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324
6th February,
1936
THE PALESTINE GAZETTE
129
NOTICE
The following DRAFT ORDINANCE is made public prior to enactment in accordance with Article 17 (1) (d) of the Palestine Order-in-Council, 1922, as amended by Article 3 of the Palestinc (Amendment) Order-in-Council, 1923.
1st February, 1936.
(CF/45/33)
T. L. HODGKIN Clerk to the Advisory Council.
DRAFT
AN ORDINANCE TO AMEND THE BANKING ORDINANCE, 1921, AND TO MAKE
CERTAIN PROVISIONS RELATING TO BANKING BUSINESS IN PALESTINE.
BE IT ENACTED by the High Commissioner for Palestine, with the advice of the Advisory Council thereof :-
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1. This Ordinance may be cited as the Banking (Amendment and Further Provisions) Ordinance, 1936, and the Banking Ordi- nance, 1921, the Banking Ordinance, 1922, and this Ordinance, may together be cited as the Banking Ordinances, 1921-1936.
2. Section 1 of the Banking Ordinance, 1921, as enacted in section 2 of the Banking (Amendment) Ordinance, 1935, shall be deleted and the following section shall be substituted in the place thereof :-
"1. No banking business shall be transacted in Palestine except-
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(a) by a company registered under the provisions of the Registration of Companies and Partnerships Ordinance, No. 118 of 1919, published in the Gazette dated the first day of August, 1919, or
(b) by a company registered under the provisions of the Companies Ordinance, 1921, or any Ordinance substitut- ed therefor, or
(c) by a co-operative society registered under the provisions of the Co-operative Societies Ordinance, 1933, and hav- ing in its name the word ‘bank' or ‘banking' ".
3. Notwithstanding anything in this or any other Ordinance contained, no company or co-operative society shall commence to carry on banking business after the date of this Ordinance without obtaining from the High Commissioner a licence to do so. The High Commissioner may at his discretion and without reason assigned grant, refuse or revoke such licence.
4.-(1) The High Commissioner may nominate an officer of the Government of Palestine to be Examniner of Banks, who shall exercise general supervision and control over the carrying out of the provisions of the Banking Ordinance, 1921, and of this Ordi- nance and shall have power, subject to the authorization of the Treasurer, to call for any books, accounts or documents of any bank to which such authorization shall extend.
(2) Any officer or agent of a bank who refuses to produce any book, account or document lawfully called for under the provisions of this section shall be liable to a fine not exceeding fifty pounds in respect of each offence.
Short title.
Substitution of new section in place of section 1 of the Banking Ordinance, 1921.
Licences to commence bank- ing business after date of Ordinance.
Nomination and
powers of Examiner of Banks.