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Constitution
of Advisory Committee.
Individuals not eligible part
to take
in management of banks.
Annual fee payable by banks.
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(5) Any person or body of persons whether incorporated or un- incorporated who acts in contravention of the provisions of this sec tion shall be liable to a fine not exceeding ten pounds for every day during which the oflence continues.
7.-(1) The High Commissioner may appoint an Advisory Com- mittee consisting of such persons and appointed on such terms as he may think fit to advise him on matters relating to banking business and he may at any time determine any appointment so made.
(2) The High Commissioner may make rules providing for the procedure to be followed at any meeting held by the Committee to be constituted under this section.
8.-(1) Without prejudice to anything contained in section 73 of the Companies Ordinance, no person
(a) who has been a director of, or directly or indirectly con- cerned in the management of, a bank which has been wound up by a Court, or
(b) who has been sentenced by a Court of Law to a term of imprisonment of one year or upwards or if so sentenced has not received a full pardon for the offence for which he was sentenced
shall, without the express authorisation of the High Commissioner, act or continue to act as a director of, or be directly or indirectly concerned in the management of, any company carrying on bank- ing business within the meaning of this Ordinance.
(2) Any person acting in contravention of sub-section (1) of this section shall be liable on conviction to imprisonment for a term not exceeding two years or to a fine not exceeding five hundred pounds, or to both such penalties.
9.-(1) Every company carrying on banking business in accord- ance with the provisions of this Ordinance shall as from the second day of January, 1938, pay to the Treasurer an annual fee of one hundred pounds, which shall be payable upon the second day of each calendar year.
(2) Any company which carries on banking business after the second day of January, 1938, without having paid the annual fee required under this section shall, in addition to any other prescribed penalty, be liable to a penalty not exceeding ten pounds for each day during which such fee remains unpaid, and every director, manager, secretary or other officer of the company who knowingly and wilfully authorises or permits such non-payment shall be liable to a like penalty.
10. Section 2 of the principal Ordinance shall be amended by---- (a) the addition of the following words to the definition of
'bank'
"but shall not include a registered cooperative society".
(b) the deletion of the following words in the definition of
'company'
"or a cooperative society which under section 3(1) is deem-
ed to be a bank so registered".
11. Section 6 of the principal Ordinance shall be deleted and the following substituted therefor :--
"6. A company carrying on banking business in Palestine, which- (a) wilfully fails to comply with the provisions of this Ord-
inance, or
(b) issues notes in Palestine or circulates or causes to be cir- culated in Palestine any notes issued by it or any other notes the issue of which is not authorised by the Government of Palestine.
shall, upon the application of the Attorney-General made to the Registrar, be struck off the register of companies.'
12. Notwithstanding anything contained in the Mortgage Law (Amendment) Ordinance, the making by a District Court of an order vesting in any company carrying on banking business any immovable property which had been mortgaged to such company as security for any debt shall not be deemed to discharge the mortgagor from all further liability in respect of such debt.
13. Any person who, being a director of a company carrying on banking business,
(a) fails to take all reasonable steps to secure compliance by the company with the requirements of the principal Ordin- ance, or the Banking (Amendment and Further Provisions) Ordinance, 1936, or this Ordinance, or
(b) fails to take all reasonable steps to ensure the correctness of any statement submitted under the provisions of the principal Ordinance or the Banking (Amendment and Fur- ther Provisions) Ordinance, 1936, or this Ordinance. shall in respect of each offence be liable on conviction to imprison- ment for a term not exceeding two years or to a fine not exceeding three hundred pounds or to both such penalties.
7th October, 1937.
Amendment
of section 2 of the principal Ordinance.
Substitution
of new section in place of section 6 of the principal Ordinance.
Holding of land by banks. Cap. 95.
General penalty.
W. D. BATTERSHILL Officer Administering the Government.
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