1.
(iv) Existing Banks and Co-operative Credit
55
Societies which do not fulfil requirements as
to minimum capital should be given a time
limit of one year to bring their paid-up
capital or "Own Funds" to £P.10,000 and a
further period of two years to bring their
paid-up capital or "Own Funds" to the
statutory minimum of £P.25,000.
Commercial
Banks failing to do so should be compulsorily
wound-up (Paragraph 40);
(b) Directors
Directors of Banks which have been compul-
sorily wound-up, undischarged bankrupts and
persons who have been convicted of
dishonourable commercial dealings should be
disqualified as Directors of a Bank
(Paragraph 20).
(c) Auditors
(1)
No person should be appointed as Auditor of a
Bank unless he is properly qualified from an
approved university or by membership in an
approved Society of Auditors or Accountants
(Paragraph 21);
(ii) Auditors of a Bank should be held liable for
their negligence and in case of conviction
they should be disqualified as Auditors of a Bank (Paragraph 21).
(a) Statements to be rendered by Banks
(1)
Local Banks should continue to submit
annually, in a revised form, a statement of
Assets and Liabilities to the Registrar of
Companies (Paragraph 23);
(11)