Commercial Banking Company Act 1854 No cbc (NSW)

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- " ' party called " The Commercial Banking " ' Company of Sydney" and for other purposes 1

thereof as follows—

" therein mentioned.' " [18$ November, 1854.]

W H E R E A S by a n A c t of t he Governor a n d Legislat ive Council of

N e w South Wales passed in t h e s ix teenth year of H e r present

Majesty 's re ign 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 Commercial Banking Company of Sydney" and for other

" 'purposes therein mentioned' " a cer ta in l imi t is imposed in respect

of t h e to ta l a m o u n 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 o ther l imi t is imposed in respect of t h e to ta l a m o u n t of t h e debts engagemen t s and

liabilit ies of t h e said b a n k other t h a n such as the re in excepted A n d

whereas it has been found expedient to amend t h e said A c t Be it

therefore enac ted by H i s Excel lency t he Governor of N e w South W a l e s by and wi th t h e advice and consent of t he Legislat ive Council

1. The t h i r d four th and fifth sections of t h e said recited Ac t and so m u c h of t h e second section thereof as l imits t h e amoun t of t he promissory notes of t he said corporat ion payable on demand issued and in circulat ion at any one t ime are hereby repealed.

2. The said corporat ion shall have power to issue and have in c i rcula t ion promissory notes payable on demand to t h e extent of t h e a m o u n t of i ts ac tua l paid u p capi tal and to any such fur ther a m o u n t in excess of t h e said capital as t he said corporat ion shall hold coin or gold bul l ion assayed by some person duly author ized by the Governor for t h e t ime be ing of t h e said Colony or pa r t ly coin and pa r t ly gold bul l ion assayed as aforesaid separate and apa r t from the coin or gold bul l ion used in t he ordinary operat ion of the said corporat ion Pro­ vided however t h a t the power to issue such notes in excess of such capital shall cont inue and be in force u n t i l some general provision be made by the Legis la ture in respect of t h e issue of promissory notes payable on demand by t h e bank ing ins t i tu t ions of t he said Colony and no longer b u t no th ing here in contained shall be const rued to abridge in any way the privileges enjoyed by the said corporat ion in respect of t h e issue of such promissory notes u n d e r t he original A c t of incor­

pora t ion passed in t h e eleventh year of H e r Majesty 's re ign.

3 .    The to ta l a m o u n t of t he debts engagements and liabilities of

t he said corporat ion whe the r upon bonds bills promissory notes or otherwise cont rac ted other t h a n the i r liabilities on account of the ord inary cash deposits of cus tomers and on account of bills of exchange d rawn by or on behalf of the said corporat ion upon any banker 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 Great Br i t a in and I r e l and or elsewhere wi thin t he a m o u n t or value of remi t tances made to such banker or b a n k i n g company or agency respectively to provide for the payment of t he said bills of exchange m a y extend, to b u t shal l no t in any case exceed th ree t imes t he a m o u n t of the actual paid u p capital stock of the said corporat ion.

4. Al l such promissory notes as aforesaid which the said corpo­ ra t ion shall m a k e issue and circulate in the Colony of New South Wales shall be payable at t h e pr incipal b a n k i n g es tabl i shment of t he said corporat ion a t Sydney as well as a t t h e place of date.