Our Sovereign Lord considering how useful a Publick Bank may be in this
Kingdom according to the custom of other kingdoms and states, and that
the same can only be best set up and managed by persons in company with
a Joynt Stock, sufficiently endowed with these powers and authorities
and liberties necessary and usual in such cases, Hath therefore allowed,
and with the advice and consent of the Estates of Parliament allows, a
joynt stock amounting to the sum of twelve hundred thousand pounds money
to be raised by the Company hereby established for the carrying on and
managing of a publick bank. And further statutes and ordains, with
advice foresaid, that the persons under-named ... shall have power to
appoint a Book for subscriptions of persons, either natives or
foreigners, who shall be willing to subscribe and pay into the joynt
stock, Which subscriptions the foresaids persons or their quorum are
hereby authorized to receive in the foresaid book, which shall lie open
every tuesday or friday from nine to twelve in the forenoon, and from
three to six in the afternoon betwixt the first day of November next and
the first day of January next following, in the publick hall or chamber
to be appointed in the City of Edinburgh. And therein all persons shall
have liberty to subscribe for such sums of money as they shall think fit
to adventure in the said joynt stock, one thousand pound Scots being the
lowest sum, and twenty thousand pound Scots the highest. And the two
third parts of the saids stocks belonging always to persons residing in
Scotland. Likeas, each and every person at the time of his subscribing
shall pay into the hands of the fore-named persons, or any three of
them, ten of the hundred of the sums set down in their respective
subscriptions towards the carrying on the Bank. And all and every the
persons subscribing and paying into the said stock, as aforsaid, shall
be and are hereby declared to be one Body Corporat and Politique, by the
name of THE GOVERNOUR AND COMPANY OF THE BANK OF SCOTLAND, under which
name they shall have perpetual succession, and shall have a Common
Seal....
And it is farder hereby statute and ordained that it shall be lawful for
the said Governour and Company to lend, upon real or personal security,
any sum or sums, and to receive annual rent for the same at six per
cent., as shall be ordinary for the time. As also, that if the person
borrowing as said is, shall not make payment at the time agreed upon
with the Company, then it shall be lawful for the Governour and Company
to sell and dispose of the security or pledge by a public roup, for the
most that can be got for payment to them of the principal annual rents
and reasonable charges, and returning the over-plus to the person who
gave the said security or pledge....
It is hereby statute that the joynt stock of the said Bank, continuing
in money, shall be free from all publick burdens to be imposed upon
money for the space of twenty one years after the date hereof. And that
during this space it shall not be leisom[9] to any other persons to
enter into and set up ane distinct Company of Bank within this Kingdom,
besides these persons allennarly[10] in whose favour this Act is
granted.... And it is likeways hereby provided that all foreigners who
shall join as partners of this Bank shall thereby be and become
naturalized Scotsmen to all intents and purposes.