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— s ns rN 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promissory notes of the said corporation payable on demand issued aa et and in circulation at any onc time are hereby repealed. 2.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. ; 3. The total amount of the debts engagements and liabilities of le Mths to the said corporation whether upon bonds bills promissory notes or be limited. —— otherwise contracted other than their liabilities on account of the ordinary cash deposits of customers and on account of bills of exchange drawn by or on behalf of the said corporation upon any banker or banking company or agency in the United Kingdom of Great Britain and Ireland or elsewhere within the amount or value of remittances made to such banker or banking company or agency respectively to provide for the payment of the said bills of exchange may extend to but shall not in any case exceed threc times the amount of the actual paid up capital stock of the said corporation. 4, All such promissory notes as aforesaid which the said corpo- aT head where ration shall make issue and circulate in the Colony of New South ~~ Wales shall be payable at the principal banking establishment of the said corporation at Sydney as well as at the place of date. Cortain liabilities not taken into account.