# Bank of England Act 1696, Section XLI: Overplus, after Payment of the said Interest, to be applied to pay the Principal.


Provided also and be it enacted That if the Moneys so ariseing and being brought into the said Receipt of Exchequer att any Time or Times before the said Eight and twentieth Day of June One thousand six hundred ninety eight as is before mentioned shall be sufficient to satisfie all the Interest which in the meane Time shall grow due to the said Governor and Company and all others intituled to Interest out of the Funds last mentioned with an Overplus that then the said Co[m]missioners of the Treasury or any Three or more of them now being or the Treasurer or any Three or more of the Co[m]missioners of the Treasury for the time being shall cause the said Overplus Moneys so ariseing & being brought in att any Time or Times before the said Eight and twentieth Day of June One thousand six hundred ninety eight to be distributed and applied so farr as it will extend to and for the Payment of the Principal Moneys owing upon the Funds last mentioned and enumerated so that a proportionable Part there of shall be issued for Principal upon each of those Funds according and in Proportion to the Su[m]m (whether it be greater or lesser) of all the Principal Moneys that shall then remaine due thereupon & the Moneys so distributed to pay of Principal upon each of those Funds shall be issued in Satisfaction of Principal Moneys which shall in course be payable to the said Governour and Company or to any other Persons out of the same Funds respectively.

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Source: https://www.legislation.gov.uk/aep/Will3/8-9/20/section/XLI (the official version)
Page: https://openlegislation.uk/bank-of-england-act-1696/section-XLI
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.