48
New Section 353(1). In order to define banking
business more clearly it should be provided that
a company is included which has as one of its
objects the carrying on of a banking business;
main
人
compare Section 3(2) of the Palestine Ordinance
amenti
as contained in Section 2 of the Ordinance
enclosed. In other respects consideration
might desirably be given to adopting the
provisions of that sub-section; or alternatively
the minimum amount of authorised and paid up
capital can presumably be fixed in relation
to the amount of business e.g. deposits,
and
in that event it should be considered whether
statutory provision should not be made for the
Advisory Committee to be consulted by the
Governor in this matter, and in such other
matters as the cancellation of a licence.
It is not clear whether the words "after this part
of this Ordinance comes into operation" qualify the
words "no banking company incorporated outside the
Colony" as well as the words "formed and registered
in the Colony". A licence should, it is suggested,
only be required when a company starts a banking
business