The Sun.
London, England, 1866-08-07 00:00:00

TEE SUN, LONDON, TUESDAY EVENING, AUGUST 7, 1866.

the Commissioners of Stamps as aforesaid, and in
the case of other bankers shall not exceed one per
centum on the amount of bank notes which such
bankers respectively would otherwise be entitled to
issue under the provisions herein contained.
XXV. And be it enacted, That all compositions
payable to the several bankers mentioned in the
schedule hereto marked (C), and such other bankers
as shall agree with the said governor and company
to discontinue the issue of their own bank notes as
aforesaid, shall, if not previOusly determined by the
act of such banker as hereiubefore provided, cease
and determine on the first day of August, 1856, or
on any earlier date on which Parliament may prohibit
the issue of bank notes.

XXVI. And be it enacted, that from and after
the passing of this act it shall be lawful for any
society or company or . any persons in partnership,
though exceeding six in number, carrying on the
business of banking in London, or within sixty-five
miles thereof, to draw, accept, or endorse bills of ex-
change, not being payable to bearer on demand,
anything in the hereinbefore recited act passed in
thelfourth year of the reign of his said Majesty King
William IV., or in any other act, to the contrary
notwithstanding.
XXVII. And be it enacted, that the said gover-
nor and company of the Bank of England shall
have and enjoy such exclusive privilege of banking
as is given by this act, upon such terms and condi-
tions, and subject to the termination thereof at such
time and in such manner, as is by this act provided
and specified ; and all and every the powers and
authorities, franchises, privileges, and advantages,
given or recognised by the said recited act passed
in the fourth year of the reign of his Majesty King
William IV. as belonging to or enjoyed by the said
governor and company of the Bank of England, or
by any subsequent acts or acts of Parliament, shall
be and the same are hereby declared to be in full
force and continued by this act, except so far as the
same are altered by this act ; subject nevertheless to
redemption upon the terms and conditions following,
(that is to say), at any time upon twelve months
notice to be given after the let day of August, 1855,
and upon repayment by Parliament to the said
governor and company or their successors of the
sum of £11,015,100, being the debt now due from
the public to the said governor and company, with-
out any deduction, discount, or abatement whatso-
ever, and upon payment to the said governor and
company and their successors of all arrears of the
sum of £lOO,OOO per annum; in the last-mentioned
act mentioned, together with the interest or annui-
ties payable upon the said debt or in respect thereof,
and also upon repayment of all the principal and in-
terest which shall be owing unto the said governor
and company and their successors upon all such
tallies, Exchequer orders, Exchequer bills, or Parlia-
mentary funds which the said governor and com-
pany or their successors shall have remaining in their
hands or be entitled to at the time of such notice to
be given as last aforesaid, then and in such case,
and not till then, the said exclusive privileges of
banking granted by this act shall cease and deter-
mine at the expiration of such notice of twelve
months ; and any vote or nsolution of the House
of Commons, signified under the hand of the
Speaker of the said house in writing, and delivered
at the public office of the said governor and com-
pany, shall be deemed and adjudged to be a sufficient
notice.

XXVIII. And be it enacted, That the term
" bank notes" used in this act shall extend and ap-
ply to all bills or notes for tie payment of money
to the bearer on demand other than bills or notes of
the governor and company of the Bank of England ;
and that the term " Bank of England Notes" shall
extend and apply to the promissory notes of the
governor and company of tie Bank of England
payable to bearer on demand ; and that the term
" banker" shall extend and apply to all corporations,
societies, partnerships and persons, and every indivi-
dual person carrying on the business of banking,
whether by the issue of bank notes or otherwise,
except only the governor and company of the Bank
of England ; and that the word " person" used m
this act shall include corporations ; and that the
singular number in this act shall include the plural
number, and the plural number the singular, except
where there is anything in the context repugnant to
such construction ; and that the masculine gender
in this act shall include the feminine, except where
there is anything in the context repugnant to such
construction.

XXIX. And be it enacted, that this act may be
amended or repealed by any act to be passed iu the
present session of Parliament.