New South Wales: The City Bank of Sydney Act 1910 (NSW)

An Act to amend the City Bank Act. [28 July, 1910. ] Tur City Bank OF SYDNEY, | ILEREAS by deed of settlement of The City Bank, datcd Preamble, the first day of October, one thousand eight hundred and sixty-three, between the several persons who had executed or who should thereafter execute the same, it was declared by Part I, clause 1, that the several persons then or thereafter parties to the said deed should, whilst holding shares in the capital of the company, be and continue a joint stock company under the name, style, and title of "The City Bank," under and subject to the rules, provisions, and agreements there contained: And it was further declared by Part I, clause 1, of the said deed of settlement that the capital of the said company should consist of two hundred thousand pounds, and of such further sum or sums as might thereafter be raised, but so that the whole capital of the company should not exceed the sum of five Act, 1910. The City Bank of Sydney. five hundred thousand pounds: And whereas by the City Bank Act, section two, it was enacted that every person who had already become, or at any time or times theres after should or might in the manner provided, by and subject to the rules, regulations, and provisions contained in the said indenture or deed of settlement, become holder of shares of or in the capital for the time being of the said company, should for the purpose therein mentioned, but subject nevertheless to the conditions, restrictions, regulations, and provisions thereinafter contained, be one body politic and corporate in name and in deed by the name of "The City Bank': And by section three of the same Act it was enacted that the several laws, rules, regulations, clauses, covenants, and agreements contained in the said indenture or deed of settlement, or to be made under or by virtue or in pursuance thereof, were and should be deemed and considered to be and should be the by-laws for the time being of the said corporation, save and except in so far as any of them were or should or might be altered, varied, or repealed by, or were or should or might be 'inconsistent or incompatible with or repugnant to any of the provisions of the now reciting Act or of any of the laws or statutes in force in the Colony of New South Wales, 'subject, nevertheless, and the same might be amended, altered, or repealed, either wholly or in part, in the manner provided in and by the said indenture or deed of settlement ; but no rule or by-law should on any account or pretence whatsoever 'be made by the said company, either under or by virtue of the said indenture or deed of settlement or of the now reciting Act, in opposition to the gencral scope or true intent and meaning of the said deed of settlement or of the now reciting Act or any of the laws or statutes in force in the said Colony: And by section six of the said Act it was enacted that it should not be lawful for the said company to commence or carry on the business of banking as a corporation under or by virtue of the now reciting Act unless or until the whole of the said capital of two hundred thousand pounds should have been subscribed for, and a moiety or half-part at the least of such sum of two hundred thousand pounds should have been actually paid up, and that the whole of the said capital if not then already subscribed should be subscribed for within the space of six calendar months, to commence and be computed from the period when the now reciting Act should come into operation ; aid the whole of the said sum of one hundred thousand pounds, if not then already paid, should be paid up within the space of one year, to be computed as aforesaid: And by section ten of the said Act it was enacted that it should be lawful for the said company from time to time to extend or increase their capital for the time being by the creation, allotment of, and disposal of new shares in the manner specified and set forth, and subject to the rules, regulations, and provisions contained in the said indenture or deed of settlement: And by Act, 1910. The City Bank of Sydney. by section cleven of the said Act it was enacted that the tota amount of all the new shares to be so from time to time created should not, together with the original capital, exceed five hundred thousand pounds, and no such extension or increase in the capital of the sai company should he made or take place without the previous sanction and approbation in writing of the Governor for the time being of the said Colony from time to time and for that purpose first had an obtained, and at least half the amount of the increased capital should be actually paid up before any extension of the dealings of the said company in respect to such new capital should be commenced, and until half of such new capital should be so paid up the dealings and affairs of the said company should be carried on in the same manner in all respects as if such extension of capital had not taken place: And whereas at a duly convened general mecting of the shareholders of the company, held on the twenty-first day of January, one thousand cight hundred and seventy, called for the purpose of considering the propricty of increasing' the capital of the company, it was resolved that the capital of the company be increased to three hundred thousand pounds: And whereas at a duly convened general meeting of the sharcholders of the company, held on the eighteenth day of January, one thousand eight hundred and eighty-seven, called for the purpose of considering the propricty of increasing the capital of the company, it was resolved that the capital of the company be increased to five hundred thousand pounds: And whereas the whole of the said capital of five hundred thousand pounds has been subscribed for: And whereas by the City Bank of Sydney Act it was enacted that the name of the corporation "The City Bank" should be "The City Bank of Sydney": And whereas by reason of the increase of the business and transactions of the said company it isexpedient to amend the said Act so as to remove all statutory restriction whatsoever upon the extension or increase of the capital of the said company, and to enable the said company under the provisions of the rules and regulations contained in the said decd of scttlement, or any amendment thereof, to increase its capital from time to time as to the said company may seem expedient: Be it therefore enacted by the King'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. All the provisions contained in the said Act restricting the extension or increase of the capital of the said company shall be and the same are hereby repealed. 2. Notwithstanding the restriction on the increase of the capital of the said company contained in the said Act and the said decd of settlement, it shall be lawful for the said company from time to time to extend or inerease its capital for the time being to any amount "14 Act, .1910. Macken Estate. amount by the creation, allotment of, and disposal of new shares in accordance with the rules, regulations, and provisions from time to time contained in the said decd of settlement, or any ameadment, alteration, or variation thercof. Short title, 3. 'This Act may be cited as "The City Bank of Sydney Act, 1910."