Bank of New South Wales Act of 1910 (NSW)

An Act to amend the Bank of N e w South Wales

Act of 1880. [28th July, 1910.]

W H E R E A S by the e igh th section of an A c t of Council passed in

t he four teen th year of the re ign of H e r late Majesty Q u e e n

Victoria , in t i tu led " A n Act to incorpora te the propr ie tors of a cer ta in b a n k i n g company , called t he B a n k of N e w South Wales, and for o ther purposes there in men t ioned " (being the Ac t of Incorpora t ion of t h e B a n k of N e w South Wales ) , it was enac ted t h a t it should be lawful for t he said b a n k from t ime to t ime to ex tend or increase the i r capi ta l for t he t ime being by the creat ion, a l lo tment , and disposal of n e w shares in t h e m a n n e r specified and set forth, and subject to t he rules , regula t ions , and provisions conta ined in t he i nden tu re or deed of set t lement of t he said hank in the said Act in pa r t reci ted : A n d whereas it was by the n in th section of t he said A c t fur ther enacted t h a t the total a m o u n t of all t he new shares to be so from t ime to t ime created should not . t oge the r wi th the or iginal capi tal , exceed one

imposed on the ex tens ion or increase of t h e capi ta l of t h e said bank , and on the extension of the deal ings of t he said bank in respect of new c a p i t a l : A n d whereas by the first section of t h e B a n k of New South W a l e s Ac t of 1880, the said n i n t h section of t h e first here in reci ted A c t was repealed : A n d whereas by the fourth section of t he said Bank of New South W a l e s Act of 1886, it was enac ted tha t t h e total a m o u n t of all the new shares to bo from t ime to t ime created, a l lot ted, or disposed of unde r or by v i r tue of t he e igh th sect ion of t he B a n k of N e w South W a l e s A c t of 1850 (being t h e said first here in reci ted Act) should no t toge ther wi th t he or iginal capi ta l exceed the s u m of th ree mil l ions ,

mil l ion pounds , and cer ta in other res t r ic t ions were by t h e said section

millions, and a t least half t he a m o u n t of the new shares created, al lot ted, or disposed of from t ime to t ime as pa r t of such increased capi ta l should he ac tual ly paid u p before any extension of t he deal ings of the said bank in respect of such new capi tal should be commenced, and un t i l half of such new shares so created, al lot ted, or disposed of should he so paid u p , t he deal ings and affairs of t he said b a n k should be carr ied on in all respects as if such extension of capital had not t aken place : A n d whereas by reason of the increase of the business and t ransac t ions of t he said bank , it is expedient to amend the said B a n k of N e w South W a l e s A c t of 1886 so as to remove all restr ict ions whatsoever u p o n t h e extens ion or increase of t he capital of t h e said b a n k other t h a n those conta ined in the e igh th section of the said first here in reci ted Ac t , and so as to remove also t h e said las t -ment ioned res t r ic t ions upon the extension of the deal ings a n d affairs of the said b a n k in respect of new c a p i t a l : Be it therefore enacted by the K ing ' s Most Exce l l en t Majes ty , by a n d wi th t h e advice and consent of t h e Legis la t ive Council and Legis la t ive Assembly of N e w South Wales in P a r l i a m e n t assembled, and by the au thor i ty of t he same, as follows :—

1 . The four th section of t he said Bank of N e w South W a l e s

A c t of 1886 shall be and the same is hereby repealed.

2 .     This A c t may be cited as t h e " Bank of N e w Sou th Wales

A c t of 1910 . "