# Taxation, etc. Act 1692, Section VII: Natives and Foreigners may contribute One Million before May.


£100,000 to be yearly distributed till An. 1700, and afterwards £70,000; Contributor of £100 to receive a Share during the Life which he names; Any Person may contribute as many hundreds as he pleases; Lives when to be named; Books to be kept of the Names of the Contributors and Nominees, and the Sums contributed; Books may be inspected without Fee; Contributor, upon Payment of his Money, to have Tally and Order; Order not made void by Removal or Revocation of any Officer; Treasury, &c. not to revoke Orders; The said yearly Funds equally divided amongst Contributors; Proviso for Survivorship amongst Nominees; If the whole Sum of £1,000,000 be not advanced, the Contributors to be paid such Part of the annual Funds as is proportionable to the Advance.
And be it further enacted That it shall and may be lawfull for any persons Natives or Foreigners to contribute towards the advanceing of the said sum of Ten hundred thousand pounds for the purposes aforesaid by paying into the receipt of Their Majesties Exchequer at any time before the First day of May One thousand six hundred ninety and three such sum or sums of money and upon such terms respectively as herein after is mentioned and expressed (that is to say) That out of the moneys ariseing by vertue of this Act the sum of One hundred thousand pounds yearely until the Foure and twentieth day of June One thousand seaven hundred be separated and kept apart as the yearely Fund to be divided amongst the persons contributing to the raising the said sum of Ten hundred thousand pounds and that from and after the said Four and twentieth day of June One thousand seaven hundred out of the moneys ariseing by vertue of this Act the sum of seaventy thousand pounds be yearely separated and kept apart as the yearely Fund to be divided as herein after is mentioned That any person who will become a Contributor shall and may advance the sum of One hundred pounds at the least for which sum soe advanced he is to name to the Auditor of the Receipt or the Clerk of the Pells in the Exchequer for the time being his owne or some other Life dureing which he shall be intituled to receive a share or dividend of the said yearely Fund as hereafter is expressed That every Contributor may advance as many sums of one hundred pounds as he shall think fitt for which sums soe advanced he is to name to the Auditor of the Receipt or the Clerk of the Pells for the time being One or more Life or Lives (soe as no more Lives be named than there are distinct Hundred pounds advanced) dureing which Life or Lives he shall be entituled to receive so many shares or dividends of the said yearely Funds as there are Hundred pounds by him advanced That all the said Lives shall be named by the severall Contributors their Executors or Administrators or such as shall be imployed by them to pay in the said sums within fourteen days after the Foure and twentieth day of June One thousand six hundred ninety and three That in the said Office of Auditor of the Receipts and in the Office of the Clerk of the Pells severally there be provided and kept one or more book or books in which shall be fairly entred the names of all who shall be Contributors and of all persons by whose hands the said Contributors shall pay in any of the said sums and also the severall sums so paid and the time when the same are respectively paid the said entry to bee made upon payment of the said sums And also in the said books there shall bee entred the severall Nominees for whose Lives respectively the severall Dividends of the said yearely Fund shall be payable at the times when the same shall be nominated as aforesaid To which books it shall be lawfull for the respective Contributors their Executors Administrators and Assignes from time to time att all seasonable times to have resort and to inspect the same without fee or reward And as well the said severall Contributors as the said Nominees shall be described in the said books by their Christian and Sirnames Additions Places of abode and other descriptions which shall best ascertain the persons And every Contributor upon payment of the sum of one or more Hundred pounds as aforesaid shall immediately have one or more Tally or Tallies leavied importing the receipt of the Consideration Money for which the Contributor is to receive one or more shares or dividends of the said yearely Fund dureing the Life or Lives of the Nominee or Nominees whether such Nominee be the Contributor himselfe or herselfe or any other person and an Order for payment thereof accordingly bearing the same date with the Tally Which Orders shall be signed by the Co[m]missioners of the Treasury or any three or more of them now being or by the Treasurer of the Exchequer or any Three or more of the Co[m]missioners of the Treasury for the time being And after the signeing thereof the same shall be firme good valid and effectual in the Law according to the purport and true meaning thereof and of this Act and shall not be determinable by or upon the deaths or removeal of any Co[m]missioners or Comissioner of the Treasury or Lord High Treasurer or Treasurer of the Exchequer or by or upon the determination of the Power or Office of any Comissioner or Comissioners of the Treasury or Lord High Treasurer or Treasurer of the Exchequer Nor shall any Comissioners of the Treasury or Lord High Treasurer or Treasurer of the Exchequer now or for the time being have power to revoake countermand or make void such Orders so signed as aforesaid or any of them And the said respective yearely Funds of One hundred thousand pounds and seaventy thousand pounds (in case the whole sum of Ten hundred thousand pounds shall be advanced upon credit of the said Funds) shall be equally divided amongst the Contributors their Executors Administrators or Assignes dureing the Lives of their respective Nominees in proportion to the sums by them advanced yearely and every yeare by two equal halfe yearely payments that is to say the Foure and twentieth day of December and the Foure and twentieth day of June the first payment to be made the Foure and twentieth day of December One thousand six hundred ninety and three and upon the death of every Nominee the share or shares of the said Funds which was or were payable dureing his Life shall be equally divided amongst the rest of the Contributors whose Nominees shall be liveing And so from time to time upon the death of every Nominee whatsoever share or dividend was payable dureing the Life of such Nominee shall be equally divided amongst the rest of the Contributors their Executors Administrators and Assignes dureing the Lives of their respective Nominees so that from time to time the whole respective yearely Funds shall bee divided and paid amongst the Contributors whose Nominees doe survive until such time as there shall be but seaven Nominees liveing after which tyme there shall be no more advantage of survivorship but upon the death of every of the said seaven Nominees a seventh share of the said yearely Funds shall be answered to the use of Their Majesties Their Heires and Successors And in case the whole sum of Ten hundred thousand pounds shall not by the first day of May One thousand six hundred ninety and three bee advanced and paid by such Contributors upon the terms aforesaid that then there shall be divided to and amongst such Contributors as shall before the said first day of May have advanced and paid as aforesaid towards the same yearely and every yeare by two equal payments as aforesaid so much only of the said yearly Funds as shall bear proportion to the said sum so advanced after the Rates aforesaid that is to say so much only of the said yearely Funds as shall dureing the first seaven yeares to co[m]mence from the said Foure and twentieth day of June One thousand six hundred ninety three answer yearely the sum of Ten pounds for every hundred pounds so advanced and paid And from and after the expiration of the said seven years during the Lives of the said Nominees and the survivor of them yearely and every yeare by Two equal payments as aforesaid the sum of seaven pounds for every hundred pounds so advanced and paid to be divided as aforesaid with the like benefitt and advantage of survivorship as is herein directed in case the whole sum of Ten hundred thousand pounds shall be advanced and paid upon the terms aforesaid And from and after the said first day of May One thousand six hundred ninety and three no Contributors shall advance any further sums upon the terms and advantages aforesaid

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Source: https://www.legislation.gov.uk/aep/WillandMar/4/3/section/VII (the official version)
Page: https://openlegislation.uk/taxation-etc-act-1692/section-VII
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.