240
Second is in par: 335 which entails a responsibility of liability for the amount of subscribed Capital on every Shareholder.
I would respectfully urge that both of these clauses should be modified so as to meet more adequately the present status of business. It is needless to submit that the question of Capital to be required in an undertaking of this kind is always to some extent uncertain and though it is far from improbable that the whole subscribed Capital of this Bank may be called up even before the expiration of two years the obligation to do so might be attended with inconvenience and loss.
In regard to the liability being double the amount of subscribed Capital, I need hardly point out that this condition is at variance with the manner in which business is carried on at the present time and when other Banks are started under the operation of the Limited Liability. This enforcement of a double liability would therefore greatly militate against the advantages otherwise conferred by a Charter.
With these exceptions which I trust His Excellency will be pleased to take into his favorable consideration, I believe this Bank is in a position to undertake all the other conditions of a Charter.
I need hardly add what must be well known to His Excellency that the establishment of this Bank is looked