Bank, or to the grant of a special favor. And in reference to this application, though the case is not exactly parallel, may be cited in favor of it. The Bank claims, in the absence of any local legislation to the contrary, the right of issuing notes under the powers of the Companies Act of 1862 (Imperial).
My Lords, there are no cases in which the circulations of notes in respect of which the Public have got the same security as in the case of those issued by Chartered Banks.
As regards the offer of the Bank to subject itself to the same rules and restrictions as Chartered Banks, I am to state that it appears from the opinion of the Law Officers in the case of "the Trinidad Ordinance granting to the International Bank (Limited) the powers and privileges of an Incorporated Company in the Island of Trinidad" that where a local legislature may, for the purpose of protecting local interests, impose by Ordinance a liability on Shareholders inconsistent with the conditions of their Association under the Imperial Act, such liability is inoperative.
It is obvious, therefore, that if the power of a local Ordinance is thus restricted, a voluntary offer made by a Bank to submit to Regulations which cannot be enforced against it, is futile for a Colonial Government to accept, and a more imperative necessity is thus imposed on a Colonial Government such as Hong Kong to protect itself by enactment against a General, not a particular, risk.
In the reply to this Letter the following Number should be quoted: 211.
Bank, or to the grant of a chicial
it's favor. And in
Ordinance ii its favo
reference to this application,
though the case is not exactly parallel, masnime to a o
The
Bank clannis, in the absence of
any
local legislation to the
Contrary,
the right of essering notes under the powers
không bong
of
1
The Compamis Act of 1862 (Taupenal).
My lords
sce
E them any
01 casow
Zivilego
for conceding
wheburtt
apist the circulations of notes in respect of which the Public have
got the same
nutes asin
sameignar
днага
case of the
of those issued by
Banhs.
the
The Chartered
As regards the offer of the
Bank to subject itself to the same
rules and restrictione as
Ne
Chartered Banks. Jam to state that it appears from the opinnow
of the Law Officers
inn the case of
"
the Trinidad Ordinance forgiving to the International Ban /h (hinted)
In the reply to this Letter the following Number should be quoted.
the powers and frivileges of Incorporated Company in the Feland of Trimdad" that where local legislature
may,
a
211
a
mein
of protecting local interests, compo
Particular. in any Karlien (ar mstance, by Ordinance, a liability ow Shareholders. mconsistent with the conditions of their Apociation under the Imfinal Act
such liability
is inoperative,
It is obvious therefore, that;
if
the power of a local Ordinance is sturs restricted, a voluntary offer made by
a Bank to submet to
Regulations which cannot be
enforced agamot it, is
?
is futile for
a
one whichit
one
Colonial Government
to accept, and a more imperative
is thus imposed
necessity
Cu
Colonial Government such as
Hong bong to protect itself by
lenactment ag
A General &
not
the
the
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