XVPromissory Notes and Bills of the Bank of England exempted from Duty, on Payment of a yearly Sum in lieu thereof.
Provided always, and be it further enacted, That all Promissory Notes and Bills whatsoever, which shall be issued by the Governor and Company of the Bank of England, from and after the said Tenth Day of October One thousand eight hundred and eight, shall be freed and exempted from all the Duties hereby granted ; and that the said Governor and Company shall, in lieu of and as a Compensation for the Duties, which would otherwise have been payable for such their Notes and Bills, pay into the Hands of the Receiver General of the Stamp Duties for the Time being the yearly Sum of Forty-two thousand Pounds, by Two equal Half-yearly Payments, to be made on or before the Fifth Day of April and the Tenth Day of October in every Year, and the first Payment thereof to be made on or before the Fifth Day of April One. thousand eight hundred and nine; and it shall be lawful for the said Governor and Company to re-issue any of their Notes after Payment thereof, as often as they shall think fit: Provided always, that the said yearly Compensation shall be reduced by the Sum of Four thousand Pounds, when the said Governor and Company shall cease to issue Promissory Notes for less than Two Pounds, agreeably to the Provision of the Act of the Thirty-ninth Year of His Majesty's Reign, for granting to His Majesty certain Stamp Duties on Bills of Exchange and Promissory Notes for small Sums of Money.