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.
Security may be transferred.
XXVIII. And be it further enacted, That it shall be lawful for the Persons entitled to any of the Securities for the Money borrowed, or for the Annuities granted as aforesaid, by Writing under their Hands and Seals indorsed thereon, to transfer the same to any Person or Persons in the Words or to the Effect following:
Form of Transfer.
I A. B. do hereby assign the within Mortgage [or Grant of Annuity], and all my Right and Title in and to the Principal Money and Interest [or Annuity, and all Arrears now due thereon] thereby secured, unto C. D. his Executors Administrators, and Assigns. Dated the . . . . . . Day of . . . . . .
And Entries or Memorials of all Mortgages or Assignments, and Grants of Annuities, which shall be made in pursuance of this Act, and of all Transfers thereof, expressing in Words at Length the Names, Additions, Places of Abode, and other proper Descriptions of all such Persons as shall from Time to Time be entitled to the Principal Money and Interest, or the Annuities thereby respectively secured, shall be entered in a Book, to be kept for that Purpose, by the Clerk to the said Commissioners, to which Book any Person interested shall, at all seasonable Times, have Access, and shall have free Liberty to inspect the same, without Fee or Reward; and for the Entry of every such Assignment the said Clerk shall be paid Two Shillings and Sixpence, and no more; and every such Transfer shall entitle the Person or Persons, to whom the same shall be made, and his, her, or their Executors, Administrators, and Assigns, to the Benefit of the Security thereby transferred; and all Persons to whom such Mortgages or Assignments, or Grants of Annuity, shall be made, or who shall be entitled to the Money thereby secured, shall be, in Proportion to the Sums therein respectively mentioned. Creditors on the said Rates or Assessments equally one with another, without any Preference in respect to the Priority of advancing such Money, or the Dates of any such Mortgages or Assignments, or Grants of Annuity.
Application of the Money.
XXIX. And be it further enacted, That all the Money to arise by or from the said Rates or Assessments, and which may be borrowed or advanced for the Purchase of any Annuities on the Credit or Security thereof, shall be applied, in the first Place, in paying and discharging the Expences attending the obtaining and passing this Act, and afterwards from Time to Time in paying the Interest of the principal Money to be borrowed, and the Annuities to be granted as aforesaid, and in defraying the Expences of paving, repairing, cleansing, lighting, watching, and watering the said several Streets, and other publick Passages and Places, and of carrying this Act into Execution, and in paying off the said principal Money, in such Manner as the said Commissioners shall think proper.