Section XLVIII Subscribers (of £500 and upwards) may meet at Guildhall in London, 10th Oct. 1698, or within 20 Days after Subscription completed, to elect Trustees.;

Elector to have only One Vote.; Each Trustee must have subscribed £2,000 at least in his own Right. Persons elected to be inserted in Charter of Incorporation.; Further Rules, &c. may be inserted in Charter.

And be it further enacted by the Authority aforesaid That it shall and may be lawful to and for for His Majesty to impower all and every Person or Persons who shall severally or respectively have subscribed in the said Book or Books any Sum or Sums not less than Five hundred Pounds and shall have severally paid One Tenth part of the Sum or Sums so by them subscribed their Executors Administrators Successors or Assigns to assemble and meet together at the Guild-hall within the City of London at or upon the Tenth Day of October One thousand six hundred ninety eight or within Twenty Days after the Subscription shall be compleated which shall first happen then and there to elect and choose the First Trustees to manage govern and direct the said General Society and they or the major part of them so assembled shall and may choose (by way of Ballating) out of the whole Number of Subscribers (whereof none to have more than One Vote) Four and twenty Persons each of which shall severally have subscribed in their own Rights the Sum of Two thousand Pounds at the least who shall be the First Trustees of the said General Society which Elections shall severally be determined by the majority of Votes then present by way of Ballat as aforesaid and if they be equal then by His Majesties Commissioners for taking the said Subscriptions or the major part of them then present which Persons so to be elected shall afterwards be inserted in His Majesties Charter of Incorporation of the said General Society as the First Trustees for such time and with such Succession and subject to such further Qualifications as His Majesty in such Charter of Incorporation shall be pleased to appoint And that in such Charter such further Rules Powers and Clauses for carrying on the said Trade and pursuing the Ends and Intent of this Act shall and may be inserted as shall be lawfully and reasonably desired in that behalf.