An Abstract of Their Majesty's Commission, under the Great Seal, dated the 15th day of June 1694. For taking Subscriptions for the Bank, pursuant to the late Act of Parliament.  
The Commission recites the Act of Parliament, as followeth, viz.  
WHEREAS by an Act, Entitled, An Act for Granting to Their Majesty's several Rates and Duties upon Tonnage, etc. it is Enacted, That for four years, from the first of June 1694, there shall be paid upon the Tonnage of all Vessels, wherein any Goods shall be Imported from any the Countries in the Act named, or Coastwise, from Port to Port in England, the several Rates in the Act mentioned, and certain Additional Duties of Excise, on Beer, Ale, and other Liquors.  
And that Weekly, on every Wednesday, if not an Holiday, and if it be, the next day not being an Holiday, all the moneys arising by the said Rates shall be paid into the Exchequer.  
And that yearly beginning from the first of June 1694, the Sum of 140000 l. arising out of the said Duties and Rates (in case the Weekly Payments extend thereunto) shall be the yearly Fund, (and if they do not extend thereunto) then the said Weekly Payments, so far as they will extend, shall be part of the yearly Fund: And in Case the Duties and Rates shall be so low, as that within any one year the Weekly Payment shall not amount to 140000 l. or be sufficient to answer the Recompenses by the Act intended; in such Case, the Commissioners of the Treasury are strictly enjoined, without any Warrant from Their Majesties, their Heirs, or Successors, to make good such Deficiency, out of any Treasure or Revenue of the Crown not Appropriated.  
And that it should be Lawful for Their Majesties, to Commissionate any number of Persons to receive such Subscriptions as should be made before the first of August next, by any Natives or Foreigners, or Corporations, towards paying, into the Exchequer, the Sum of 1200000 l. and that the yearly Sum of 100000 l. shall be Appropriated to such Subscribers, etc.  
And that the said Weekly Payments, as they come in, shall be divided into 5/7 parts, and 2/7 parts, which 5/7 parts shall be Appropriated to the paying of the said 100000 l. per Annum, and shall be paid as the same comes into the Exchequer, to the use of such Subscribers.  
And that Their Majesties may appoint how the said 1200000 l. and 100000 l. per Annum, shall be Assignable; and may Incorporate such Subscribers by the Name of the Governor and Company of the Bank of England, subject to the Condition of Redemption.  
And if 1200000 l. be not paid into the Exchequer by the first of January 1694. then the Subscribers shall have only after the Rate of 8 per Cent. per Annum; And the Commissioners of the Treasury are required without any Warrant from Their Majesties, Their Heirs or Successors, to pay the said 100000 l. per Annum.  
And that no Person or Corporation shall Subscribe more than 20000 l. and every Subscriber, at the time of his Subscribing, shall Pay ¼ part of his Subscription, and in Default thereof, such Subscriptions shall be void; That the Residue of the Subscriptions shall be paid into the Exchequer before the first of January; and in Default thereof the ¼ part shall be Forfeit: And that none before the first of July shall write above 10000 l.  
Provided if 1200000 l. or a Moiety be not Subscribed by the first of August, than the Power for erecting a Corporation shall cease; And in such Case, so much of the 100000 l. as shall belong to the Subscribers may be Assignable, and that the moneys payable by the Act, to any Person, shall not be Chargeable with any Duties or Impositions, as by the said Act may appear.  
Their Majesty's being Resolved, That if the whole 1200000 l. or a Moiety or more thereof be Subscribed by the first of August next, to Incorporate the Subscribers, have nominated and appointed, A. B. etc. (the Commissioners named in the Commission) or any 5 or more of them to take the voluntary Subscriptions of any Natives, Foreigners, or Bodies Politic, before the said first of August, towards raising the said 1200000 l. taking care that none writ above 20000 l. And that before the first of July none write above 10000 l.  
That within Ten Days after the date hereof, the Commissioners, or any Five or more of them, shall provide a convenient public Office, within the Cities or Suburbs of London and Westminster, for taking Subscriptions, giving such public Notice thereof as they think fit: And also a Book or Books of velum for the said Subscriptions, to lie open every day but Sundays, from 8 to 12 in the morning, and from 3 to 8 in the afternoon, until the first of August, unless 1200000 l. be sooner Subscribed.  
That in the Title of every Book shall be written, That the same contains the Subscription, Authorized to be made by the said Act, and this Commission, of the respective Sums which the said several Persons shall set against their Names, ¼ part of which Sums is to be paid by each Subscriber at the making such Subscription, to the Hands of the Commissioners, and the Residue as is hereafter directed.  
That the Commissioners take care that the Sums be written in Words at length as well as Figures, with a Column for the Day of each Subscription.  
That the Subscription shall be attested under the Hands and Seals of two or more of the Commissioners present at the taking them.  
That no Subscription be made after the First of August, and that the Commissioners or any five or more, after the First of August, or after the said 1200000 l. is Subscribed, (which shall first happen) make true Duplicates in Parchment of the whole Subscriptions, and deliver the same attested by Five or more of the Commissioners, into the Auditor's Office of the Exchequer to be there Recorded, that it may appear whether the whole 1200000 l. was written within the time limited, and by whom.  
And Their Majesties do enjoin the said Commissioners, or any Five, to receive from every Subscriber at the time of his Subscribing a ¼ part of his Subscription in ready Money.  
And that the Commissioners, or any 9 or more, may appoint Cashiers for keeping the Money to be approved of by the Commissioners of the Treasury, or any three, taking such Security as the Commissioners think fit in Their Majesty's Name, to be approved by the Commissioners of the Treasury, as aforesaid. And Their Majesties Command the Commissioners and Cashiers, who shall receive the said Fourth part, to keep it safely till it shall be payable into the Exchequer, as is hereafter directed, viz. Their Majesties Command the said Commissioners and Cashiers, that in case the whole 1200000 l. or a Moiety, or any greater part be Subscribed before the First of August, as soon as the Charter shall be passed under the Great Seal, to pay all the said Fourth Part into the Exchequer, in the Name of the Governor and Company of the Bank of England.  
And upon such Payment the Commissioners of the Treasury and Officers of the Exchequer are required to strike Tallies, Importing so much received from the said Corporation, by the hands of the said Commissioners, and to draw and Sign Exchequer Orders for paying the said Corporation, and their Successors for ever (Subject to the Condition of the Redemption) a proportionable part of the said 100000 l. per Annum, for every Sum of the first fourth part so paid.  
And in case 600000 l. be not Subscribed by the First of August, Their Majesties Command the Commissioners and Cashiers who shall have the Custody of the 4th part, to pay the same into the Exchequer in the name of the Subscribers, their Heirs, etc. and upon every such Payment, the Commissioners of the Treasury, and the other Officers are to Strike Tallies for the same, Importing so much received from the respective Subscribers, by the Hands of the Commissioners, and to draw Exchequer Orders for paying the said Subscribers, their Heirs, etc. for ever (Subject to the said Redemption) proportionable parts of the said 100000 l. per Annum, for every Sum paid into the Exchequer; and this Commission, or the enrolment thereof shall be to the said Commissioners of the Treasury and Officers a sufficient Warrant in that behalf.  
And as to the remaining ¼ parts of the said Subscription, Their Majesties declare the 2d 4th part shall be paid into the Exchequer by the First of October next: And the remaining 2/4 parts shall be paid before the first of January next.  
And if 1200000 l. or a Moiety or any greater part thereof be subscribed by the first of August, than all the Money subscribed (the first 4th part only excepted) shall be paid into the Exchequer as the Governor or Deputy-Governor of the said Corpovation, and 13 or more of the Directors in the said intended Charter shall appoint, so as a full 2d part be entirely paid into the Exchequer by the first of October next, and the remaining ¾ parts before the first of January next. And if 600000 l. or more, be not Subscribed by the first of August, than all the Money Subscribed (the first 4th part only excepted) shall be paid into the Exchequer by the several Subscribers their Heirs, etc. by the Times and Proportions before limited.  
And upon every such payment of any of the last ¾ parts. Their Majesties Command the Commissioners of the Treasury, and the Officers of the Exchequer to strike Tallies as well for the Money paid in by the Corporation, as by the Subscribers, and draw such Exchequer Orders as aforesaid, for the proportionable parts of the said yearly Fund, to be paid in each case respectively, either to the Corporation or Subscribers, according to the Act, Subject to the said Redemption.  
And Their Majesties Command the Commissioners, or any 5 or more receiving the said first 4th part, to give the Persons paying the same a Receipt in Writing for the several Sums so received, and enter the same in a Book inserting the day of such Payment, the names of the Commissioners receiving the same, and the Name and Abode of the Persons paying the same, with their proper Additions and the Sum paid.  
And that the Commissioners, or any five, after the First of August, without delay, shall make a fair Account in Parchment of all the said Receipts, with the particulars expressed, as aforesaid, and deliver the same, attested by any five or more Commissioners, into the Auditor's Office of the Exchequer, there to be Recorded, as well to charge the said Commissioners or their Cashiers with the Money, as to guide the Commissioners of the Treasury, and other Officers, with the payment of the Appropriated Fund.  
Their Majesties require the Commissioners to meet and attend at the public Office; and if it shall be thought most Convenient to have several Offices, the Commissioners may Subdivide themselves, taking care that some attend in each Office, and that they and their Cashiers diligently attend Their Majesty's Service.  
And the Commissioners of the Treasury, etc. are required to be assisting to the Commissioners, and out of any of Their Majesty's Treasure (not appropriated by Act of Parliament) to issue and pay to such Person as they shall appoint, such Money as shall be necessary to be laid out in the Execution of the Commission.  
And that the Corporation may be settled to the Satisfaction of the Subscribers, Their Majesties direct, That the Commissioners, or any five or more, after the First of August, or so soon as 1200000 l. is subscribed, which shall first happen, do affix public Notice on the Royal Exchange, for all those who have subscribed, 
They must take the Oaths before they Vote.  not less than 500 l. and paid their Fourth Part, to meet on a Day appointed, which is not to be sooner than four Days, nor later than eight Days after the Notice, to Elect Persons qualified, as hereafter mentioned, to be the first Governor, Deputy, and Directors of the intended Corporation.  
And that all the Subscribers, their Heirs, etc. may meet and Choose out of the whole Subscribers (of whom none shall have more than one Vote) one Person, who hath subscribed in his own Right 4000 l. at least and paid ¼ Part thereof at least, at the time of his Subscription to be the first Governor, and one other Person, who hath Subscribed 3000 l. at least, and paid ¼ Part thereof, in manner aforesaid, to be the first Deputy Governor, and Twenty four other Persons, each of which have severally Subscribed in their own Right 2000 l. at least, and paid ¼ Part thereof as aforesaid, to be the first Directors, which Elections shall be determined by the Majority of Votes then present, and in case they be equal, then by the Commissioners, or the Major Part of them.  
That the Persons so Elected shall be inserted in the said intended Charter, and made the first Governor, Deputy Governor, and Directors, to continue in their Offices from the Date of the Charter till the 25th of March 1696, and till others be chosen in their Rooms, and Sworn, subject nevertheless to the Restrictions and Prouisoes in the said Act, and to such other Rules as shall be inserted in the Charter, the Draught whereof is contained in the Schedule annexed.  
Provided no Subscriber shall be capable to Vote in the Elections of the first Governor, Deputy, or Directors, until he hath taken the Oath following, viz. I A. B. do swear that the Sum of 500 l. by me Subscribed (or the Sum of 500 l. of the Money by me Subscribed) is my own proper Money, for my own Use, and in my own Right, and not in Trust for any Person whatsoever.  
Provided nevertheless, That any Quaker, who hath Subscribed 500 l. as aforesaid, and made and signed the Declaration following, viz. I A. B. do sincerely and solemnly declare, in the Presence of God, that the Sum of 500 l. by me Subscribed (and so on as in the Oath aforesaid) shall be capable to Vote in the said Elections of the first Governor, Deputy, or Directors.  
Provided that no Subscriber shall be capable to be chosen the first Governor, Deputy, or Director, unless he or they be a Natural Born, or Naturalised Subject, and hath, 
They must take the Oaths before they stand Candidates.  or have taken an Oath, that the Sums, which in the respective Cases of Governor, Deputy or Directors, are requisite to be subscribed as aforesaid, are his own proper Moneys, subscribed for his own Use, and in his own Right, and not in Trust for any other Person; and any two of the Commissioners are empowered to Administer the said Oaths and Declarations to the Persons who are to Choose, or be the first Governor, Deputy, and Directors.  
And that all Subscribers may be assured and satisfied, the Powers vested in their Majesties, by the Act to Erect a Corporation, shall be truly executed, Their Majesty's Promise and Declare, and also Covenant, Grant, and Agree with the Commissioners, on behalf of themselves and every Subscriber, that in case the whole 1200000 l. or a Moiety, or any greater Part thereof shall be Subscribed on the said Act, or in pursuance of this Commission, before the first of August next, then immediately after the said first Day of August, or so soon as 1200000 l. be Subscribed, which shall first happen, Their Majesties will Grant a Charter to Incorporate all the Subscribers then living, who shall not have Assigned their Interest, and (in case any of them be dead) their Heirs, and (in case any of the Subscribers shall have Assigned their Interest) their Assignees to be one Corporation, called the Governor and Company of the Bank of England, with such Powers, Privileges, etc. and under such Rules, Power of Redemption, and Restrictions, as are contained in the said Act, or intended by the Schedule annexed, and with such further Power as shall be advised by the Subscribers Council, and approved by Their Majesty's Attorney or Solicitor General.  
And Their Majesties direct, That the whole Sum Subscribed, shall be, and be called, A Common, Capital, and Principal Stock: And that every Person, according to the Sum subscribed and paid, shall have an Interest and Share in the said Principal Stock of 1200000, and in the said yearly Fund of 100000 l. per Annum; which Interest may be assigned to any Persons or Bodies Politic, and so over (toties quoties) as fully as any other Interest which is by Law assignable; which Assignment shall vest the Interest in the Assignee, his Heirs, etc. and after such Assignment, it shall not be in the Power of the Assignor to revoke or void the same, so as it be made in Writing, and Registered in manner following, viz. All Assignments made before the first of August, or the full Subscribing of the said 1200000 l. (which shall first happen) and before Granting the Charter, shall be entered in the Auditor's Office of the Exchequer, within six days after the making thereof: And all Assignments made after the said Charter, shall be Registered in the Form thereby prescribed.  
And if for Default in Subscribing 600000 l. before the first of August, the Powers in the Act for Erecting a Corporation shall cease, than all Assignments shall be entered in the Office of the Remembrancer in the Exchequer, as the Act directs.  
Provided, That the Commissioners joined in this Commission shall be liable to Their Majesties, every one for his own Actings, and not one for another, or for the Cashiers, or in any case where there is not particular fraud.  
Provided, That every of the Commissioners acting in this Commission be Sworn to the faithful Discharge thereof; and Their Majesties empowereth the Lord Keeper, Lord Chancellor, and Chief Baron of the Exchequer, or such two of the Commissioners as shall be first Sworn before some of them to administer such Oaths in these Words, viz. I A, B. do swear, that I will faithfully execute the Trust in me reposed, as one of the Commissioners appointed by Their Majesties for taking Subscriptions, and doing other things pursuant to the Act of Parliament, to the best of my Skill, without Deceit.  
Provided, That if any of the Commissioners die before all things hereby intended are accomplished, this Commission shall not determine, but be performed by the rest, so there be a sufficient Number left.  
And in Default thereof, Their Majesty's promise, That a new Commission shall be granted for the Accomplishment of all things intended for the Security of the Subscribers.  
Provided also, that any of the Commissioners may be Subscribers, and the rest, or so many as aforesaid, may take such Subscriptions from any of the Commissioners, and receive the Money, and do all other things thereupon directed, as in the case of other Subscribers; and that where any of the Commissioners Subscribe, such Subscription shall be made before, and attested in the Book by some other of the Commissioners who are to give Receipts for the same.  
And Lastly, That this Commission, or the enrolment thereof, shall be a sufficient Warrant to every of the Commissioners for all Things done in pursuance thereof.