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17 PUBLIC RECORD OFFICE, LONDON

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§ III.-Regulations respecting the Incorporation of Banking Companies in the Colonies.

314. In Charters or legislative Enactments relating to the Incorporation of Banking Com- panies in the Colonies, provision should be made for the observance of the following regulations and conditions:-

315. The Amount of the Capital of the Com- pany and number of shares to be determined; and the whole of such determined amount to be subscribed for within a limited period, not ex- ceeding Eighteen Months from the date of the Charter or Act of Incorporation.

316. Shareholders to be declared a Body Corporate, with common seal and perpetual suc- cession, and other usual corporate powers; and with any requisite proviso that judgment against the Corporation shall attach to all additional liability of the Shareholders, as well as to paid- up Capital and other property of the Company.

317. Provision to be made, either by Recital and Confirmation of any Deed of Settlement in these respects or otherwise, for the due Manage- ment of the Company's Affairs by Appointment of Directors, and so forth, so far as shall seem necessary for the security of the Public.

318. No bye-law of the Company to be repug- nant to the conditions of the Charter or Act of Incorporation, or to the Laws of any Colony in which the Company's Establishments may placed.

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319. The Corporate Body thus constituted may be specially empowered, subject to the con- ditions hereafter mentioned, to carry on for a limited term of years (not to exceed Twenty-one Years unless under particular circumstances), and within the Colony or Colonies specified in the Charter or Act of Incorporation, but not elsewhere, the Business of Banker; and for the like term to issue and circulate within the said Colony or Colonies, but in such manner only as shall not be at variance with any general law of the Colony, Promissory Notes payable in Specie on Demand.

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