Office of notes issued beyond the limits of the Colony as well as at the place of sue
I am to state, for the information of the Secretary of State, that my Lords are satisfied with the provision made in Article 14 of the deed of Settlement in accordance with the rules laid down in the Colonial Regulations.
No. 523.
As regards the remarks of the Governor in reference to the extent to which accommodation may be afforded to Directors, My Lords would observe, that Article 324 of the Colonial Regulations was adopted after careful consideration, and Section XVI of the Ordinance No. 272, which appears to be in accordance with that regulation, must be construed as empowering the Bank to advance to the Directors as a whole, not more than one hundreth part of the total advances and discounts of the Bank, and not as allowing advances to that extent to each individual director.
As regards Article 90 - My Lords are of opinion that no alteration or annulment of Articles 12, 13, 14, or 94 should be permitted without the consent in writing of this Board.
Subject to these remarks, My Lords approve of the deed of settlement.
Jane, Sec.
Your obedient Servant,
M...
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