Bank of New South Wales Act 1852 No bns (NSW)

An Act to amend an Act intituled " An Act to

" incorporate the Proprietors of a certain Bank- " ing Company called ' The Bank of New South " Wales' and for other purposes therein men-

" tioned" [21st December, 1852.]

WH E R E A S Ac t of Counci l passed in t he four teen th year of H e r present.

it has been found t h a t t h e enac tments contained in the

Majesty 's re ign in t i tu led "An Act to incorporate the Proprietors of a

" certain Banking Company called ' The Bank of New South Wales'" and

"for other purposes therein mentioned " whereby a cer ta in l imit there in

expressed is imposed in respect of t he to ta l a m o u n t of the promissory notes of t he said bank payable on demand to be issued and in circula­ t ion a n d whereby a cer ta in o ther l imi t is imposed in respect of the to ta l a m o u n t of t he debts engagements and liabilities of t h e said b a n k w h e t h e r u p o n bonds bills promissory notes or otherwise cont rac ted o the r t h a n such as there in excepted are unnecessar i ly and incon­ venient ly res t r ic t ive unde r t h e al tered circumstances of t h e Colony A n d whereas i t is expedient t o repeal t h e same and to subs t i tu te in l ieu thereof o ther provisions of a more expansive character Be i t therefore enac ted by H i s Excel lency t h e Governor of N e w South

Wales by a n d wi th t h e advice and	consent of t h e Legislat ive Council
thereof as follows—

1. The s ix th and four teenth sections of t h e said rec i ted A c t are corporat ion are au thor ized to m a k e issue a n d c i rcu la te shal l bear da te a t t h e c i ty t o w n or place a t and from which the same respectively shall be made and issued and t h e same respectively shall in all cases be payable in specie on demand a t t h e place of date and t h e to ta l a m o u n t of t h e promissory notes payable on demand issued and in circulat ion wi th in t he Colony of N e w South Wales shall no t a t any one t ime exceed the a m o u n t of t h e coin bul l ion and publ ic securit ies which shall for t h e t ime be ing be held by the said corporat ion wi th in t he said Colony. he reby repealed.
2. Al l promissory notes which by t h e said reci ted Ac t t h e said

3. The to ta l a m o u n t of t he debts engagements and liabilities of t h e said corporat ion wi th in t h e Colony of N e w South Wales whe the r upon bonds bills promissory notes or otherwise contracted other t h a n the i r liabilities on account of t h e ordinary cash deposits of customers and on account of bills of exchange d rawn by or on behalf of t he said corporat ion u p o n any banke r or b a n k i n g company in t h e U n i t e d

K i n g d o m of Grea t Br i t a in and I r e l and wi th in the a m o u n t or va lue of

remi t tances m a d e to such b a n k e r or b a n k i n g company respectively to provide for t h e paymen t of t he said bills of exchange m a y ex tend to b u t shall no t in any case exceed th ree t imes t he a m o u n t of t h e coin bul l ion a n d publ ic securit ies which shall for t h e t i m e be ing be held by t h e said corporat ion wi th in t h e said Colony.

4. For t he purposes of th i s A c t unassayed gold shal l bo deemed to be " b u l l i o n " and in t he accounts of t h e said corporat ion and in the s t a t ements and genera l abs t rac ts of t h e assets and liabilities which are requ i red by law to be made out and publ i shed it shall be lawful for t he said corporat ion to include t he same w h e n mel ted in to ingots

unde r t he n a m e of " bu l l ion ."

5. Al l debentures issued or which may hereafter be issued by the Governmen t of any of t h e Aus t ra las ian Colonies where t he said corporat ion shall have established b ranch banks such debentures be ing secured upon the general te r r i tor ia l or casual revenues of t he Colony where t h e same are or shall be issued and every publ ic debt contracted or which may hereafter be contracted by t h e Gove rnmen t of any such Colony u n d e r t h e au thor i ty of t he Legis la ture thereof shall be deemed and t aken to be publ ic securities wi th in t h e mean ing of th is Act .