Commercial Banking Company Act 1854 18 Vic (NSW)

pacar An Act to amend an Act intituled " An Act to " amend an Act intituled « An Act to incorporate " «the Proprietors of a certain Banking Com- "<nany called '" The Commercial Banking "§ Company of Sydney" and for other purposes ' therein mentioned." [18th November, 1854. |

Preamble. W HEREAS by an Act of the Governor and Legislative Council of New South Wales passed in the sixteenth year of Her present

16 Vic. __ Majesty's reign intituled "dn Act to amend an Act intituled 'An Comercial Banking " « Act to incorporate the Proprietors of a certain Banking Company * © called "The Commercial Banking Company of Sydney" and for other

" § purposes therein mentioned' a certain limit is imposed in respect

of the total amount of the promissory notes of the said bank payable

on demand to be issued and in circulation and a certain other limit is

imposed in respect of the total amount of the debts engagements and

liabilities of the said bank other than such as therein excepted And

whereas it has been Tound expedient to amend the said Act Be it

therefore enacted by His Excellency the Governor of New South

Wales by and with the advice and consent of the Legislative Council

thereof as follows—

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1.

1854. 18° VIC. 403 Bank of New South Wales.

1. The third fourth and fifth sections of the said recited Act The 34 4h 5th and and so much of the sceond section thereof as limits the amount of the Hons of Gommereial promissory notes of the said corporation payable on demand issued aa et and in circulation at any onc time are hereby repealed.

2. The said corporation shall have power to issuc and have in Extent towhich | circulation promissory notes payable on demand to the extent of the may be issued. amount of its actual paid up capital and to any such further amount in excess of the said capital as the said corporation shall hold coin or gold bullion assayed by some person duly authorized by the Governor for the time heing of the said Colony or partly coin and partly gold bullion assayed as aforesaid separate and apart from the coin or gold bullion used in the ordinary operation of the said corporation Pro- Limitas to time of vided however that the power to issue such notes in excess of such S20 ss" capital shall continue and be in force until some general provision be made by the Legislature in respect of the issue of promissory notes payable on demand by the banking institutions of the said Colony and no longer but nothing herein contained shall be construed to abridge in any way the privileges enjoyed hy the said corporation in respect of the issue of such promissory notes under the original Act. of incor- poration passed in the eleventh ycar of Her Majesty's reign. ;