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Amount of
and security for note issue.
Liability of shareholders.
Form of
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11. (1) The total amount of the notes of the Bank payable to bearer on demand actually in circulation shall not at any time exceed the equivalent of the sum of 30,000,000 dollars.
(2) The Bank shall at all times keep deposited, either with the Crown Agents or with trustees to be appointed by the Secretary of State, or partly with the Crown Agents and partly with such trustees, coin of denomina- tions to be approved by the Secretary of State, or, at the option of the Bank, securities to be so approved, or at the like option, partly such coin and partly such securities, equal in value to the sum of 23,333.333 dollars, such coin or securities or such coin and securitics to be held by the Crown Agents or by the said trustees, separately or jointly, as special funds exclusively available for the redemption of the notes payable to bearer on demand issued by the Bank, and, in the event of the Bank becoming insolvent, to be applied accordingly so far as may be necessary, but with- out prejudice to the rights of the holders of such notes to rank with other creditors of the Bank against the assets of the Bank.
(3) Notwithstanding the restriction imposed by sub- section (1) upon the total number of the notes of the Bank payable to bearer ou demand actually in circulation, notes of the Bank payable to bearer on demand may be issued and be in actual circulation to an amount in excess of the equivalent of the said sum of 30,000,000 dollars, if there has been specially deposited and is kept in the custody of the Colonial Secretary and the Colonial Treasurer an amount of coin, or bullion, or coin and bullion, equal to the whole value of such excess issue for the time being actually in circulation, to be held by the said Colonial Secretary and the Colonial Treasurer exclusively for the redemption of such notes, wherever the same may have been issued.
(4) Notwithstanding anything contained in sub-section (3) portions of the security in coin or bullion provided for by the said sub-section may be kept deposited in sneh places outside the Colony, with such persons, to such amounts, and subject to such conditions, as may at any time and from time to time be approved by the Governor.
(5) Notwithstanding anything in this section contained, whatever may be the total amount of notes of the Bank payable to bearer on demand actually in eirculation at any one time, the amount of coin deposited by the Bank in accordance with sub-sections (1), (2), (3) and (4) shall never be less than one-third of the total amount of such notes actually in circulation.
12.(1) In the event of the Bank being dissolved, the shareholders shall be liable in respect of its notes in the same manner as if the Bank had been formed with unlimited liability on the part of its shareholders, but they shall be entitled to have the security for the issue of such notes, which is referred to in section 11 applied in the first instance in payment of the liability on such notes.
(2) Every shareholder shall, in addition to his liability in respect of its notes under sub-section (1) be liable to contribute to the payment of the debts, engagements and liabilities of the Bank not only any moneys uupaid ou the issue price of bis shares but also a further sum of money not exceeding in amount the nominal value of every share held by him.
13.-(1) Contracts on behalf of the Bank may be made as follows (that is to say) :-
(a) Any contract, which if made between private persons would be by law required to be in writing under seal, may be made on behalf of the Bank in writing under seal and may in the same mauner be varied or discharged.
(b) Any contract, which if made between private persons would be by law required to be in writing sigued by the partics to be charged there-
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