Act of Settlement not passed

The Act of Settlement of 1701 famously passed succession to the British throne to Sophia Dorothea, Dowager Electress of Hanover and heirs of her body. This brought the German Georges to England, allowed the parliament to expand its powers and set forth a certain chain of events.

I recently discovered that
1) Sophia Dorothea had 43 people between her and Queen Anne who had to be jumped over
2) The Act of Settlement was passed by a single vote

What happens if the parliament refused to pass the Act of Settlement?
 
The Jacobites! I love the Jacobites. It results in like Queen Mary IV, and has a King Francis II today, I'll post the heirs...actually, the legal heirs if you ask me...
 
James VII and II (February 6, 1685 – September 16, 1701).
James VIII and III (September 16, 1701 – January 1, 1766)
Charles III (January 1, 1766 – January 31, 1788)
Henry IX (January 31, 1788 – July 13, 1807).

Charles IV (July 13, 1807 – October 6, 1819)
Victor (October 6, 1819 – January 10, 1824)
Mary III (January 10, 1824 – September 15, 1840)
Francis I (September 15, 1840 – November 20, 1875)
Mary IV (November 20, 1875 – February 3, 1919)
Rupert (February 3, 1919 – August 2, 1955)
Albert (August 2, 1955 – July 8, 1996).
Francis II (July 8, 1996 – present)

Future descent
Francis II's heir presumptive is his younger brother

Prince Max Emanuel Ludwig Maria, Duke in Bavaria.

Then his daughter
Sophie Elizabeth Marie Gabrielle, by marriage Hereditary Princess of Liechtenstein, and then her eldest son
(A British House of Stuart-Liechtenstein should please Imajin)

Prince Joseph Wenzel of Liechtenstein, born 24 May 1995 in London. The first heir in the Jacobite line born in the British Isles since James VIII and III, The Old Pretender in 1688
 
Yup, Aussey we all know how you love putting women monarchs all over the Globe :) .

Couple of stumbling blocks
1) The English did not want a Catholic ruler. William III and the parliament was not going to let James or Bonnie Prince Charlie come back.
2) There are certainly going to be complications with Henry IX, a Catholic cardinal is hardly likely to head the Church of England and I don't see the English giving up their church. Any chance of the stuarts embracing the Anglican church
3) If Charles actually became King, then there would in all probability be a suitable marriage and actual heirs instead of bastards. The Sardinian connection always struck me as a long shot.
 
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