Bank of New South Wales Act of 1870 No bns (NSW)

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." [27th April, 1870.]

intituled " An Act to incorporate the "Proprietors of a certain Banking WH E R E A S by the fifth section of the Act of Council passed in the fourteenth year of the reign of Her present Majesty

" Company called the Bank of New South Wales and for other pur- " poses therein mentioned " it was enacted that it should be lawful for the said Corporation for and during the term of twenty-one years to commence from the period when the whole of the capital should have been subscribed for and a moiety thereof paid but not otherwise to make issue and circulate at and from any city town or place in which they might have opened or established any bank branch bank or agency under or by virtue of the said Act or of the said deed of settlement any bank notes or bills for one pound or five pounds sterling each or for any greater sum than five pounds sterling each but not for any fractional part of a pound and from time to time during the said term of twenty-one years to re-issue any such notes or bills when and so often as the Corporation should think fit and by the same section it was provided that such privilege should cease upon the happening of any of the events therein mentioned And whereas the said term of twenty-one years will shortly expire and it is expedient to amend the said Act by extending the time during which the said Corporation may make issue and circulate such bank notes or bills Be it therefore enacted by the Queen'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. I t shall be lawful for the said Corporation subject to the conditions restrictions and limitations contained in the said Act of Incorporation and the several Acts amending the same so far as such conditions restrictions and limitations now remain in force for and during the further term of twenty-one years to commence and be computed from the expiration of the said first term of twenty-one years to make issue and circulate at and from any city town or place in

in which the said Corporation has opened or may open or establish any bank branch bank or agency under or by virtue of the said recited Act of Incorporation or of the deed of settlement recited in the said Act of Incorporation any bank notes or bills for one pound or five pounds sterling each or for any greater sum than five pounds sterling each but not for any fractional part of a pound and from time to time during such further term to re-issue any such notes or bills when and so often as the Corporation shall think fit.

2. The said Act of Incorporation whenever cited shall be sufficiently described as the " Bank of New South Wales Act of 1850" and this Act whenever cited shall be sufficiently described as the " Bank of New South Wales Act of 1870."