New South Wales: Commercial Banking Company Act 1852 16 Vic (NSW)

An Act to amend an Act intituled " An Act to _, Commnca: Banxine Company. ** incorporate the Proprietors of a certain Bank- "ing Company called ' The Commercial Banking " Company of Sydney'? and for other purposes "therein mentioned." [28th December, 1852. | TIEREAS it has been found that the enactments contained in Preamble. the Act of Council passed in the eleventh year of Her present Majesty's reign intituled " An Act to incorporate the Proprietors of «11 Vie. " certain Banking Company called 'Lhe Commercial Banking Company Commercial Banking * of Sydney'? and for other purposes therein mentioned"? whereby a payee certain limit therein expressed is imposed in respeet of the total amount of 256 16° VIC. 1852. Commercial Banking Company. of the promissory notes of the said bank payable on demand to be issued and in circulation and whereby a certain other limit is imposed in respect of the total amount of the debts engagements and liabilities of the said bank whether upon bonds bills promissory notes or other- wise contracted other than such as therein excepted are unnecessarily and inconveniently restrictive under the altered circumstances of the Colony And whereas it is expedient to repeal the same and to substi- tute in lieu thereof other provisions of a more expansive character Be it therefore enacted by Tlis Excellency the Governor of New South Vales by and with the advice and consent of the Legislative Council 'he eighth and thereof as follows— ; . . . ninth sections of the 1. The cighth and ninth sections of the said recited Act are Commercial Banking hereby xepealed. Act repented. 2. All promissory notes which by the said recited Act the said salivary beni notes corporation are authorized to make issue and circulate shall bear date may be ixsned, at the city town or place at and from which the same respectively shall be made and issued and the same respectively shall in all cases be payable in specie on demand at the place of date and the total » amount of the promissory notes payable on demand issued and in circulation within the Colony of New South Wales shall not at any one time execed the amount. of the coin bultion and public sceurities which shall for the time being be held by the said corporation within the Amount to which said Colony. general liabilities to 3. The total amount of the debts engagements and liabilities of ve limited. the said corporation within the Colony of New South Wales whether upon bonds bill promissory notes or otherwise contracted other than their liabilities on account of the ordinary cash in deposits of customers and on account of bills of exchange drawn by or on behalf of the said — aa. corporation upon any banker or banking company in the United Certain Habilitiesnot Kinedom of Great Britain and Ireland within the amount or value of remittances made to such banker or banking company respectively to provide for the payment of the said bills of exchange may extend but shall not in any case exceed three times the amount of the coin bullion and public securities which shall for the time being be held by the said corporation within the said Colony. Unassayed gold 4, For the purposes of this Act unassayed gold shall be deemed to be "bullion" and in the accounts of the said corporation and in the statements and general abstracts of the assets and liabilitics which are required by law to be made out and published it shall be lawful for the said corporation to include the same when melted into ingots under the name of " bullion." 5. All debentures issued or which may hereafter be issued by the Government of any of the Australasian Colonies where the said corporation shall have established branch banks such debentures being secured upon the general territorial or casual revenues of the Colony where the same are or shall be issued and every public debt contracted or which may hereafter be contracted by the Government of any such Colony under the authority of the Legislature thereof shall be deemed and taken to be public securities within the meaning of this Act. What deemed public securities. ANNO