Commercial Banking Company’s Act Amendment Act 1863 27 Vic (NSW)

An Act to amend an Act intituled 'An Led, commas. "to incorporate the Proprietors of au certain * Banking Company called ' The Commercial " Banking Company of Sydney' and for other "purposes therein mentioned." [8th October, 1863. ]

TIEREAS it has been found that certain of the enactments Preamble.

contained in the Act of Council passed in the eleventh year of Her present Majesty's reign intituled "Au Act to incorpor ate the Vie. " An Act to " Proprietors of «a certain Banking g Company called * The Commercial porrerae Peking "<¢ Banking Company of Sydney and for other purposes therein Company of Sydney" * mentioned" whereby a limit is or may be construed to be placed on one Jor Pe aes the operations and conduct of business of the said Corporation con- fining the same to the Colony of New South Wales and certain other of the enactments contained in such Act as regards the taking of security for the protection of the operations of such Bank are unnecessarily and inconveniently restrictive And whereas it is expedient to repeal the same and to substitute in lieu thercof other provisions of a more expansive character Be it therefore enacted by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled and by the authority of the same as follows :—

1.

30 27° VIC. 1863.

Commercial Banking Company.

Repeal of portion of 1. So much of the second section of the said recited Act as

section 2 and whole Gonfines or may be construed to confine the establishment and carrying

recited Act. on of the business of the Company to the Colony of New South Wales together with the whole of the thirteenth section of the said recited Act shall be and are hereby repealed.

Nature of business. 2. It shall be lawful for the said corporation subject to all the restrictions and provisions herein contained to carry on the busincss of a bank of issue discount and deposit in the Colony of New South Wales and elsewhere and to make loans of money on cash credit accounts promissory notes bills of exchange or letters of credit and on any personal or other securities and it shall also be lawful for the said corporation to deal in money bullion and specie and in exchanges of and with all countries and in notes bills or other securities for money and generally to transact all such other business as it is or shall or may at any time hereafter be usual and lawful for establishments carrying on banking in all its branches or dealing in money bullion and specie and in exchanges or in notes bills or other securities to do or transact and to establish agencies branch banks or connexions in relation to the said business in any of the adjoining colonies or places or in any part of the British dominions or elsewhere and to give letters of credit thereon for any purposes whatsoever but that it shall not be lawful for the said corporation to advance or lend any money upon the security of lands or houses or ships nor to own ships and the said corporation shall not hold shares in its own stock nor advance or lend to any shareholder or proprictor of shares in the said corporation any sum or sums of money on the security of his share or shares nor invest lay out employ advance or embark any part of the capital or funds of the said corporation in the purchase of any lands houses or other real or leasehold property whatsoever (save and except as herein and in the said recited Act specially provided) nor of any share or shares in the capital or stock for the time being of the said Company nor in any trading or mercantile speculation or business whatsoever not usually considered as falling under the ordinary and legitimate purposes and operations of banking establishments Provided always that nothing herein contained shall invalidate any lien acquired or to be acquired by the deposit of deeds or any mortgage of lands or other property taken or to be taken by the said corporation or any person or persons