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not intended to confer the Power of establishing Branch Banks and Agencies in any place out of the Colony. have been ultra vires; but it was at the request of the Company, in order that it should be made quite clear that their Hong Kong Charter which only empowers them to carry Business in the Colony should not be vitiated by the establishment of Branches or Agencies elsewhere.
This Legislature therefore purposely abstained from enacting any Provisions with reference to any such Branches or Agencies.
the establishment of Branches must be subject to such conditions as may be imposed by the Lords of the Treasury, and the establishment of Agencies as well as of Branches must be subject to the control of local Laws and to the Powers of local Governments.
It was of course impossible to foresee the arrangement between the Lords of the Treasury and the Secretary of State for India in Council referred to in Messrs. W. Hunt's letter, but I apprehend that it is competent to the Government of India to prohibit the establishing both of Branches and Agencies.