;
58.
be subject to penal clauses (Paragraph 43); (ix) Commercial Banks should be given the right
(x)
(x1)
58
to acquire land mortgaged to them towards
settlement of the outstanding debt of the
mortgagor, but no Bank except a Credit Bank
should hold real estate not required for its
own use for a period exceeding three years
provided that the High Commissioner should
take power to extend the period. Mr. Shenkar,
however, holds that Banks holding land as
trustees for groups of customers should be exempted from this restriction (Paragraph 52);
Provision should be made in the Credit Banks
Ordinance, 1922, to give Credit Banks the
right to enter into agreement with a borrower to the effect that during a term of years, mutually agreed upon, the borrower may not
repay more than the instalments and interest due (Paragraph 55);
Administrative instruction should be issued to
the effect that the issue of debentures in
series by a Credit Bank may be authorised if
otherwise advisable provided that the total debenture issues does not exceed the paid-up
capital and reserve by more than six times (Paragraph 56). Dr. Smoira dissenting.
In conclusion we desire to express our appreciation of the valuable services of our Joint Secretaries which
have been of considerable assistance in the compilation and collation of the information and evidence obtained.
We have, &c.,
(Signed) W.J. Johnson.
CHAIRMAN.
(Signed)