Western Australian Bank Act Amendment Act 1922 (WA)

PRIVATE ACT.] Western. Australian Bank. [1922.

WESTERN AUSTRALIAN BANK.

13° GEO. V., PRIVATE ACT.

ANJACT to amend the Western Australian Bank Act,

1896.

[Assented to 13th December, 1922.]

Preamble.

HEREAS by an Act of the Legislative Council

and Legislative Assembly of Western Australia

in Parliament assembled made and passed in the Sixtieth

year of the Reign of Her Majesty Queen Victoria the

shareholders in the Western Australian Bank were duly

incorporated and whereas the Corporation desires to have

conferred upon it the powers and privileges hereinafter

set forth in order to enable the said Corporation more

effectually and usefully to carry out the objects stated in

its corporation : Be it enacted by the King's Most Excellent

Majesty by and with the advice and consent of the Legis-

lative Council and Legislative Assembly of Western Aus-

tralia in this present Parliament assembled and by the

authority of the same as follows :-

Short tItio. 1.

This Act may be cited as the Western Australian Bank Act Amendment Act 1922 and shall be read as one with the Western Australian Bank Act 1896 hereinafter referred to as the Principal Act.

2.

The following Section is hereby inserted between Sections 7 and 8 of the Principal Act and the Preamble of the Principal Act is hereby amended accordingly :-

7A. That notwithstanding the provisions of the

Principal Act and Deed of Settlement

of capital. (a) The existing and all future capital of the Cor- poration from time to time shall be divided into shares of £1 each and each of the existing £10 shares be divided into ten £1 shares upon each of which the sum of £1 shall be credited as paid up.

1922.] Western Australian Bank. [PRIVATE ACT.

Certificate of pro.

(b) Every shareholder shall deliver up to the Cor- poration for cancellation the certificate or	prietorsblp of share to be delivered up
for cancellation.

certificates of his proprietorship to the shares in order that the Corporation may issue fresh certificates for such £1 shares.

Power to Dirtctora

(c) The Directors may distribute £50,000 out of the undivided profit standing to the credit	to distribute 550,000
of reserve fund.

of the Corporation's Reserve Fund amongst the proprietors of the existing £10 shares as a bonus in the proportion of two pounds for every £10 share held by them respectively.

(d) The Directors may allot and issue 50,000 un- issued ordinary shares credited as fully paid up to the proprietors of the existing £10 shares in satisfaction of the said bonus in the proportion of two shares for every existing £10 share held by them and every such share so allotted and issued shall for all purposes be deemed paid up in full.

Directors may allot

50,000 shares.

(e) The present capital of the Corporation shall

accordingly consist of £300,000 divided into

300,000 shares of £1 each.

Present capital of

Corporation.

(f) The Directors shall make all alterations and entries in the Share Register in carrying same out and a copy of such Share Register shall be filed in the Supreme Court Office within seven days after being so amended.

Register.

Alterations to Share