Australian Joint Stock Bank Act 1855 19 Vic (NSW)

AvsTRALiaNn Jornr Srock Bang,

Preamble. 17 Vie.

Australian Joint Stock Bank Act,

The 14th 15th and 16th sections of the Australian Joint Stock Bank Act repealed.

Extent to which ordinary bank notes may be issued.

Limit as to time of such issue,

An Act to amend " The Australian Joint Stock Bank Act." [2nd October, 1855. ]

ITEREAS it is expedient to amend the Australian Joint Stock Bank Act passed in the seventeenth year of Her present Majesty Queen Victoria in the particulars hereinafter mentioned Be it therefore enacted by Tis Excellency the Governor Gencral of New South Wales with the advice and consent of the Legislative Council thereof as follows— 1. The fourteenth fifteenth and sixteenth sections and so much of the sixth section thereof as limits the amount of the promissory notes of the said corporation payable on demand issued and in circu-

lation at any one time shall be and are hereby repealed.

2. The said corporation shall have power to issue and have in circulation promissory notes payable on demand to the extent of the 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 being of the said Colony or partly coin and partly gold bullion assayed as aforesaid separate and apart from the coin and gold bullion used in the ordinary operations of the said corporation Provided however that the power to issue such notes in excess of the said capital as aforesaid shall continue and be in force until some gencral 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