietors and creditors contained in the foresaid lists and producing the foresaid extracts or these deriving right from them of the full shares and debts, with interest due respectively thereupon, at 1 May next, conforming to the accounts appointed to be made and delivered in to the clerk register between then and the said day in manner above-expressed, and that without delay, loss or defalcation, declaring that it shall not be lawful for the said commissioners, their clerks, secretaries or cashiers by themselves or others, directly or indirectly, to acquire any shares or debts of the said company or to obtain any ease or gratification for payment to the parties respectively. And in case of not ready payment in manner foresaid, it is hereby statute and ordained that such diligence and execution shall follow at the instance of the respective proprietors or creditors or others deriving right from them for their respective sums, principal and interest, conforming to the foresaid accounts against the said commissioners of the equivalent and their cashiers, conjunctly and severally, as is competent against parties liable for foreign bills of exchange, and that upon production of the company's bonds to the creditors or upon production of the certificates granted by the directors or three of them, in manner above-expressed, or upon production of a particle extracted furth of the said accounts concerning the several shares and debts, with the title in the person at whose instance diligence is raised, and that no suspension or stop upon such charges shall be granted except upon consignation, and in case of consignation the money consigned shall be restored to the party having interest, without deduction of consignation money. And her majesty, in respect of the foresaid intimation, and that the commissioners of the equivalent do thereupon become bound in manner foresaid, hereby statutes, enacts and declares that upon issuing the proclamation of council above set down the said African and Indian Company shall cease and be dissolved and the said company, being thereby dissolved, her majesty, with advice and consent foresaid, hereby simply discharges the proprietors subscribers of the said books of the company, their heirs and all others whom it may concern, of all action, instance and execution on account of the sums subscribed for and not paid in together with the contracts, bonds or obligations whereby the said subscribers were bound to the company, with all acts of the directors calling for any payments of the subscription money not paid, and all diligence that has followed or may follow thereupon. And also forasmuch as the foresaid capital stock and interest and debts are appointed to be refunded in full satisfaction of all the company or any particular proprietor can pretend on account of the foresaid company stock management or interest thereof, therefore her majesty, with advice and consent foresaid, statutes and declares that the dead stock, whole debts and effects, actions and execution belonging to the said company in general, or to the proprietors in any way concerning the said company, shall belong to her majesty and her royal successors in the same manner as the same did belong to the said company and to the said proprietors and which are appointed to be brought in and made effectual by the said commissioners of the equivalent, and to be applied to the same ends and uses as the other sums mentioned in the said fifteenth article, with the burden, nevertheless, in the first place of £300 sterling hereby appointed to be paid out of the price of the house and pertinents lying in Edinburgh and other effects belonging to the said company to the said directors for their pains and attendance and to enable them to give rewards to servants and bestow other incident charges in making up and perfecting the said accounts, and which sum of £300 sterling is to be divided by the said directors as they shall see just, and such like with the burden in the next place of such sums as this parliament has appointed by deliverance or order to be paid out of the whole dead stock to gentlemen officers and others who went to Darien or their friends for their faithful services, and the debts due to James Montgomery, William Arbuckle, James Wetherspoon and William Thomson, extending to £258 4s 8d sterling. And the said directors, or at least three of them, are hereby strictly required to give in full and complete inventories of all debts and effects belonging to the company in general to the said commissioners of the equivalent at their first meeting, with certification that in case of failure letters of horning shall be directed at the instance of the said commissioners against the said directors for that effect, for doing whereof the said commissioners are hereby authorised.