Money may be raised by Annuities.
XXVII. Provided always, That in case the said Commissioners shall think it advisable to raise all or any Part of the Money necessary for the Purposes of this Act by the granting of Annuities for Lives, then it shall be lawful for the said Commissioners, and they are hereby authorized and empowered, by Writing under their Hands and Seals, to grant Annuities to any Person or Persons who shall contribute, advance, and pay into the Hands of the Treasurer to the said Commissioners any Sum or Sums of Money for the absolute Purchase of any Annuity, to be paid and payable during the natural Life of every such Contributor, or the natural Life of such Person as shall be nominated by or on the Behalf of such Contributor at the Time of the Payment of his or her Contribution or Purchase Money, and either with or without Benefit of Survivorship, as the said Commissioners shall think proper, so that no such Annuity do exceed the Rate of Ten Pounds for One hundred Pounds for a Year; and the Grant of every such Annuity shall be in the Words or to the Effect following; videlicet,
Form of Grant.
We . . . . . . of the Commissioners appointed by or in pursuance of an Act of Parliament, made in the Thirtieth Year of the Reign of King George the Third, intituled, [set forth the Title of the Act], in Consideration of the Sum of . . . . . . paid by A. B. to the Treasurer appointed in pursuance of the said Act, do hereby grant unto the said A. B. his Executors, Administrators, and Assigns, an Annuity or yearly Sum of . . . . . . out of the Rates or Assessments arising by virtue of the said Act; which Annuity or yearly Sum of shall be paid to the said A. B. his Executors, Administrators, and Assigns, at . . . . . . upon the . . . . . . in every Year during . . . . . . and the First Payment thereof shall be made upon the . . . . . . Day of . . . . . . next ensuing the Date of these Presents. In Witness whereof we have hereunto for our Hands and Seals, the . . . . . . Day of . . . . . . in the Year of our Lord . . . . . .
And every such Grant shall be good, valid, and effectual in the Law; and every Annuity so to be granted as afore said shall be, and is hereby charged upon, and shall be payable and paid, free from all Taxes and Deductions, out of the said Rates or Assessments: Provided nevertheless, that no greater Sum in the Whole than Ten thousand Pounds shall be raised by Loan or Mortgage, and by the Sale or granting of Annuities as aforesaid; and that, before any such Money shall be borrowed, or Annuity granted, fourteen Days Notice at the least shall be given in some Newspaper published in London or Westminster, signifying the Intention of borrowing such Money, or granting such Annuities.