An Abstract of the Proposals for the Bank on the Tickets of the Million-Adventure

Author: Unknown

Source: An Abstract of the Proposals for the Bank on the Tickets of the Million-Adventure (London: 1695).

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<1>

An ABSTRACT of the PROPOSALS for the BANK on the Tickets of the Million-Adventure.

THE Subscription-Book lies open at the Outropers-Office on the West Side of the Royal Exchange, up two Pair of Stairs, from 11 of the Clock in the Forenoon till 6 in the Afternoon.

Any Person may subscribe either in Money or Tickets.

Those that subscribe in Money, may pay in Tickets if they please.

Seven unbenefited Tickets are taken at 50l. besides 10 s. per Ticket allowed for prompt Paiment: Benefited Tickets are taken at half a Year's Purchase more than unbenefited.

300l. makes a Vote, and none to have more than one Vote.

500l. qualifies Persons of any Nation whatsoever to be of the Committee.

10 l. per cent. to be paid at subscribing; 15 l. per cent. more either at subscribing, or ten Days after the Election of the first Committee; 25 l. per cent. more at Midsummer; 25 l. per cent. more at Michaelmass; 25 l. per cent. in full, at Christmass next, unless any Paiments be deferred by a General Meeting.

A Discount of 3 l. per cent. besides the 10 s. per Ticket, will be allowed on what shall be subscribed and paid by the 30th of March; 2 l. per cent. till the 13th of April; 1 l. per cent. till the 27th of April; and 10 s. per cent. till the 10th of May next.

A Committee of 24 Managers is to be chosen by the General Meeting within five Days after closing the Books, and then the present Trustees to deliver the Tickets and Money to the said Committee, and to be discharged of their Trust.

The Committee and a General Meeting may inlarge the Fund as they think most advantagious to the Proprietors.

For the Encouragement of the Subscribers, the Proposers are contented to take 10 s. per cent. on what the Fund shall be.

If 100000l. be not subscribed before, or five Days after the 10th of May next, the Subscription to be void, and the Money and Tickets to be returned.

Note, The Settlement will be so made, that no Person shall be further answerable than his Stock, and that one shall not be answerable for another.

A Dividend must be made at least once a Year, and yet the Capital may be kept entire to purchase a Fund of a much longer Continuance, as the General Meeting shall think fit.