| " of Sydney' and for other purposes therein 'mentioned" whereby a cer ta in l imit there in expressed is imposed in respect of the to ta l amount | of |
An Act to amend an Act intituled " An Act to
| " incorporate | the Proprietors | of a certain | Bank- |
| " ing Company called ' The Commercial | Banking |
| " Company of Sydney' | and for other purposes |
| " therein mentioned" | [28th | December, 1852.] |
| WH E R E A S it has been | the A c t of Council passed in t h e eleventh year of H e r present |
| found | t h a t | t h e | enac tmen t s | conta ined in |
| Majesty 's re ign in t i tu led " An | Act | to incorporate | the Proprietors | of a |
| " certain Banking Company called ' The Commercial Banking | Company |
of t he promissory notes of t he said hank payable on demand to be issued and in circulat ion and whereby a cer ta in o ther l imit is imposed in respect of t he to ta l a m o u n t of t he debts engagements and liabilities of t he said bank whether upon bonds bills promissory notes or other wise cont rac ted o ther t h a n such as the re in excepted arc unnecessar i ly
| and inconvenient ly restr ic t ive | u n d e r | t he al tered | c i rcumstances of | the |
| Colony | A n d whereas it is expedient to repeal t he same and to substi |
t u t e in l ieu thereof o ther provisions of a more expansive charac ter Be i t therefore enacted by His Excel lency the Governor of N e w South Wales by and wi th the advice and consent of t h e Legislat ive Council thereof as follows—
1. The e igh th and n i n t h sections of the said reci ted Ac t are
hereby repealed.
2. Al l promissory notes which by the said recited Ac t t he said corporat ion are authorized to m a k e issue a n d circulate shall bear date at t he ci ty town or place a t a n d from which t h e same respectively shall be made and issued and the same respectively shall in all cases be payable in specie on demand a t t he place of date and the total a m o u n t of t he 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 at any ONE t ime exceed the a m o u n t of t he coin bull ion and publ ic securities which shall for t he t ime be ing be held by the said corporat ion wi th in the said Colony.
3 . The total a m o u n t of t h e 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 bill promissory notes or otherwise contracted o ther t h a n the i r liabilities on account of t h e ordinary cash in deposits of cus tomers and on account of bills of exchange d rawn by or on behalf of t he said corporat ion upon any b a n k e r or b a n k i n g company in t he U n i t e d
| K i n g d o m | of Grea t | Br i ta in | and | I r e l and wi th in | t he a m o u n t | or value | of |
| remi t tances m a d e to such banker | 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 may ex tend 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 bullion and publ ic securit ies which shall for t he t ime be ing be held by the said corporat ion wi th in t he said Colony.
| 4 . | For | t h e purposes of th i s A c t unassayed gold shall be deemed |
to be " bull ion " and in t he accounts of t h e said corporat ion and in the s ta tements and general abst racts of t h e assets and liabilities which are requi red by law to be made out and publ ished i t shall be lawful for the said corporat ion to inc lude the same when mel ted in to ingots u n d e 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 Government of any of t he Aus t ra las ian Colonies where t he said corporat ion shall have established branch banks such debentures be ing secured upon the general te r r i tor ia l or casual revenues of t h e Colony where t he same are or shall be issued and every public debt cont rac ted or which may hereafter be cont rac ted by the Government of any such Colony under t he au thor i ty of t he Legis la ture thereof shall be deemed and t aken to be public securit ies wi th in the mean ing of th is Act .
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