Australian Joint Stock Bank Amendment Act of 1886 No ajs (NSW)

An Act to amend the Australian Joint Stock

Bank Act, [28th September, 1886.]

WH E R E A S B a n k to m a k e loans and advances u p o n the secur i ty of free­

it is expedient to enable t h e Aus t r a l i an J o i n t Stock

A n

hold a n d leasehold lands B e i t therefore enacted by t h e Queen ' s Mos t

Exce l l en t Majesty by a n d w i t h t h e advice a n d consent of the l e g i s l a t i v e

Council a n d Legis la t ive Assembly of N e w Sou th W a l e s in P a r l i a m e n t

assembled a n d b y t h e au thor i ty of t h e same as fol lows:—

1. So m u c h of t h e th i rd section of t h e Aus t r a l i an J o i n t Stock

B a n k A c t as enacts t h a t it shal l no t be lawful for t he said corporat ion to advance or lend any money upon t h e secur i ty of lands is hereby repealed.

2. I t shal l be lawful for t he said corporat ion to m a k e loans and advances u p o n freehold and leasehold lands and to t a k e legal or equi t ­ able mor tgages to secure t h e said loans and advances toge ther wi th in teres t t he reon and such b a n k shall have all t h e r igh t s a n d remedies of mor tgagees in respect thereof for t h e purpose of r e imbur semen t only and n o t for profit any th ing to t h e cont rary in t h e said A c t con­

tained	no twi ths t and ing .
3. This A c t m a y be cited as t h e " A u s t r a l i a n J o i n t Stock B a n k

A m e n d m e n t A c t of 1886 . "