BANKING (AMENDMENT AND FURTHER PROVISIONS) ORDINANCE,
No. 27 of 1937.
AN ORDINANCE TO AMEND THE BANKING ORDINANCE, AND TO MAKE FURTHER PROVISIONS RELATING TO BANKING BUSINESS IN PALESTINE.
BE IT ENACTED by the High Commissioner for Palestine, with the advice of the Advisory Council thereof :-
1. This Ordinance may be cited as the Banking (Amendment and Further Provisions) Ordinance, 1937, and this Ordinance and the Banking (Amendment and Further Provisions) Ordinance, 1936, shall be read as one with the Banking Ordinance, herein- after referred to as the principal Ordinance.
2. Section 3 of the principal Ordinance, as amended in section 2 of the Banking (Amendment) Ordinance, 1935, shall be repealed and the following section substituted therefor :--
3.-(1) No banking business shall be transacted in Palestine
except by a company registered under the provisions of
(a) the Registration of Companies and Partnerships Ordi- nance, 1919, published in the Gazette dated the first day of August, 1919, or
(b) the Companies Ordinance, 1921, or any Ordinance
substituted therefor.
(2) The incorporation of a company which has as its object or one of its objects the carrying on of banking business shall not be authorised unless its authorised capital is not less than fifty thousand pounds.
(3) The Registrar of Companies shall not certify that any com- pany which has as its object or one of its objects the carrying on of banking business is entitiled to carry on business in accordance with the provisions of section 92 of the Companies Ordinance, unless
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(a) if its authorised capital is fifty thousand pounds the same has been subscribed and not less than twenty-five thousand pounds has been paid-up in cash, or
(b) if its authorised capital is more than fifty thousand pounds at least fifty thousand pounds has been subscribed and not less than twenty-five thousand pounds has been paid-up in cash.
Short title.
No. 9 of 1936. Cap. B.
Substitution
of new section in place of section 3 of the principal Ordinance.
Cap. 22.
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