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by the Governor under the Public Seal, and, as it is not made in conformity with any law or regulation in force in the Colony, requires, in addition, the authority of instructions under the Sign Manual and Signet or sent through the Secretary of State to make it valid.
This difficulty, however, does not assist the Company, for it either has the licence sub conditionibus or no licence at all.
It is unnecessary, of course, to dilate upon the undesirability of any repudiation by the Crown of the validity of such a licence when once granted.
The Right Honourable
40877
We have, &c.,
SIR,
RUFUS D. ISAACS. JOHN SIMON.
*
"
ci
L. Harcourt, M.P.,
&c.,
&c.,
&c.
No. 162.
(ВАНАМАВ.)
LAW OFFICERS to COLONIAL OFFICE.
[Bank of Nassau.]
Law Officers' Department, Royal Courts of Justice, 23rd December, 1912. WE were honoured with your commands signified to us in Mr. H. J. Read's letter of the 24th May last, stating that he was directed by you to transmit to us the accompanying despatch, with its enclosures, from the Governor of the Bahamas, reporting that the last financial return of the Bank of Nassau had caused him great anxiety, and that he had made certain enquiries as to the position of the Bank.
That the Bank was incorporated by an Act of the Bahamas Legislature
52 Vict., cap. 1, and by Section 9 of that Act was empowered to carry on the business of banking in the Colony for a term of twenty-one years.
That that term was extended by a further Act of the Colonial Legislature- 9 Edw. VII., cap. 4.
That it was provided by Section 24 of the Act 52 Vict., cap. 1, that Any discounts or advances made by the said Company on securities bearing the name of any Director or Officer thereof as drawer acceptor or endorser shall not exceed at any one time one-third of the total advances and discounts of the said Bank."
That it would appear that, upon a proper construction of that section, it was illegal for the Bank to grant any discounts or advances to Directors or Officers of the Bank which should in the aggregate exceed at any time one-third of the total advances and discounts of the Bank.
That we should observe, however, from paragraph 3 of the Governor's despatch that the cashier of the Bank had stated that the Directors of the Bank had taken that section to mean that the discounts or advances to any one Director or Officer should not exceed one-third of the total advances or discounts of the Bank.
That Mr. Read was to request us to give the matter our consideration, and to advise you which of those constructions of Section 24 of the Act was, in our opinion,
We have taken the matter into our consideration and, in obedience to your commands, have the honour to
the correct one.
Report-
That in our opinion the true way to construe Section 24 of the Bank of Nassau Incorporation Act, 1888, is to read the words " any discounts or advances made by the said Company on securities bearing the name of any Director or Officer thereof as drawer acceptor or indorser" as defining a class of discount or advance, and the effect of the section is to forbid the Bank to allow that class of discount or security to exceed in its aggregate amount at any one time one-third of the total discounts and advances of the Bank.
We have, &c.,
The Right Honourable L. Harcourt, M.P.,
&c., &c., &c.
RUFUS D. ISAACS. JOHN SIMON.
(28614-1.) WE 91-394. 25. 2/13. D & S.
יניים!
PUBLIC RECORD OFFICE
Reference:-
-885
16 PUBLIC RECORD OFFICE, LONDON
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