Bank of New South Wales Act 1854 No bns (NSW)

to ta l amoun t of t he promissory notes of t he said b a n k payable on demand to be issued and in circulat ion and a cer ta in other l imit is imposed in respect of t h e total a m o u n t of t h e debts engagements a n d liabili t ies of t he said b a n k other t h a n such as the re in excepted A n d whereas

An Act to amend an Act int i tuled " An Act to " amend an Act intituled ' An Act to incorporate " ' the Proprietors of a certain Banking Com- " ' pany called, " The Bank of New South Wales'" " 'and for other purposes therein mentioned'" [18th November, 1854.]

WH E R E A S New South Wales passed in t he s ix teen th year of H e r presen t

by a n Ac t of t he Governor and Legislat ive Council of

Majesty 's R e i g n in t i tu led " An Act to amend an Act intituled, ' An

" ' Act to incorporate the Proprietors of a certain Banking Company
" ' called " The Bank of New South Wales" and for other purposes
" ' therein mentioned'' " a cer ta in l imit is imposed in respect of the

whereas i t has been found expedient to amend the said A c t Be i t therefore enacted by H i s Excel lency t h e Governor of N e w South Wales by and wi th t he advice and consent of the Legislat ive Council thereof as follows—

1. The t h i r d four th and fifth sections of t he said reci ted A c t

and so m u c h of the second section thereof as l imits t h e a m o u n t of t h e promissory notes of the said corporat ion payable on demand issued and in c i rcula t ion a t any one t ime are hereby repealed.

2. The said corporat ion shall have power to issue and have in c i rculat ion promissory notes payable on demand to t h e ex ten t of t he 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 the said capi tal as t h e said corporat ion 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 the said Colony or par t ly coin and pa r t ly gold bull ion assayed as aforesaid separa te and apa r t from t h e coin and gold bul l ion used in t h e ord inary operat ions of t he said corpora­ t ion Provided however t h a t the power to issue such notes in excess of t h e said capi ta l as aforesaid shall con t inue and be in force u n t i l some genera l provision be made by the Legis la ture in respect of t he issue of promissory notes payable on demand by the b a n k i n g ins t i tu t ions of t h e said Colony and no longer b u t no th ing here in conta ined shall be con­ s t rued to abr idge in any way t h e privileges enjoyed by t h e said corporat ion in respect of t he issue of such promissory notes unde r t he original Ac t of Incorpora t ion passed in t he four teenth year of H e r present Majesty 's reign.

3 . Al l such promissory notes as aforesaid which the said cor­

porat ion shall m a k e issue and c i rcula te wi th in t he Colony of N e w

South Wales shall be payable a t the pr inc ipa l b a n k i n g es tabl i shments

of t he said corporat ion at Sydney as well as a t t he place of date . 1

4. The to ta l a m o u n t of t he debts engagements and liabilities of" t h e said corporation whe the r upon bonds bills promissory notes or other­ wise cont rac ted o ther t h a n the i r liabilities on account of the ord inary cash deposits of cus tomers a n d on account of bills of exchange drawn b y 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 or agency 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 or elsewhere wi th in t h e a m o u n t or value of r emi t t ances m a d e to such b a n k e r or b a n k i n g company or agency respectively to provide for t h e p a y m e n 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 he ac tua l paid u p

capital stock of the said corporat ion.