$4.
(a) if its authorised capital is fifty thousand pounds the same has been subscribed and not less than twenty-five thousand pounds hos been paid up in cash, or
(b) if its authorised capital is more than fifty
thousand pounds at least fifty thousand
4.2
pounds has been subscribed and not less than twenty-five thousand pounds has been paid up in cash.
(4) No foreign company within the meaning of the Companies Ordinance, which has me its object or one of its objects the carrying on of banking business shall be registered unless it is proved to the satisfaction of the High Commissioner that it has a paid-up capital of a sum which in his opinion is equivalent to an amount being not less than one hundred thousand pounds.
(5) The High Commissioner asy in his absolute discretion vary the requirements of sub-sections (2), (3) or (4) of this section in respect of any company when he considers it to be in the interests of the public so to do:
Provided that where the High Commissioner has reduced the requirements as to capital prescribed in sub-sections (2), (3) or (4) hereof, the company in favour of which such variation has been made shall not open a branch office except under special licence of the High Commissioner." "
(1) Any company Lawfully carrying on banking business in Palestine at the date of this Ordinance, which has not on that date a subscribed capital of fifty thousand pounds, of which not less than twenty-five thousand pounds has been paid up in cash shall
(a) within a period of nine months from such date, bring
its subscribed capital up to a sum not less than twenty thousand pounds of which not less than ten thousand pounds shall have been paid up in cash, and
(b) within a period of two years from the date of this
Ordinance, bring its subscribed capital up to a sum not less than fifty thousand pounds of which not less than twenty-five thousand pounds shall have been paid up in cash.
(2) The provisions of section 5 of this Ordinance shall apply to any company not complying with the requirements of this section.
3.
**
With one exception each of the 6 foreign banks had
a paid-up capital in excess of £P.100,000, or its
equivalent,