CO885-(16-18) — Page 174

PUBLIC RECORD OFFICE

C.O.

Reference :-

+885

17 PUBLIC RECORD OFFICE, LONDON

ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC-

COPYRIGHT PHOTOGRAPH-NOT TO

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326. The total amount of the Debts and Liabilities of the Company, whether upon Bonds, Bills, Promissory Notes, or otherwise contracted over and above the amount of the Deposits on Banking Accounts with the Company's Estab lishments, not to exceed at any time three times the amount of the capital stock subscribed and actually paid up.

327. No Promissory or other Notes to be issued for sums under 17. sterling (or in the North American Colonies 17. Halifax Currency), or the equivalent thereof in any other local currency, and not for fractional portions of such Pound or other equivalent amount.

328. All Promissory Notes of the Company, whether issued from the Principal Establishment or from Branch Banks, to bear date at the place of issue, and to be payable on demand in Specie at the place of date.

329. The total amount of the Promissory Notes payable on demand, issued, and in circulation, not at any time to exceed the amount of the Capital Stock of the Company actually paid up.

A reserve of specie always to be maintained equal to one-third of the amount of Notes at any time in circulation.

330. In the event of the assets of the Company being insufficient to meet its engagements, the Shareholders to be responsible to the extent of twice the amount of their subscribed Shares (that is, for the amount subscribed, and for a further and additional amount equal thereto).

331. Suspension of Specie Payments on Demand at any of the Company's Banking Establishments, for a given number of days (not in any case exceeding sixty) within any one year, either consecutively or at intervals, or other breach of the Special Conditions upon which the Company is empowered to open Banking Establishments or to issue and circulate Promissory Notes, to forfeit those privileges, which shall cease and determine upon such for- feiture as if the period for which they had been granted had expired.

332. The Company to make up and publish periodical Statements of its Assets and Liabilities monthly, showing under the heads specified in

PUBLIC RECORD OFFICE

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Reference :-

C.O-885

17 PUBLIC RECORD OFFICE, LONDON

ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC-

COPYRIGHT PHOTOGRAPH-NOT TO,

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 saine 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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