CO885-(16-18) — Page 173

106.

320. Such Banking Business or Issue of Notes not to commence or take place until the whole of the Fixed Capital of the Company has been subscribed for, and a moiety at least of the Subscription paid up. The remaining moiety of the Capital to be paid up within a given period from the date of the Charter or Act of Incor poration, such period not in general to exceed two years.

321. In all cases in which Shares in the Com- pany's Stock are transferred between the period of the Grant of the Charter or Act of Incorporation and the actual commencing of business by the Bank, the responsibility of the original holder of the transferred Shares to continue for Six Months at least after the date of the transfer.

322. The Company not to advance Money on Security of Lands, or Houses, or Ships, or on pledge of Merchandise, nor to hold Land or Houses, except for the transaction of its business, nor own Ships, or be engaged in Trade, except as dealers in Bullion or Bills of Exchange; but to confine its, transactions to discounting Com- mercial Paper and negotiable Securities, and other legitimate Banking Business: the Com- pany may, however, accept Lands, or Houses, or Ships, or Shares in its Capital or Stock, or other Real or Personal Property in liquidation of, or

as a Security for any Debt bona fide previously due to the Company, or as a security for pay- ment of any Sum for which any person may have rendered himself liable to the Company, and hold them for such reasonable time as may be necessary to dispose of and convert the same into Money.

323. The Company not to hold Shares in its own Stock, nor to make advances on the security

of those shares.

324. The Discounts or Advances by the Com- pany, on securities bearing the name of any Director or Officer thereof, as drawer, acceptor, or endorser, not to exceed at any time one-third of the total Advances and Discounts of the

Bank.

325. The dividends to Shareholders to be made out of profits only, and not out of the subscribed capital of the Company.

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Reference :--

C.O-885

17 PUBLIC RECORD OFFICE, LONDON

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