Australian Joint Stock Bank Act 1855 No ajs (NSW)

An Act to amend " The Australian Jo in t Stock

Bank Act." [2nd October, 1855.]

WH E R E A S B a n k A c t passed in t h e seventeenth year of H e r present

it is expedient to amend t h e Aus t ra l i an J o i n t Stock

Majesty Queen Victor ia in t he par t icu lars hereinaf ter ment ioned Be

i t therefore enacted by H i s Excel lency the Governor Genera l of N e w South "Wales w i th t h e advice and consent of t he Legislat ive Counci l thereof as follows—

2. The said corporat ion shall have power to issue and have in circulat ion promissory notes payable on demand to t he ex ten t of the a m o u n t of i ts ac tua l paid u p capital and to any such fur ther a m o u n t in excess of t h e said capi tal as the said corporation shall hold coin or gold bul l ion assayed by some person duly author ized by the Governor for t he t ime being of t h e said Colony or pa r t ly coin and pa r t ly gold bull ion assayed as aforesaid separate and apar t from the coin a n d gold bul l ion used in t h e ordinary operations of t he said corpora t ion Provided however t h a t t he power to issue such notes in excess of t h e said capital as aforesaid shall con t inue and be in force u n t i l some general provision be m a d e by t h e Legis la ture in respect of t h e issue of promissory notes payable on demand by the bank ing ins t i tu t ions of the said Colony and no longer b u t no th ing here in contained shall be construed

1. The four teen th fifteenth and s ix teenth sections and so m u c h

of t h e s ixth section thereof as l imits t he a m o u n t of t h e promissory notes of t h e said corporat ion payable on demand issued and in circu­ la t ion a t any one t ime shall be and are hereby repealed.

const rued to abr idge in any way t h e privileges enjoyed by the said corporat ion in respect of t he issue of such promissory notes u n d e r any provisions of t he original Ac t of incorporat ion passed in t h e seventeenth year of H e r present Majes ty ' s re ign o ther t h a n t h e sections thereof hereby repealed.

8. The to ta l a m o u n t of t he debts engagements and liabilit ies

of t h e said corporat ion whe the r upon bonds bills promissory notes or otherwise cont rac ted o the r t h a n the i r liabilities on account of t he ord inary cash deposits of cus tomers and on account of bills of ex­ change d rawn by or on behalf of t h e said corporat ion upon any banke r or b a n k i n g company or agency in t h e U n i t e d K i n g d o m of Grea t

Bri tain and I r e l and or elsewhere wi th in t h e a m o u n t or va lue of

remi t tances m a d e to such banke r or b a n k i n g company or agency respectively to provide for t he paymen t of t h e said bills of exchange may ex tend to b u t shall no t in any case exceed t h r ee t imes t he a m o u n t of t he ac tua l paid u p capi tal stock of t he said corporat ion.

4. The payment of one moiety or half p a r t of t h e subscribed capi tal of two h u n d r e d and fifty t housand pounds which by t h e four th section

of t he said " Aus t ra l i an J o i n t Stock B a n k A c t " was requi red to be paid

in t h e m a n n e r there in ment ioned shall no t be sufficient to en t i t l e t h e said bank to t h e privileges conferred by the said A c t beyond t h e t e r m of six calendar m o n t h s from t h e pass ing of th i s A c t b u t before t h e

end of t h a t t e r m the whole of t he said capi ta l of two h u n d r e d a n d

fifty thousand pounds shall be paid u p .

5. The proviso conta ined in t he t h i r d section of t he said A c t which declares t h a t n o t h i n g there in conta ined shall inval idate any l ien acqui red by the said bank by way of equi table mor tgage in m a n n e r there in ment ioned shall be const rued to apply to and protec t and m a k e effectual any such l ien which c i ther lias been or shall be from t ime to t ime and a t any t i m e so acquired by the said bank .