Bank of New South Wales Act 1923 (NSW)

BANK OF NEW SOUTH WALES

ACT, 1923.

An Ac t to amend an Act intituled " A n Act to incor­ porate the Proprietors of a certain Banking

Company called the ' Bank of N e w South

Wales , ' and for other purposes therein mentioned " ; and " An Ac t to amend an Ac t intituled ' An Ac t to incorporate the Pro­ prietors of a certain Banking Company called the Bank of N e w South Wales ' " ; and for other purposes therein mentioned. [Assented

to, 4th October, 1923.]

W H E R E A S it has been found that certain of the

enactments contained in the Act of Parliament

passed in the fourteenth year of the reign of Her late

Majesty Queen Victoria, intituled " A n Act to incor­
porate the proprietors of a certain banking company
called the ' Bank of New South "Wales,' and for other
purposes therein mentioned"; and in the Act of Parliament passed in the twenty-seventh year of the
reign of Her late Majesty Queen Victoria, intituled
" An Act to amend an Act intituled ' An Act to incor­

porate the proprietors of a certain banking company

character: And whereas it is necessary and desirable that

called the ' Bank of New South Wales,' and for other
purposes therein mentioned," whereby limits are or may be construed to be placed on the operations and conduct
of business of the said corporation, and certain other of the enactments contained in such Act as regards the
holding of general meetings, and the taking of security for the protection of the operations of such corporation
are unnecessarily and inconveniently restrictive : And whereas it is expedient to repeal the same and to substi­
tute in lieu thereof other provisions of a more expansive

that the powers of such corporation he extended and
enlarged : Be it therefore enacted by the King's Most

Excellent Majesty, by and with the advice and consent
of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows :—

1 . The eighteenth and nineteenth sections of the

firstly recited Act, and the second section of the
secondly recited Act shall be and are hereby repealed.

I t shall be lawful for the said corporation, subject

to all the restrictions and provisions herein contained,—
(1) to carry on in any part of the world the
business of a bank of issue, discount, and
deposit, and of bankers and banking, in all its
various and varying branches and departments,
and to transact and do all business matters
and things incidental thereto or which may at
any time hereafter or at any place where the
corporation shall carry on business, be usual in
connection with the business of banking or

2 .

dealing in money or securities for money ;

(2) to buy, sell, and deal in money, bullion, and

specie, and exchanges of and with all countries,
and to discount, buy, sell, and deal in bills of

exchange, promissory notes, coupons, drafts, bills of lading, warrants, debentures, certifi­

cates, scrip, any Government bonds, securities, stock or bills, and other instruments and securities for money, whether transferable or

negotiable or not ;

(3) to establish agencies, branches, departments or	connections in relation to the said business in
any part of the world;

(4) to act as agents or attorneys for any other bank, company, corporation, firm, body cor­ porate or incorporate, public or private, for any Government or other authority or for any persons;

(5) to give and issue letters of credit for any purpose whatsoever;

(6) to lend or make advances of money by way

of cash credits or otherwise, either with or

without security; (7)

( 7 ) to invest in or make advances of money at interest, either with or without any bond or bonds, on the mortgage or security of freehold, leasehold, conditionally purchased, and other lands, houses, stations, runs, sheep, cattle, horses, and other live stock, and the increase,

progeny, wool, skins, and other produce of
sheep, cattle, horses, and other live stock, or

on mixed security on cash credit or other

account or on the security of policies, bonds, debentures, bills of exchange, promissory notes, letters of credit, and other obligations or of the debentures or mortgages of any munici­

pality or other public body whether corporate
or otherwise or on any personal or other

securities ;

(8) to advance money, either with or without any bond or bonds, on the deposit by way of equitable

mortgage or otherwise of title deeds of and

securities on property in possession remainder
or reversion, contracts, agreements, conces­

sions, covenants, bills of sale, bills of lading,

delivery orders, storage receipts, bond warrants,

warehousemen's and wharfingers' certificates, notes, or receipts, dock warrants, and other mercantile documents, symbols, or tokens on

bullion, Government, or public stocks or funds

of any part of the British Empire, or of any

foreign Government or State, on exchequer

and other bills, bank, and East India stocks and shares of bankers (other than the shares of the corporation), banking companies, insurance

companies, railway, canal, dock, and joint	stock companies, corporations, associations,
and other undertakings of whatever nature or description, and whether British, colonial, or
foreign, on ships, goods, wares, and merchan­ dise, materials, produce (whether growing or severed), works, plant,chattels,debts,and choses
in action, articles and effects and on any other
property of whatever kind or description ;

(9) to hold, manage, develop, add to, build upon,'

improve, keep in repair, maintain, insure,

lease,

lease, mortgage, sell, exchange, turn to account, and otherwise deal with in such manner as may seem advisable lands, buildings, and other real and personal property of all descriptions of or to which the corporation may become possessed

or entitled, and to purchase the equity of
redemption in any property mortgaged to or charged in favour of the corporation, or any part, share, estate, or interest of or in such property, and to do all such other acts and things as may be necessary or convenient for realising and obtaining the full benefit of all securities or property on which any moneys of the corporation may be advanced, or to prevent

or diminish any apprehended loss or liability;

(10) to invest the moneys of the corporation in

such manner as may be considered desirable or
expedient;

(11) to contract for, arrange, negotiate, and carry out, and subscribe for and contribute to loans and advances of every description and in particular loans of any Government, State, municipal corporation, or other public authority, whether of Australia or of any other part of the British Empire or of any foreign State, and to promote, effect, insure, guarantee, underwrite, participate in, manage, and carry out any issue, public or private, of any State, municipal, Commonwealth, or other loan or of shares, stock, debentures, or debenture stock

of any company, corporation, or association,

and to lend or borrow money for the purpose

of any such issue ;

(12) to receive moneys and valuables on deposit

or for safe custody or otherwise;

(13) to borrow or raise money for any of the purposes of the business of the corporation on any terms and conditions, and to secure the repayment thereof by the creation or issue

of perpetual or redeemable debentures, in­

scribed deposit stock, or debentures, stock payable to bearer or otherwise, and secured or

not

not by mortgage or charge in manner herein­ after mentioned or by bills, notes, bonds,

mortgages, obligations or other instruments or

in such other manner as may be determined and for this purpose to mortgage, charge, hypothecate, or pledge all or any of the cor­ poration's capital, lands, or other property and

assets present and future including all or any

of its uncalled or unsubscribed capital for the

time being and upon such terms as to priority

or otherwise as may be agreed upon and as the

corporation may think fit;

(14) upon such terms and conditions as the corpora­ tion thinks fit to purchase or otherwise acquire and undertake all or any part of the business, contracts, debts, property, funds, connections, undertaking, and liabilities of any company, corporation, partnership, or person carrying on

or formed for the purpose of carrying on or

intending to carry on in any part of the world any business which the corporation is authorised to carry on, and to pay for the same either in cash or in shares (to he treated as cither wholly

or partly, paid up) or in inscribed deposits,

inscribed stock, dehentures, or other securities,

or partly in cash and partly in such shares,
inscribed deposits, inscribed stock, debentures,

or other securities, or in such other manner

as the corporation may deem expedient;

(15) to amalgamate with any other company or

corporation having objects altogether or in
part similar to those of this corporation ;

(16) to sell the business and undertaking of the corporation, or any part thereof, to any other company, corporation, firm, or person, whether carrying on business in New South Wales or in any other part of the world, and to receive and accept payment for the same in cash or in shares (treated as either wholly or partly paid

up) or stock, inscribed deposit stock, debentures, or other securities of such other company, or

partly in cash and partly in shares, stock, inscribed deposit stock, debentures, or other

securities

securities of sucli other company, corporation,

firm, or person, or in such other manner as the

corporation may deem expedient;

(17) generally to purchase, subscribe for, or other­

wise acquire and to hold the shares, stocks, or

securities of any company in any part of the

world, and if thought fit, upon a distribution
of assets or division of profits, to distribute any such shares, stocks, or securities amongst the members of the corporation, in specie ;

(18) to apply at the cost of the corporation in any part of the world where the corporation may

for the time being carry on, or be about to

carry on, business for any Act of Parliament,

or Government authority for enabling the

corporation to carry any of its objects into
effect, or for any confirmation or extension of

the corporation's powers, or for effecting any

modification of the corporation's constitution, or for any other purpose which may seem

expedient;

(19) to guarantee the payment of dividends or interest on any shares, stocks, debentures, or other securities issued by, or any other contract

or obligation of, any corporation or company,

and also to guarantee or become surety for the due execution by any person or persons, body corporate or bodies corporate of any obliga­ tions, agreements, or contracts entered into by him or them;

(20) generally to carry on and transact any business

of bankers, money changers, bullion and ex­

change brokers, financiers, and capitalists as

principal or agent in any part of the world;

(21) to give guarantees on behalf of customers

and others to the customs or other public
authorities ;

(22) to guarantee the due fulfilment of contracts and other obligations by any person or persons, including receivers, official and other liquida­ tors, committees, guardians, executors, ad­ ministrators, trustees, attorneys, brokers, and agents, or by anv firm or corporation;

(23)

(23) to undertake the office of treasurer, and to keep for any company, Government authority,

or body any register relating to any stocks,
funds, shares, or securities, or to undertake any duties in relation to the registration of transfers, the issue of certificates or otherwise;

(24) to establish and support or aid in the establish­ ment and support of associations, institutions, funds or trusts, for the benefit of clerks or

officers of the corporation and the wives, widows, and families of such persons, and to
grant bonuses and allowances and to subscribe
or guarantee money for charitable or benevolent
objects or for any public, general, or useful

object;

(25) to promote any company or companies for the purpose of acquiring all or any of the property and liabilities of this corporation

or for any other purpose which may seem directly or indirectly calculated to benefit this

corporation;

(20) to do all or any of the above things in any part of the world, and as principals, agents, contractors, or otherwise, and by or through trustees, agents, or otherwise, and either alone

or in conjunction with others ;

(27) to do all such other things as are incidental or

conducive to the attainmentof the above objects.

3 . Notwithstanding the provisions herein contained

it shall not be lawful for the said corporation to hold
shares in its own stock nor advance or lend to any

tion any sum or sums of money on the security of his	shareholder or proprietor of shares in the said corpora­
share or shares, nor invest, lay out, employ, advance, or embark any part of the capital or funds of the said corporation in the purchase of any share or shares in the capital or stock for the time being of the said corporation :

Provided always that nothing herein or in the Bank

of New South Wales Act, 1850, contained shall invalidate
the lien secured by the deed of settlement to the corporation over the shares belonging to any proprietor

becoming

becoming indebted or coming under engagements to
the corporation or making default in the fulfilment of any covenant in the said deed of settlement contained

or prevent the corporation from holding the shares forfeited by such default for the purpose of sale as provided in the said deed of settlement. And it is

hereby declared that all such liens, rights, and claims
shall be valid.

4 . A general meeting of the proprietors of the capital of the corporation shall be held at least once in

every year at such time and place as the board of
directors may determine, and every year two proprietors shall be elected to be auditors of the accounts of the corporation for the year next ensuing and prior to every such ordinary general meeting the auditors, for the time being, shall fully examine into the state of the accounts and affairs of the corporation, and shall make a just, true, and faithful report thereon, which shall be submitted by them to the directors of the corporation one week previous to such meeting, and which shall

be, by such directors, submitted to the proprietors at every such meeting, and the said auditors shall, and

they are hereby required to, make a declaration before a justice of the peace that such report is, to the best of their several and respective knowledge and belief, a just, true, and faithful report and statement of the accounts and affairs of the company, and that the same is made by them after diligent and careful examination into the state of such accounts and affairs.

f

5 . The said Act of incorporation whenever cited shall be sufficiently described as the " Bank of New South

Wales Act of 1850," and the said recited Act of amend­
ment of the Act of incorporation whenever cited shall

be sufficiently described as the " Bank of New South
Wales Act of 1804," and this Act whenever cited shall he

sufficiently described as the " Bank of New South Wales

Act, 1923'"

BISHOP