steward, agent, or partner he hath), and in like manner shall enter, or cause to be entered, within three months from the time of succession, or new appointment, or new partnership, the names of him or them who are dismissed, dead, or new-appointed in the said Provincial Office; and the president of the said Council is directed to transmit within three months to Calcutta, the name of every person who shall succeed to the said employment or partnership, for which a fee of one sicca rupee for every entry, and no more, shall be paid to the officer keeping the said register. Penalty on Bri- (33) If any British subject shall be convicted before the tish subjects em- Supreme Court of employing any native agent, or engaging ploying any native with any native partner, not registered as hereinbefore is agent, &c. not so registered. provided, or who shall be bonâ fide, and in effect and substance, such agent or partner (although by covin, collusion, or deceit, the same may be recovered and concealed, contrary to the true intent and meaning of this act), the said British subject, if in the Company's service, shall forfeit, on conviction, the sum of five hundred pounds, and if not in the Company's service, shall forfeit one hundred pounds to any person suing for the same. (34) No native entitled to any salary till registered. Penalty on British (35) If any British European subject shall engage in any European subjects concern of trade with a native partner not registered as engaging in trade herein directed, the said British subject shall not be enwith native partners not registered. titled to recover or receive any sum or sums of money by reason of the said joint concern, or to compel an account thereof by any suit in law or equity in any court within the said provinces; and any person prosecuting to conviction, in the Supreme Court, a British subject having a native partner or agent not being registered as aforesaid, shall be entitled to, and shall recover by due process of the said Court, the whole of the salary engaged for, and shall also be entitled to an account and receipt of the said British subject's share of profit of any partnership entered into with any person or persons not conforming to the regulations of this act.* with fine and imprisonment. Counterfeiting Licenses. LAWS. 1781. 21 Geo. 3, c. 70, 13. § 14. $15. $16. 1813. c. 155, § 120. Counterfeiting li- (35*) Be it enacted, that if any person or persons within censes or certificates, the local limits of the criminal jurisdiction of the said 53 Geo. 3, or attested copies courts, or if any person or persons personally subject to thereof, punishable the jurisdiction of any of the said courts, at any place in the East-Indies, or at any place between the Cape of Good Hope or the Straits of Magellan, where the said Company shall have a settlement, factory, or other establishment, shall counterfeit, erase, alter or falsify any license, authorizing any ship or vessel to proceed to any place in the East-Indies, or parts aforesaid, or any license or certificate authorizing any person to go to or reside at any such place, or any attested copy of any such license or certificate, or shall utter or publish as true any such counterfeited, erased, altered or falsified license, certificate, or attested copy, knowing the same to be counterfeited, erased, altered or falsified, and shall be convicted thereof, every person so offending shall suffer such imprisonment, not exceeding one year, and shall pay such fine, not exceeding in value one thousand sicca rupees, in the currency of the place in which such offence shall be committed, as the court before which he or she shall have been so convicted, shall direct. • The same provisions as to registry of natives extended to Madras and Bombay by the 37th Geo. 3, c. 142. BY-LAWS. THE power of making and constituting By-Laws is vested in the majority of Proprietors qualified for electors when assembled in General Court, by the charter of William III. At the first General Court of the United East-India Company, held under that charter on the 25th March 1709, it was resolved that a committee of fifteen proprietors, whereof nine to form a quorum, should be chosen by ballot to frame by-laws for the government of the Company. No proprietor was eligible to be chosen, who did not possess £2,000 stock. The committee, which was chosen on the 29th March, reported on the 29th September. By the twenty-sixth by-law then ordained, the committee was henceforth to consist of seven members, who were to be chosen by ballot, in the month of June in each year. In the year 1716 it was resolved in General Court that the choice should in future be made by shew of hands instead of by ballot and by motion, for the appointment of each member separately this mode has existed to the present time. In 1775 a motion was made to revert to the system of electing the committee by ballot, but it was negatived. Alterations have been made from time to time in the code of By-laws. In 1813, in consequence of the act of the 53d Geo. III, c. 155, the committee met to consider whether any alterations were requisite in the then existing laws. On the 16th February 1815, they reported their proceedings to the court, with suggestions for such alterations as had become requisite under the provisions of the above-mentioned act. In concluding the report, the committee expressed the gratification which they felt at observing the clear and comprehensive system upon which the extensive affairs of the Company had been conducted, reflecting much honour upon the Court of Directors, and the officers employed under them. Sundry Sundry alterations in the laws were proposed in General Court; and, among others, it was resolved that the committee of by-laws should in future consist of fifteen members instead of seven, and that five should be a quorum. The committee are required to meet twice in the year, and to be summoned by the secretary for the time being, on the requisition of any two of its members. No by-law can be effectual which shall alter the constitution of the Company, as provided for by charter, or which shall be contrary to any act of Parliament either existing or which may be passed for regulating the Company's affairs. The by-laws are required to be read in the first Court of Directors and first General Court after every annual election. No by-law can be suspended, altered, or repealed without the consent and approbation of two special General Courts; of the first of which fourteen days' public notice, at the least, must be given. Offending against the by-laws subjects the party, if a Director, to be removed, and renders him incapable of holding any other office or employment under the Company; if an officer, to be dismissed the service. The General vernment of the Company. LAWS. (1) And we do hereby, for us, our heirs and succesCourt to make sors, grant to the said English Company trading to the by-laws for call-East-Indies, that all and every the said members quali. ing in money, fied for electors as aforesaid shall have full power, and making dividends, and go- they are hereby authorized in the General Courts or assemblies aforesaid, by majority of their votes as aforesaid, to make and constitute reasonable by-laws, constitutions, orders, and ordinances from time to time, as well for raising and calling in, and payment of monies for an additional joint stock, for the better carrying on and managing the said trade, and for the applying and proportioning the profit, advantage, and produce arising by the joint stock and trade, as for the good government of the said trade to the East-Indies and other the parts aforesaid, and of the factors, agents, officers, and others concerned in the same; and to inflict reasonable penalties and punishments by imprisonments, mulcts, fines, or amerciaments for any breach or breaches thereof, and to levy such fines, mulcts, or amerciaments to the use of the said Company and their successors, so that such by-laws be not repugnant to the laws of this our kingdom, and be confirmed and approved according to the statutes in such cases made and provided; all which mulets, fines, and 1698. Charter Wm. 3. BYLAWS. c. 3, and amerciaments shall and may be recovered and received, to the only use and behoof of the said Company and their successors, without any account or other matter or thing, to be therefore rendered to us, our heirs or successors. BY-LAWS. A committee of Item, it is ordained, that at the General Court to be held yearly in the month of June, a committee of by-laws to be chosen annually fifteen shall be chosen, whereof five to be a quorum, in June. § 1 to 4. who being thereby authorized and empowered, are required to meet at least twice in the year, to inspect the by-laws, and to make inquiry into the observance and execution of them, and to consider what alterations and additions may be proper to be made, and to report their opinions from time to time to the General Court; and that the said committee shall be summoned to meet by the secretary for the time being, on the requisition of any two members thereof. That the by-laws shall be read in the first Court By-laws, when of Directors, and first General Court, after every an- to be read. nual election. out the consent That no by-laws shall be ordained, altered, repeal- No by-laws to ed, or suspended without the consent and approbation be altered withof two General Courts, especially to be called for that purpose; of the first of which General Courts fourteen days' public notice, at the least, shall by given. of two General Courts. Directors or other persons guilty of a wilful breach of the bylaws, to be removed, and rendered incapable of holding any office. That if any Director shall be guilty of a wilful breach of any of the by-laws of this corporation, to which any other special penalty is not annexed, and shall be so adjudged by a General Court, he shall be liable to be removed from his office of Director, and shall be incapable thereafter of holding any other office or employment under this Company; and if any other officer or servant of this Company shall be guilty of a wilful breach of any of the by-laws of the corporation, to which any other special penalty is not annexed, he shall be dismissed from the service, and be incapable of holding any office or employment under this Company, the qualification for which is subject to the regulation of the General Court. CAPITAL STOCK. THE original amount of the Company's capital stock, under the 10th Wm. III. was £2,000,000. In 1708, by the 6th Anne, the Company were permitted to increase it to £3,200,000. In 1786, by the 26th Geo. III., the amount was further increased by raising £800,000 at £155 per cent., making a total of £4,000,000, which in 1789 was increased to £5,000,000, by raising another million at £174 per cent. In 1793 the Company were permitted, under the 33d Geo. III. cap. 47, to increase it to £6,000,000, on condition that, of the sum so raised, such part as was necessary should be applied to reduce the bond debt, then £3,200,000, to £1,500,000. By another act in the same year, cap. 52, a guarantee fund was provided for to the extent of £12,000,000: by the act of 1813 other provisions were introduced, which will be noticed. In 1797, the affairs of the Company required the permanent advance of a considerable sum of money. An act was accordingly passed permitting an addition of £2,000,000 to be made to the capital stock, which stock, had it been raised, would have made the total £8,000,000; the guarantee fund provided for in the act of 1793 was to be increased to £16,000,000. The Company did not avail themselves of such permission to increase the capital stock, but in 1807 obtained an act 47 Geo. 3, authorizing them to increase their bond debt from £3,000,000 Sess. 2, c. 41, to £5,000,000. At the same time it was provided, in the event of $1-3. the Company increasing their capital under the act of the 37th Geo. III. cap. 31, the amount of the increased bond debt was to be reduced after the rate of £200 for every £100 stock raised, till the bond debt should be reduced to £3,000,000.Subsequent provisions, in the 51st Geo. III. cap. 64., enabled the |
